03-08-10 Council Agenda & Packet

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This MOU is a statement of the Parties' mutual good faith intentions to proceed with the .Project described herein. Any final agreement as to terms shall be set forth in the Agreements and shall be subject to the appropriate resolutions and approvals of the parties' respective governing bodies. In the event that definitive Agreements cannot be successfully .negotiated and executed, this MOU does not create any legally binding obligation among or between the Parties. Ii. CITY'S COMMITMENTS. A. General Commitment Concerning Project Site Assembly, The City will facilitate the Project by assembling a Project Site at little or no consideration to The Salvation Army, subject to the requirements and restrictions of Indiana law governing disposition of real property. The Project Site shall be composed of real property that is depicted at Exhibit "AI "attached hereto and incorporated herein and is more particularly described legally at Exhibit `A2" attached hereto and incorporated herein. The City, through its Board of Public Works, is in the process of acquiring title from Rhodes Investment Corporation to the real property depicted and described at Exhibits "Al" and `A2" as Pay-eel A ("Rhodes Property "). The Parties acknowledge that there are taxes and penalties owing on the Rhodes Property that impair the economic feasibility of the Project. The City is one of the primary beneficiaries of said taxes and is agreeable to waiving its proportionate share thereof in order to facilitate the Project. The Parties also understand that I.C, 6- 1.1 -36 -7 requires that the City petition for tax relief to the Department of Local Government Finance and as such, requires that the City hold title to the Rhodes Property until the petition has been granted. The real property depicted and described at Exhihita "A] "' and "A2" as Parcel B ( "Alonzo Watson Park ") is under the control, custody and care of the City's _Board of Park Commissioners. As permitted by Indiana law, the Park Commission shall undertake separate actions to dispose of Alonzo Watson Dark in order to facilitate the Project. B. Board of Public Works. Pursuant to the powers granted by Indiana law and consistent with the legal process by which the Works Board is bound, the Works Board agrees to undertake the following actions: 1. Adopt a resolution accepting transfer of the Rhodes Property from Rhodes Investment Corporation and close said acquisition at a date and time to be mutually agreed upon; and MOMfinal (3)