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

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• WHEREAS, in order to induce the Developer to undertake the Project, the Commission desires to undertake 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 has determined 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 protect and increase property values in the City, the District and the State, and therefore, the Commission's involvement in the Project as described herein will best serve the interests of the City and its citizens; and WHEREAS, the Commission believes that the Project complies with applicable federal, state and local laws under which the Project has been undertaken and is being assisted; and WHEREAS, the Commission and Developer each understand and agree that certain actions contemplated by this Agreement are required to be undertaken by persons, agencies or entities that are not party to this Agreement and that any action by such third parties shall require independent approval by the respective person, agency, entity or governing body thereof. NOW, THEREFORE, in consideration of the mutual promises and obligations in this Agreement, the adequacy of which consideration is hereby acknowledged, the Parties agree as follows: SECTION 1.0 DEFINITIONS. Defined terms are indicated by initial capital letters. Defined terms shall have the meaning set forth herein, whether or not such terms are used before or after the definitions are set forth. The following terms are more specifically defined below: 1.1 Area Plan Commission St. Joseph County Area Plan Commission 1.3 City City of South Bend, Indiana 1.4 Commission South Bend Redevelopment Commission 1.5 County St. Joseph County, Indiana 1.6 Developer Gameday Centers Southeastern, LLC 1.7 Effective Date The date the Agreement is executed by the Commission or the Developer, whichever is later as set forth at Section 2.1. F:\ DATA \SHARE\Legal \Wpdata \SEP\Ewnomic Development \Gameday \Gameday Development Agreement (version 4).doc 2