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Lof MEMORANDUM OF UNDERSTANDING <br />by and between <br />South Bend Community School Corporation <br />and <br />City of South Bend, Indiana <br />February 10, 2003 <br />THIS MEMORANDUM OF UNDERSTANDING, dated as of the IL day <br />of February, 2003, is made and entered into between the South Bend Community School <br />Corporation and the City of South Bend, Indiana. <br />RECITALS <br />WHEREAS, the South Bend Community School Corporation ( "SBCSC ") intends <br />to relocate its operations that are presently being conducted in the building located at 635 <br />South Main Street and commonly known as the South Bend Community School <br />Corporation Education Center ( "Education Center ") and to construct a new building <br />within the City of South Bend; and <br />WHEREAS, the City of South Bend ( "City "), desires to facilitate SBCSC in <br />relocating the Education Center and proposes that SBCSC relocate the Education Center <br />to a new building at a site located in 400 block of South Main Street (the "Development <br />Site "), which is more particularly described in the map attached hereto and incorporated <br />herein as Exhibit "A "; and <br />WHEREAS, the parties hereby agree that, should SBCSC determine that it is <br />economically and technically feasible for a new building to be constructed that is suitable <br />for its needs on the Development Site ( "Project "), it is of mutual benefit for the parties to <br />jointly formulate a plan for the Project that will include the commitments of each party <br />that are necessary to accomplish the Project; and <br />WHEREAS, SBCSC and City hereby agree that the Project as proposed in this <br />Memorandum of Understanding is in the parties' mutual best interests and that the best <br />interests of the citizens of South Bend will be served by the SBCSC, and the City <br />working together to evaluate the economic and technical feasibility of the proposed <br />relocation and, if so determined, to accomplish the Project. <br />NOW, THEREFORE, the Parties hereby agree and represent as follows: <br />I. PURPOSE <br />The purpose of this Memorandum of Understanding ( "MOU ") is to set forth the <br />