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(.a -�) (�) Staff Report to Redevelopment Commission Estoppels for New Hotel at Current Marriott Site Prepared 7/7/11 The Redevelopment Commission is being asked to certify it has reviewed the two Estoppel and Release Agreements attached to this report and to the best of its knowledge, the statements contained therein are true, correct and complete in all material respects. The Commission is also being asked to release Host from its obligations upon closing of the sale of the Hotel and the ground lessee's interest in the land underlying the Hotel by Buyer, and upon Buyer's assumption in writing of all of Host's rights, duties, and obligations related to the Walkway Agreement. The Estoppels essentially indicate that Host and FBCLP (First Bank Center Limited Partnership) are in compliance with the Walkway Agreement (Construction, Easement, Restriction and Operating Agreement), the Common Facilities Management Agreement and the Operation, Maintenance and Easement Agreement, except for "Common Facilities Items Not in Good Condition or Repair" which is attached to the Estoppels as an Exhibit. The Estopples also indicate there is no default in any of these Agreements and no amendments other than identified. In order to make a recommendation to the Redevelopment Commission regarding these Estoppel's, staff has had the City Attorney's office review the estoppels and attached exhibits. Staff has also sought input from the City's Department of Public Works Director and City Engineer to see if they were aware of any additional repairs or maintenance needed for the facilities covered by these documents, and there were none. Staff also checked with a representative of Scott Herczeg, Director of Operations & Building Engineer for Century Center. Scott was not aware of any maintenance or repairs required of Host of FBCLP under the documents. A representative of 1 St Source Bank is also being contacted, but was not available at the writing of this report. Based on the review performed by staff it is recommended the Commission sign the Certification and Release.