No. 1903 approving the execution of development agreement and other related documents associated with villas at Lake Blachthorn and Westwood Knolls at Blackthorn projects

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RESOLUTION NO. 1903 A RESOLUTION OF THE SOUTH BEND REDEVELOPMENT COMMISSION • APPROVING THE EXECUTION OF A DEVELOPMENT AGREEMENT AND OTHER RELATED DOCUMENTS ASSOCIATED WITH THE VILLAS AT LAKE BLACKTHORN AND WESTWOOD KNOLLS AT BLACKTHORN PROJECTS WHEREAS, the City of South Bend ( "City") and Cooreman Real Estate Group, Inc. ( "Developer ") have previously entered into a Memorandum of Understanding ( "MOU ") which provides for Developer to initiate and complete two (2) single - family development projects within the Airport Economic Development Area of the City of South Bend ( "Project "); and WHEREAS, in the first phase of development, the Project provides for the construction of 105 single - family villas in the area to be known as the "Villas at Lake Blackthorn" and in the second phase of development, the Project provides for the construction of approximately 100 single - family homes in the area to be known as "Westwood Knolls at Blackthorn"; and WHEREAS, the Commission approves and endorses the Project as described in the MOU and desires to enter into the following documents with Developer: (i) Development Agreement by and between the South Bend Redevelopment Commission and Cooreman Real Estate Group, Inc. and (ii) Contract for Sale of Land for Private Development, and (iii) Quit Claim Deed (collectively, the "Real Estate Development Documents ")and WHEREAS, the Commission recognizes that time of the essence in order to accomplish certain actions relating to the Project. NOW, THEREFORE, BE IT RESOLVED BY THE SOUTH BEND REDEVELOPMENT COMMISSION AS FOLLOWS: 1. The Commission hereby approves and endorses the Project as described in the MOU. 2. The Commission hereby directs and authorizes staff and legal counsel to negotiate and prepare said Real Estate Development Documents consistent with the MOU and the Commission's standard form of Development Agreement, Contract for Sale of Land for Private Development and Quit Claim Deed that are generally utilized by the Commission in its real estate transactions. 3. The Commission hereby authorizes the President of the Commission to execute and the Vice President or Secretary to attest the Real Estate Development Documents as described in this Resolution and as presented at this meeting with such changes as may be suggested by legal counsel and approved by the President and Vice President or Secretary with such approval evidenced by the execution and attestation respectfully, thereof. 4. The Commission hereby authorizes the President of the Commission to execute and the Vice President or Secretary to attest to any and all other documents relating to this Project