The name is obviosly a play on the "Foursquare" name, as does many apps heavily based on them, and I'm a big fan of their logo and style - but that being said, the logo should not resemble theirs, as this project is not endorsed by them, and having "square" on the name is already being to much alike. The "current" site logo is a mockup, made just for layout positioning.
The Takesquare.com site is already live, but in a very alpha stage. The game works in the San Francisco Bay Area, so I encourage designers to register and have a feeling on the game mechanics. Layout and game features are being added daily. Just check in somewhere around SF with your Foursquare app and you'll see companies' shares you gained when you refresh the map page.
The site's colour pallete is from a theme template, which is almost the same from Foursquare - pretty nice, but the resemblance is undesired. I have no color preferences for the logo, and I intend to change that blue background to one that matches the winning logo colors. However, do note that the logo must fit in a colored background, just like it is now.
On the logo type, I do want it to be a "word mark", as I feel one as such would fit well in the current planned site layout, but I'd love an accompanied image along with it. Most of the "word marks" logo I've seen here in 99designs come with one, so designing one would definitely be a huge plus on selecting winners.
Please note that I require the winning design to be hand over in a format that allows me to scale it up or down. A pure vector image would be best, but not strictly required.