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South Bend Redevelopment Commission <br /> Regular Meeting—July 12, 2011 <br /> 6. NEW BUSINESS (CONT.) <br /> D. South Bend Central Development Area <br /> (3) continued... <br /> located in Minnesota, and Host Hotels, which <br /> owns the Marriott building. The buyer, <br /> Jenna Hotel Investments, is going to step into <br /> the shoes of Host Hotels. Jenna Hotel <br /> Investments wants to be sure they're not <br /> buying a lot of problems. The agreements <br /> have been drafted. There is a list of things to <br /> be fixed and Jenna will be responsible. That <br /> is not an unusual request in a transaction of <br /> this type. Due diligence has been done with <br /> regard to Jenna Investments and its capability <br /> to take over this hotel. The brand of hotel <br /> can not be disclosed. It's common <br /> knowledge that Jenna Hotel Investments has <br /> a number of subsidiaries/affiliates, including <br /> Doubletree. It has recently renovated a <br /> Doubletree Hotel in Cleveland, OH at a cost <br /> of$17,000,000. Jenna is not only in the <br /> process of going through the closing with <br /> regard to the purchase of the property but <br /> also working with the brand hotel itself to <br /> make sure that it is up to Jenna's standards. <br /> The list Mr. Nussbaum reviewed of the types <br /> of renovations that they are going to make, <br /> are much more extensive than what was <br /> contemplated within the MOU looked at last <br /> December. <br /> Upon a motion by Ms. King, seconded by COMMISSION APPROVED THE OPERATION, <br /> Mr. Downes and unanimously carried, the MAINTENANCE AND EASEMENT AGREEMENT <br /> Commission approved the Operation, (SOUTH BEND MARRIOTT)ESTOPPEL AND <br /> Maintenance and Easement Agreement RELEASE(ATRIUM) <br /> (South Bend Marriott)Estoppel and Release <br /> (Atrium) <br /> 17 <br />