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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 /> (4) continued... <br /> 1st Source was contacted. Mr. Inks <br /> responded that he spoke to a representative <br /> from the bank. They had no other concerns. <br /> Ms. Jones questioned the 30 percent payment <br /> of cost. Who pays the other 70 percent? Mr. <br /> Nussbaum replied that 70 percent is paid by <br /> the hotel owner and 30 percent is paid by the <br /> office building owner. <br /> Mr. Varner questioned whether there would <br /> be further city investment requested. Mr. <br /> Nussbaum answered that there will be more <br /> private investment than we thought when we <br /> entered into the MOU. Mr. Gibney added <br /> that Jenna will not be coming back to the <br /> Commission for additional investment. <br /> Upon a motion by Ms. King, seconded by COMMISSION MOVED FOR SEPARATE APPROVAL <br /> Mr. Downes and unanimously carried, the OF OPERATION,MAINTENANCE AND EASEMENT <br /> Commission moved for separate approval of AGREEMENT(SOUTH BEND MARRIOTT) <br /> ESTOPPEL AND RELEASE(ATRIUM)AND <br /> Operation, Maintenance and Easement CONSTRUCTION,EASEMENT,RESTRICTION AND <br /> Agreement (South Bend Marriott)Estoppel OPERATING AGREEMENT(SOUTH BEND <br /> and Release (Atrium) and Construction, MARRIOTT)ESTOPPEL AND RELEASE <br /> Easement, Restriction and Operating (WALKWAY AGREEMENT). <br /> Agreement (South Bend Marriott)Estoppel <br /> and Release (Walkway Agreement). <br /> (5) Letter of Intent to Lease retail space at <br /> 117 E. Wayne Street (in Wayne Street <br /> Garage). <br /> Ms. Jennings noted that the Wayne Street <br /> garage retail space is one of the <br /> Commission's most difficult retail spaces to <br /> lease. Vesuvio's Pizza has submitted a <br /> 19 <br />