The Talks Continues-Harrison Square Park

Memorandum of Understanding for stuff other than the hotel

Memorandum of Understanding among the following parties:

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..


The groups have placed their John Hancock on a memorandum with language that all parties involved are working in good faith, together to agree on some things, while working on some other things. But the MOU is not a legally binding document. As stated under Recital (E):

D.

This Memorandum is intended to memorialize the current understanding between the parties regarding the basic scope and structure of the Project.It is not intended as a binding obligation of either party, but rather an expression of good faith and commitment to continue the diligently working toward the objectives outlined herein.

The groups are still in negotiation.

The Project consist of three stages:

Phase 1--hotel with 250 rooms
Parking facility -900 spaces
condominium-60
retail space-minimum of 30,000 square feet of commercial space
Stadium-multi purpose


So, Phase 1 is all inclusive, but some parts are independent of the other.

Hotel is a third party
Parking facility owned and operated by the City and/or the City of Fort Wayne Redevelopment Commission (Redevelopment Commission) to service the Hotel, Lincoln National Corporation, public parking and the Stadium . The Parking Structure is not intended to serve as the primary parking facility for the Stadium. The Stadium would be owned by the City or Redevelopment Commission or other related entity, and managed by HC or a related HC entity under the terms of a management agreement.

The Stadium is to be in compliance with the Professional Baseball Agreement Minimum Facility Standards for Class AA baseball stadiums. The Stadium will contain at least 5,000 seats with a depressed seating bowl, walk around concourse and a minimum of 12-16 suites. Other stuff will or may be stipulated before the binding agreement.

The big ticket item-Stadium

HC is in for a $30,000,000 stadium, if it exceeds that cost, HC will not provide another penny. The cost includes hard construction costs, architectural fees, and all related design, engineering costs and expenses, and certain personal property to be supplied by the city. As will be defined in the binding agreement,


HC will contribute, in cash or cash equivalent, during construction, the amount of $5,000,000 which shall be applied to the Stadium cost. The Stadium must be completed by September 2009. The construction should begin no longer than September 2007.


Now new housing and retail-downtown

Barry Real Estate (BRE)( this name is new) we are use to hearing Hardball Capital, but not Barry Real Estate. BRE or a related entity, shall commit to the construction of a minimum number of residential condominium units presently expected to be 60 units and to to Retail Space, presently expected to be 30,000 square feet of lease able Retail space within Phase 1 of the retail and Condominium Development at Harrison Square. BRE or a related entity, will spend $14,500,000. The City in return will assist HC in obtaining available tax abatement, New Market Tax Credits, CREeD tax credits and other available incentives in connection with the Residential Condominiums and Retail Development, including assistance in identifying possible investors to acquire transferable credits where available. And for each phase, somewhere in the tune 1.4.5 million dollars for infrastructure cost.

Having typed all that, the deal could fall through on Phase 2 and Phase 3 and by default go to other developers. Or the whole thing could collapse if the hotel is not built.


Memorandum of Understanding for the Hotel


The MOU is between the City of Fort Wayne Department of Redevelopment by the Fort Wayne Redevelopment Commission (Commission) and Acquest Realty Advisors, Inc./acquest Development Inc. and White Lodging Service Corporation (Development Team)

The hotel will be a full service Marriott. If however, the balance of the Harrison square project is cancelled and or delayed, the design may be modified. Development of the Project is not contingent upon the development of the balance of the Harrison Square Project, except for the Parking Facility.


But the stadium is contingent on the hotel.



The land as be amassed, it is now up to the developers to come in and work their magic. That is with the approval of City Council.


Disclaimer, this was a first pass through on the MOU, and this is what I gleamed from the documents. However, the documents are here for you to purview and reach your own conclusion. H/t to Downtown Fort Wayne Baseball.

If Fort Wayne is unable to pull this deal off with Jason and Friends, it will go to its B Plan. The land it has acquired from Omni-Source. The City will try and save face and build a water slide, casino or whatever it was that the taxpayer told them they wanted, allegedly a $4.3 million dollar 29 acres riverfrontoption agreement deal.