No. 2241 approving a development agreement with gameday centers Southeastern, LLC and related matters

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(359) parking spaces (the "Parking Facility ") and (ii) various ground floor retail shops and/or restaurants totaling approximately 12,000 square feet of space, all on the Site and in the same structure as the Condo Development (the "Retail Shops" and with the Parking Facility and the Condo Development, the "Project "); and WHEREAS, the Commission has previously offered the real estate and ground rights for the Site for disposition in accordance with Indiana Code § 36-7 -14-22 and is now authorized to execute a contract providing for the sale of the Site; and WHEREAS, the Developer has submitted evidence that the Project will create approximately 92 permanent jobs with an approximate payroll, including benefits, of $2,701,000 per year; and WHEREAS, the evidence presented to the Commission suggests that market conditions for available parking spaces around the Site are unpredictable at this time and that the size, configuration and condition of the Site present challenges that may increase the cost of the Parking Facility, which are risks that may make the completion of the Parking Facility portion of the Project cost prohibitive; and WHEREAS, in order to induce the Developer to undertake the Project, the Commission desires to enter into a Development Agreement in the form attached hereto at Exhibit A (the "Development Agreement ") whereby Commission undertakes certain obligations set forth therein, and in consideration thereof, the Developer desires to undertake certain obligations with respect to the Project and.the Site; and WHEREAS, the Commission desires to approve the Development Agreement and the documents contained or contemplated therein, including but not limited to a Contract for Sale of Land for Private Development, a Deed and the other certificates and agreements attached thereto or contemplated therein (collectively, the "Development Documents "), and to authorize the President of the Commission (the "President ") or the Vice - President of the Commission (the "Vice- President ") to execute, and the Vice - President or Secretary of the Commission (the "Secretary ") to attest, the Development Documents, with such changes as such executing and attesting officers may approve upon the advice of legal counsel; THE COMMISSION NOW FINDS THAT: The redevelopment of the Area, and particularly the Site, as proposed by the Developer (i) may not be accomplished through the ordinary operations of private enterprise; (ii) will promote a substantial likelihood of creating or retaining opportunities for gainful employment and create additional business opportunities in the Area; (iii) will serve a public purpose as it will benefit the public health, safety, morals, and welfare of the City and the District and increase their economic well -being and that of the State of Indiana (the "State "); and (iv) will 2 F. IDATAISHAREILegallWpdatalSEPlEconomic DevelopmentlGamedaylResolution Approving Gameday Development Agreement.Doc