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03-07-03 Redevelopment Commission Minutes
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03-07-03 Redevelopment Commission Minutes
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ANCHOR ASSOCIATES PROJECT <br />MEMORANDUM OF UNDERSTANDING ( "MOU ") <br />March 7, 2003 <br />1) Purpose. The purpose of this MOU is to summarize the list of commitments that the <br />negotiating teams for Anchor Associates ( "Developer ") and South Bend Redevelopment <br />Commission ( "Commission "), governing body of the Commission of South Bend <br />Department of Redevelopment have made to one another to date. As soon as reasonably <br />possible, the negotiating teams agree to work together to reduce the MOU to a more formal <br />development agreement (the "Development Agreement "). Finally, this signed MOU will <br />allow both parties to initiate the next series of actions required to move the project forward <br />with a better understanding of the type and degree of risk involved at this stage of the Project. <br />2) Transfer & Assignment of Rights. Developer may, at its option, transfer any portion of the <br />Development site, as shown on the general site plan attached hereto as Attachment 1 (the <br />"Anchor Site "), and assign its corresponding rights under this MOU and/or the Development <br />Agreement that follows to another party. It is the intention of Developer to develop the <br />Anchor Site as a retail shopping area and to add more high - quality retail stores for the <br />citizens of South Bend, Indiana. Notwithstanding any such assignment or transfer, <br />Developer shall remain legally responsible for all of the performance goals and failure to <br />perform penalties outlined in this MOU and, in more detail, in the Development Agreement. <br />Additionally, the assignee would have the same corresponding contractual rights and <br />ILdevelopment obligations as Developer has under this MOU and /or Development Agreement. <br />3) Project Phases: The Parties understand and agree that this Project may be accomplished in <br />Phases as described at Attachment 2 attached hereto. Phase I of the Project shall include the <br />construction of a minimum of 115,000 ± square foot retail establishment as an anchor tenant. <br />Phase I shall be accomplished on the area of the proposed development site that is situated <br />east of and shall include part of the property commonly known as the Fitterling site located <br />on Ireland Road. Phase II of the Project shall include the construction of additional multiple <br />retail establishments with a total collective square footage consisting of up to 300,000± <br />square feet. Phase II shall be accomplished on the area of the proposed development site that <br />is situated west of and shall include part of the property commonly known as the Fitterling <br />site located on Ireland Road. <br />4) Site Assemblage. Commission shall facilitate the Project by assisting Developer in <br />assembling a development site as shown on Attachment 1. In accomplishing such action, <br />Commission shall follow the procedures set forth at Ind. Code § 36- 7 -14 -1, et seq., by which <br />the Commission is bound. In order to afford a maximum opportunity for redevelopment of <br />the South Side Development Area ( "SSDA ") and the Development Site, and as authorized by <br />Ind. Code § 36- 7- 14 -20, Commission hereby agrees to initiate eminent domain as a means to <br />acquire property ( "Acquired Parcels ") to accomplish the Project following the procedure set <br />forth at Ind. Code § 3 2- 11 -1 -1, et seq provided, however, that the property sought to be <br />acquired by such means is necessary to accomplish the Project, the property will be utilized <br />for a public use and public purpose, and that such use of the property is consistent with the <br />SSDA Plan. Those properties which the parties have identified as having the potential for <br />acquisition by the Commission are described on Attachment 3 incorporated herein. <br />
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