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the presence of these renewal options favors petitioner's
argument, and we find respondent's argument to the contrary
unconvincing. The renewal options were not without value and,
although the record does not identify the extent of their value,
we are convinced that that value was not insubstantial, as
respondent contends. The terms of the Second Lease Amendment
reflected generous concessions made by the State, and the renewal
options made it possible for the fruit of those concessions to be
enjoyed by the Saints for up to 10 years.
The fourth factor entails an examination of the most recent
negotiations concerning the provisions of the 1975 Lease. Prior
to petitioner's acquisition of the team, the most recent
negotiations between the Mecom Group and LSED occurred in mid-
1984. These negotiations were in response to LSED's lease with
the Breakers and gave rise to the Second Lease Amendment.
Respondent maintains that we should discount these negotiations
because they were the result of a contractual breach rather than
a genuine interest on behalf of the State to provide an incentive
to the team. We decline to do so. It is immaterial that the
lease negotiations at issue came to pass simply because LSED
desired to avoid a breach of contract claim. LSED was conscious
of the available renewal options and was surely aware of the
potential benefit it was bestowing on the Mecom Group through the
enhanced terms of the Second Lease Amendment.
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