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MEMORANDUM OF UNDERSTANDING by and between Brick Road, LLC and City of South Bend, Indiana, Redevelopment Commission WHEREAS, Brick Road, LLC, a Michigan limited liability company ( "Brick Road ") is contemplating a private development located at the northeast corner of Cleveland Road and Mayflower Blvd., in the City of South Bend, Indiana (the "City "), and in the Airport Economic Development Area (the "AEDA "), to be known as the Hutsfield Square Major Subdivision (the "Subdivision ") which is more particularly shown and described in the subdivision plat attached to this Memorandum of Understanding ( "MOU ") as "Exhibit A "; and WHEREAS, the South Bend, Indiana Redevelopment Commission (the "Commission ") supports the development of the Subdivision and wishes to promote the development for the good of the public and of the general development in and around the AEDA; and WHEREAS, Brick Road and the Commission agree that their mutual best interests and that the best interests of the citizens of the City, and in particular, those of the AEDA will be served by Brick Road and the Commission working together to accomplish the development of the Subdivision and the related necessary public infrastructure; and WHEREAS, Brick Road and the Commission further agree that, if it is determined by Brick Road to be economically feasible to develop the Subdivision, it will be of benefit to have the necessary public infrastructure funded by the Commission. PURPOSE The purpose of this MOU is to set forth the discussions that Brick Road and the Commission have had with one another to date with respect to the Subdivision. The executed MOU shall be a binding document that expresses the intent of each of the parties at the time this MOU is executed. This MOU is a statement of the parties' mutual good faith intentions to proceed with the Subdivision as described herein. This MOU shall be subject to the appropriate resolutions or approval of the parties' respective governing bodies.