03-07-03 Redevelopment Commission Minutes

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increased cost that is over and above City's customary and usual expense for lighting within the City of South Bend. c) On -site Public Utilities/Easements. Provide utilities to the site. Developer agrees to make all the necessary utility hook -ups from the site boundary to the individual buildings. Developer also agrees to work with the City to develop a site plan which minimizes the need to relocate major utility lines already in place on the present site and on the proposed site plan. d) On -site Private Utilities /Easements. Developer agrees to work with the private utility providers to secure any necessary relocation of private utilities. The Commission agrees to support Developer in its efforts with the private utilities. e) Zoning Variance, Special Permits, Etc. The parties acknowledge that the Anchor site shall be located within a redevelopment district known as the "South Side Development Area" and accordingly, development shall be accomplished consistent with the South Side Development Area Development Plan. Consistent with the South Side Development Area Development Plan. Consistent with the governing City policy and the South Side Development Area Plan, the Commission agrees to endorse and support Developer in its efforts to seek zoning, variance, subdivision, right -of -way vacation, or special permit(s) required to complete the Project. f) Environmental Remediation. As determined to be necessary and appropriate, provide environmental and/or geotechnical testing and remediation. g) Demolition. To demolish the existing improvements located on the site. 9) Private Investment. Developer agrees to the following investment goals for the project: * Level of Private Investment: A minimum of Seven Million Dollars ($7,000,000) will be invested in the development of the Anchor Site at Phase I, whether through equity, debt, and third -party investment, with the final amount to depend on its ultimate square footage. * The type of private investment includes, but is not limited to, acquisition, demolition, construction, tenant improvements, soft costs, and closing expenses. 10) Failure to Perform. Both parties recognize that the Project requires a strong private - public partnership in order that all Project goals can be achieved. The Commission has committed to a series of large -scale public investments in land acquisition and public improvements. Should Developer fall short on the investment targets, the Commission will require that Developer reimburse the Commission on a basis to be agreed upon in the Development Agreement. 11) Agreement to Date. This non - binding MOU represents the basic agreement to date. Both the Commission and Developer agree that the above items that have been identified as "agreed to" by one or both parties will serve as the basis for the Development Agreement, which both rd