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MOU Between City of South Bend and SBCSC <br />City's Responsibilities <br />City will purchase Lots 1, 2, 3, 4, and 5 (Exhibit "A" attached). The City currently owns <br />Lots 1 and 2. <br />2. City will put Lots 1, 2, 3, 4 and 5 up for public bid <br />The City will accept from SBCSC the 3 acre parcel for the TJX site owned by SBCSC <br />along with $307,000 for Lots 1, 2, 3, 4, and 5. SBCSC will execute an agreement with <br />TRANSPO for Lot 8. SBCSC will transfer Lots 10 and 11 to the City provided the City <br />has an agreement with HLFI to accept Lots 10 and 11 from the City. If the City cannot <br />negotiate an agreement with HLFI then the project will not proceed. <br />4. The City will bear all costs associated with purchasing Lots 1, 2, 3, 4, and 5 along with <br />demolishing any buildings upon these Lots. <br />5. The City will allow SBCSC to transfer the property to a third party to construct and own a <br />building and grounds which will be leased to SBCSC. <br />6. The City will not provide a tax abatement for the project. At the end of the lease with the <br />third party the building and property will become tax exempt. <br />SBCSC Responsibilities <br />1. SBCSC will construct a 40,000 to 50,000 sq ft building upon the development site. <br />2. SBCSC agrees to bid on the development site when it is offered for disposition <br />3. SBCSC agrees to transfer approximately 3 acres of land associated with the TJX project <br />to the City and to pay $307,000 for Lots 1, 2, 3, 4, and 5. Also SBCSC agrees to execute <br />an agreement with TRANSPO for Lot 8 and to transfer Lots 10 and 11 to HLFI. The <br />project does not proceed if the City cannot negotiate an agreement with HLFI. <br />4. SBCSC will accept the development site "as is" by quit claim deed. <br />Miscellaneous <br />1. The City and SBCSC will develop a plan for the site that is acceptable to both parties and <br />is consistent with the South Bend Central Development Area Plan. <br />2. The City is relying on SBCSC to construct a 40,000 to 50,000 sq. ft. building to house <br />approximately 150 employees and the primary use of the building will be to provide <br />office, meeting, conference, training and other related uses. <br />