No. 1911 authorizing the preparation of a development agreemnet and other related documents associated with the Waters Edge project

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do RESOLUTION NO. 1911 A RESOLUTION OF THE SOUTH BEND REDEVELOPMENT COMMISSION AUTHORIZING THE PREPARATION OF A DEVELOPMENT AGREEMENT AND OTHER RELATED DOCUMENTS ASSOCIATED WITH THE WATERS EDGE PROJECT WHEREAS, the City of South Bend ( "City") and Ralph Jones Drive Partnership, L.P. ( "Developer ") have previously entered into a Memorandum of Understanding ( "MOU ") which provides for Developer to initiate and complete a two (2) phase development project on the former Wharf Restaurant site located within the East Bank area of South Bend Central Development Area ( "SBCDA ") of the City of South Bend and consisting of mixed residential and commercial uses and below and above -grade parking facilities ( "Project'); and WHEREAS, in the first phase of development ( "Phase I "), the Project provides for the construction of approximately 30 -49 condominiums ranging in size from approximately 1,500 to 2,300 square feet with a price range of $195,000 to $450,000 as well as approximately 10,000 to 13,000 square of commercial/retail space and private investment of approximately $12,000,000.00; and WHEREAS, in the second phase of development ( "Phase II"), the Project anticipates the construction of additional residential, commercial /retail in the area adjacent to the former Wharf Restaurant site and consisting of 3 -50 apartment/condominiums; and WHEREAS, the Project, as described in the MOU, necessitates a public - private partnership between City and Developer and further contemplates certain actions be taken by the City of South Bend Redevelopment Commission and by the City of South Bend Board of Public Works who shall be parties to any final agreement between Developer and City as it relates to this Project; and WHEREAS, the Commission believes that the Project will promote the use of land in the SBCDA in a manner that best serves the City and its citizens and hereby approves and endorses the Project as described in the MOU; and WHEREAS, the Commission desires to enter into a formal development agreement ( "Development Agreement ") with Developer that is consistent with the concepts expressed in the MOU. NOW, THEREFORE, BE IT RESOLVED BY THE SOUTH BEND REDEVELOPMENT COMMISSION AS FOLLOWS: The Commission hereby approves and endorses the Proj ect as described in the MOU. 2. The Commission hereby directs and authorizes staff and legal counsel to negotiate and prepare said Development Agreement consistent with the MOU and in a form that is generally utilized by the Commission in such transactions and further, to prepare any other