03-07-03 Redevelopment Commission Minutes

Home Browse Search

ANCHOR ASSOCIATES PROJECT MEMORANDUM OF UNDERSTANDING ( "MOU ") March 7, 2003 1) Purpose. The purpose of this MOU is to summarize the list of commitments that the negotiating teams for Anchor Associates ( "Developer ") and South Bend Redevelopment Commission ( "Commission "), governing body of the Commission of South Bend Department of Redevelopment have made to one another to date. As soon as reasonably possible, the negotiating teams agree to work together to reduce the MOU to a more formal development agreement (the "Development Agreement "). Finally, this signed MOU will allow both parties to initiate the next series of actions required to move the project forward with a better understanding of the type and degree of risk involved at this stage of the Project. 2) Transfer & Assignment of Rights. Developer may, at its option, transfer any portion of the Development site, as shown on the general site plan attached hereto as Attachment 1 (the "Anchor Site "), and assign its corresponding rights under this MOU and/or the Development Agreement that follows to another party. It is the intention of Developer to develop the Anchor Site as a retail shopping area and to add more high - quality retail stores for the citizens of South Bend, Indiana. Notwithstanding any such assignment or transfer, Developer shall remain legally responsible for all of the performance goals and failure to perform penalties outlined in this MOU and, in more detail, in the Development Agreement. Additionally, the assignee would have the same corresponding contractual rights and ILdevelopment obligations as Developer has under this MOU and /or Development Agreement. 3) Project Phases: The Parties understand and agree that this Project may be accomplished in Phases as described at Attachment 2 attached hereto. Phase I of the Project shall include the construction of a minimum of 115,000 ± square foot retail establishment as an anchor tenant. Phase I shall be accomplished on the area of the proposed development site that is situated east of and shall include part of the property commonly known as the Fitterling site located on Ireland Road. Phase II of the Project shall include the construction of additional multiple retail establishments with a total collective square footage consisting of up to 300,000± square feet. Phase II shall be accomplished on the area of the proposed development site that is situated west of and shall include part of the property commonly known as the Fitterling site located on Ireland Road. 4) Site Assemblage. Commission shall facilitate the Project by assisting Developer in assembling a development site as shown on Attachment 1. In accomplishing such action, Commission shall follow the procedures set forth at Ind. Code § 36- 7 -14 -1, et seq., by which the Commission is bound. In order to afford a maximum opportunity for redevelopment of the South Side Development Area ( "SSDA ") and the Development Site, and as authorized by Ind. Code § 36- 7- 14 -20, Commission hereby agrees to initiate eminent domain as a means to acquire property ( "Acquired Parcels ") to accomplish the Project following the procedure set forth at Ind. Code § 3 2- 11 -1 -1, et seq provided, however, that the property sought to be acquired by such means is necessary to accomplish the Project, the property will be utilized for a public use and public purpose, and that such use of the property is consistent with the SSDA Plan. Those properties which the parties have identified as having the potential for acquisition by the Commission are described on Attachment 3 incorporated herein.