No. 2246 approving a form of dev agreement with JF+A Properties,LTD/CII&P, County Mayo/SB LLC and related matters

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WHEREAS, the Developer desires that a certain sewer line and a water line within the Utility Easement be relocated to provide for the development of the Project (the "Utility Improvements "); and WHEREAS, the Commission, in reliance upon the Developer's commitment to complete the Project, desires to complete the Utility Improvements and amend the Utility Easement consistent with the plans set forth at Exhibit B to provide for the development of the Project; and WHEREAS, the South Bend Redevelopment Authority (the "Authority ") currently owns the Property and has negotiated a Settlement Agreement and Release with Marathon, a copy of which is attached hereto as Exhibit F (the "Settlement Agreement "), which is in the process of being approved and executed by Marathon and the Authority; and WHEREAS, the Settlement Agreement provides for the execution of (i) the Easement Amendment with License (the `Basement Amendment "), a copy of which is set forth in the Settlement Agreement, which amends the Marathon Easements and (ii) a Development Agreement, a copy of which is set forth in Settlement Agreement, which provides certain terms and conditions by which improvements to the Project subject to the Marathon Easements may be constructed and operated (the "Development Agreement "); and WHEREAS, the Easement Amendment and the Development Agreement were negotiated with Marathon, with the advice and consent of the Developer, and the Development Agreement requires the execution of the Developer; and WHEREAS, the Development Agreement must be recorded prior to any work commencing on the Utility Improvements on the portion of the Property subject to the Marathon Easements, as amended by the Easement Amendment; and WHEREAS, the Developer desires to commit to (i) the completion of the Project and the purchase of the Property at this time to allow for the timely completion of the Utility Improvements and (ii) subject to the execution of the Settlement Agreement by the various parties, the execution of the Development Agreement; and WHEREAS, the Commission desires to replat and rezone a portion of the Property to clarify the Property's boundaries and encumbrances; and WHEREAS, the Commission and the Developer desires to have the Property transferred to the Company upon the completion of the replatting process and the fulfillment of the closing conditions set forth herein; NOW, THEREFORE, in consideration of the mutual promises and obligations in this Agreement, the parties agree as follows: • SECTION I. SALE, PURCHASE PRICE.