03-07-03 Redevelopment Commission Minutes

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party out -of pocket expenses, including without limitation appraisal, title, and survey expenses, if applicable. Neither the Commission nor Developer will be required to reimburse the other party for predevelopment costs incurred prior to the execution of the MOU. 7) Financing of Infrastructure Improvements. Developer has requested that the Commission provide certain infrastructure improvements to the Anchor Site (the "Infrastructure Improvements "). The Parties intend that the Infrastructure Improvements shall be paid for through Tax Incremental Financing ( "TIF ") or by the Developer and /or the tenant/end -user ( "Tenant ") in which case the Developer or Tenant shall request tax abatement from the City. In December, 2002, the Commission created a Tax Increment Financing Allocation Area ( "TIF Area ") for the Project area. To the extent that TIF revenues are generated from the Anchor Site, Commission agrees to utilize said funds to facilitate Infrastructure Improvements for the Anchor Site as defined in Paragraph 8, below, and in a manner consistent with Indiana law governing the use of such funds, provided, however, Commission's investment is capped at an amount not to exceed expected TIF revenues to be generated by the Project. In the event the Developer determines not to pursue the use of TIF and determines that Developer or Tenant shall pay for such Infrastructure Improvements, the Developer or Tenant may request that City provide tax abatement as permitted by law, it being the intent of the Developer that the savings realized as a result of tax abatement offset all or some portion of the cost of Infrastructure Improvements. If Infrastructure Improvements are to be accomplished by use of a TIF bond issue, the Commission shall pay for the Infrastructure Improvements up to the amount that may be paid for from the available proceeds of such financing. Developer and Commission shall work together to prepare a schedule ( "Project Schedule ") detailing the timing of the Infrastructure Improvements. 8) Infrastructure Improvements. Subject to financial limitations established by the Parties and financing options as referenced in paragraph 7 as well as the limitations set by law, the Commission agrees to cooperate with Developer to provide certain Infrastructure Improvements which may include, among others: a) Street Improvements. The improvement of the turn lanes and signalization at West Ireland and U.S. 31 South, signalization on West Ireland and on Main Street, and widen West Ireland pursuant to requirements suggested by traffic studies in order to provide efficient and safe movement of vehicles for the Anchor Site stores and customers and adjacent businesses and facilities. Developer shall provide adequate right -of -way to facilitate the aforementioned improvements along Ireland Road from property owned or acquired by Developer for the Project. Other necessary property for the right -of -way shall be acquired by Commission. Further, the Commission agrees to work with Developer and the Indiana Department of Transportation to secure direct access to the Anchor Site from U.S. 31 South. b) Perimeter Improvements. If determined to be necessary and appropriate, provide new curbs, sidewalks, lighting and streetscape on the perimeter of the existing and expanded Anchor Site. The specific design and engineering aspects of the perimeter improvements will be coordinated with Developer's design plan for internal improvements to the Anchor Site. In the event that Developer requests that City install any special lighting as part of this Project, Developer hereby agrees to bear any 3