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AGREEMENT BY AND BETWEEN <br />THE CITY OF SOUTH BEND, INDIANA <br />Acting By And Through Its <br />BOARD OF PUBLIC WORKS <br />And <br />COOREMAN REAL ESTATE GROUP, INC. <br />(Development of Olive Road Extension and Adams Road Estates) <br />THIS AGREEMENT, made and entered into thisol_'S-day of , 2011, by and <br />between the CITY OF SOUTH BEND, INDIANA, acting by and tbkugh its BOARD OF <br />PUBLIC WORKS and COOREMAN REAL ESTATE GROUP, INC., a for -profit <br />domestic corporation organized under the laws of the State of Indiana having its offices at <br />4404 Technology Drive, South Bend, Indiana 46628. <br />kW110:13.11 11i:IB <br />WHEREAS, pursuant to Indiana Code and §§ 36- 9 -6 -1, et seq., the City of South <br />Bend Board of Public Works ( "City") may plan and contract for the construction and <br />maintenance of public sewers, and streets, and may purchase any real or personal <br />property need by the City for any public use; and <br />WHEREAS, Cooreman Real Estate Group, Inc. ( "CREG ") is the owner and <br />developer of certain real property commonly known as the "Adams Road Estates" <br />residential subdivision; and <br />WHEREAS, the City intends to construct certain public improvements near or <br />serving Adams Road Estates, and desires to purchase a portion of CREG's real property <br />in order to construct said improvements, and CREG desires to sell its real property to the <br />City under certain terms and conditions; and <br />WHEREAS, the City believes that acquisition and development of the property <br />according to the terms and conditions set forth in this Agreement is in the best interest of <br />the health, safety and welfare of the city and its residents and complies with the public <br />purposes and provisions of the Act and applicable federal, state and local laws under <br />which the development has been undertaken and is being assisted. <br />NOW, THEREFORE, in consideration of the mutual covenants contained in this <br />Agreement and for other good and valuable consideration, the receipt and sufficiency of <br />which hereby is acknowledged, the parties agree as follows: <br />1. Project Description. The City intends to design and construct a public <br />road providing a connection to Olive Road from Brick road to Adams Road ("Olive Road <br />Extension "). It is anticipated that the Olive Road Extension will be a controlled access <br />roadway with public street intersections, and will abut the western boundary of Adams <br />