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RESOLUTION NO. G Y Q -7�8
<br />RESOLUTION WITH RESPECT TO DEVELOPMENT AND CONSTRUCTION
<br />OF A MULTI -USE PROJECT IN THE BLOCK BOUNDED BY COLFAX,
<br />MICHIGAN, WASHINGTON AND ST. JOSEPH STREETS IN SOUTH BEND,
<br />INDIANA AND AUTHORIZING THE EXECUTION OF A DEVELOPMENT
<br />MANAGEMENT AGREEMENT WITH GERALD D. HINES INTERESTS.
<br />WHEREAS, construction is proposed of a multi -use complex
<br />consisting of an office building containing approximately 135,000
<br />square feet, a high quality motel containing a minimum of 250 rooms,
<br />approximately 30,000 feet of retail space, an enclosed atrium inter-
<br />connecting the various structures and containing an ice rink, an
<br />all - weather garage containing approximately 800 parking spaces,
<br />and an enclosed walkway to the Century Mall, all of which improve-
<br />ments will be located in an area bounded by Colfax Avenue on the
<br />North, St. Joseph Street on the East, Washington Street on the
<br />South and Michigan Street on the West, in South Bend, Indiana.
<br />WHEREAS, the City of South Bend has received approval from
<br />the United States Department of Housing and Urban Development under
<br />Title I of the Housing and Community Development Act of 1977 for
<br />an Urban Development Action Grant in the amount of $7,600,000 for
<br />construction of the public portion of said project.
<br />WHEREAS, the First Bank and Trust Company of South Bend,
<br />Indiana, and Marriott Hotels of Washington, D. C., or a nominee
<br />thereof, propose construction of the office building and the hotel
<br />portion respectively of said project.
<br />WHEREAS, the City of South Bend is required to submit to
<br />the United States Department of Housing and Urban Development, a
<br />written agreement executed by the City of South Bend, the Redevelopment
<br />Commission of the City of South Bend, Indiana, First Bank and Trust
<br />Company of South Bend, Indiana, and Marriott Hotels of Washington,
<br />D. C., or its nominee, providing (i) for the disposition of the site
<br />for the construction of the office building, retail space and hotel;
<br />(ii) for the setting forth of the duties and obligations of the
<br />respective parties concerning the development of the multi -use
<br />complex; (iii) for the total combinedinvestment of Gerald D. Hines
<br />Interests, First Bank and Trust Company of South Bend, Indiana, and
<br />Marriott Hotels of Washington, D. C., of not less than $21,096,000.
<br />WHEREAS, the Grant from the United States Department of
<br />Housing �nd Urban Development, requires that interim financing and
<br />permanent financing be obtained for the office building, retail
<br />space and hotel in the principal sum of $15,822,000.
<br />WHEREAS, it is essential to the success of the project
<br />that the City of South Bend avail itself of the services of a
<br />Development Manager with the necessary experience and expertise in
<br />(i) obtaining commitments for participation in the project by
<br />First Bank and Trust Company of South Bend, Indiana, and Marriott
<br />Hotels of Washington, D. C.; (ii) obtaining the required interim and
<br />permanent financing for the participants in the project; (iii) coor-
<br />dinating with the architect the preparation of plans and specifications
<br />for the development of the multi -use project; (iv) providing services
<br />in the development, integration, coordination and supervision of the
<br />project as a whole and the development and construction management
<br />of the public portion of the project to be constructed by the City
<br />of South Bend.
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