The documents for the memorandums of understanding for both the hotel developers and Hardball Capital have been released.
Read them for yourself below:
MEMORANDUM OF UNDERSTANDING FOR DEVELOPMENT OF DOWNTOWN FORT WAYNE HOTEL (PDF)
MEMORANDUM OF UNDERSTANDING AMONG THE CITY OF FORT WAYNE, INDIANA, THE REDEVELOPMENT COMMISSION OF THE CITY OF FORT WAYNE, INDIANA, FORT WAYNE PROFESSIONAL BASEBALL LLC, HARDBALL CAPITAL LLC, AND BARRY REAL ESTATE COMPANIES, LLC (PDF)
From the documents:
Hardball Capital will collect all revenues from events held by Hardball Capital. The City will receive 50% of naming rights revenues up to $300,000 per year and 100% of revenues in excess of $300,000 per year. The City will receive a portion of ticket revenues. The City will receive all revenues related to community events. Revenue streams cited from the City will be placed into the Capital Maintenance Fund.
City releases details of initial Harrison Square agreements
http://www.fortwayne.com/mld/journalgazette/17086843.htm
Developers' commitment to Harrison Square on paper
http://www.fortwayne.com/mld/newssentinel/17087621.htm
City offers details of Harrison Square deal
Visitor fees to maintain stadium; hotel possible without ballpark
http://www.fortwayne.com/mld/journalgazette/17090061.htm
Monday, April 16, 2007
Memorandums Of Understanding
Posted by scott spaulding at 4/16/2007 05:45:00 PM
Labels: Hardball Capital, Harrison Square, New hotel
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10 comments:
Great Job as usual guys. Thanks!
As the memorandum stands now, Hardball has termination rights if construction on the new stadium doesn't begin by September of 2007...before a referendum could take place.
Good to note, Barranda. I think it would be quite a shame for there not to be a decision made prior to September or the November elections as Peters suggests. We have a respectable, outside developer interested in investing in our downtown. We, as a City, need to seriously reconsider our stance if we are not open to this redevelopment of downtown in the time the investors need and have requested.
This development should not be, and is not, the end of all downtown development. As an example, the Omnisource land should be studied for use for other ideas like waterparks, casinos, etc. And, the river front land currently owned by Omnisource should not be the end to downtown development either. All of these projects should serve as catalyst for further investment into our community.
I support a city that is willing to invest some public dollars for the benefit of having more private dollars invested. I believe that is what we have with Harrison Square and further downtown development.
It is amazing to me that the City send this blog these documents and did NOT pass them out at the public meeting today...
Good grief...
Mike Sylvester
Give me a break Mike. We have to fight tooth and nail for everything we get.
Good grief Mike, after reading your blog its amazing to me that, as a CPA, you dont understand how deals work. Memorandums of Understanding and Letters of Intent are almost always non-binding and very often the basis for deals moving forward.
Chris
From what I understand (heard on WANE last night), if funding for the project is approved then a referendum becomes moot. Come on Sam, let's get this funding approved tonight!!
Joe,
the resolutions cannot be approved any earlier than April 24th any way. Any vote tonight would just be a recommendation out of committee. My feeling is that there should be no vote out of committee tonight because citizens will have not had enough time to review the Memorandums. However, I am NOT in favor of moving the final vote which is set for next tuesday. We should simply have both the recommendation and the final vote next week.
Sam
The real "nail in the coffin" tonight will if the two resolutions from the redevelopment commission are approved. These are the ones covering the further "gerrymandering" of the Apple Glen/ Jefferson Pointe TIF district to include the entire HS area(even though it's 3 miles away) and the "pledging" of future CEDIT revenues($20 million), borrowing from future TIF income($6 million) and useing $1 million from the balance in the City Light/I & M fund to this "give-away". John K.
Sam,
I applaud your conviction on the issue of tonight's vote and I sincerely hope you can convince the rest of the council to agree w/ your position...
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