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MINUTES <br />CITY COUNCIL <br />MAY 26, 1993 <br />negotiations at this time, and TCF is aqain interested. <br />Krogman reported that he has a letter of intent that he <br />will get out to the charities tomorrow. Krogman <br />reported, however, that if the City decided to issue a <br />second bingo hall license, TCF would not want to be <br />involved on that basis. <br />Scalze pointed out that the ordinance only allows one <br />bingo hall in the City. <br />LaValle asked about the concession stand lease. <br />Mr. Vitale reported that the Venetian has a <br />month-to-month lease for concessions for which they pay <br />a flat fee to the landlord based on percentage of <br />sales. <br />Scalze stated that she is willing to having a special <br />meeting on this issue if that is what it takes. Scalze <br />indicated that the City wants to assist the charities <br />and make this work. <br />Slipy asked what Mover's Warehouse was expected to <br />compete against, and felt that Mover's Warehouse might <br />be in a situation where it is impossible for them to <br />compete since the Market Place may be able to offer an <br />impossibly low rent because of their situation. <br />Krogman replied that the competition between the two <br />properties would be based on free enterprise. Krogman <br />reported that TCF owns the Market Place Shopping <br />Center, and it is their intention to sell the property. <br />The property is not in bankruptcy. TCF is hoping to <br />put a tenant into the property which will increase its <br />value and bring enough people into the center so that <br />the other vacant spaces will be leased. Krogman <br />pointed out that this is the market and questioned how <br />it is unfair to Mover's Warehouse. Krogman felt it <br />would be unfair to the organizations to say that they <br />could not relocate to the Market Place. Krogman <br />pointed out that when the Market Place is sold, the <br />buyer will have to service the mortgage. The rental <br />package put together by TCF will provide a return to <br />the bank. <br />Slipy pointed out that TCF does not have to currently <br />service a mortgage on the Market Place. <br />Krogman suggested that if Mover's Warehouse is paying <br />too high a mortgage rate, it should go to its banker <br />and request the rate be lowered. <br />Vitale pointed out that the Venetian has $50,000 of <br />Page 8 <br />