No. 1962 ratifying/confirming/approving certain actions related to the SBCSC project

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discussions that SBCSC, and City have had with one another to date with respect to the Project. The executed MOU shall be a non - binding document that expresses the intent of each of the parties at the time this MOU is executed. The SBCSC, and City hereby acknowledge that this MOU does not give rise to any binding contractual obligations among or between the parties. The parties also acknowledge the need to more fully express the terms related to items set forth herein and the need to reach final agreement in the future on various terms of any future development. The definitive terms of agreement for any future development related to the Project shall be further set forth in a separate agreement between the SBCSC and South Bend Redevelopment Commission (the "Development Agreement "). This MOU is a statement of the parties' mutual good faith intentions to proceed with the Project as described herein. Any final agreement as to terms shall be set forth in the Development Agreement and shall be subject to the appropriate resolutions or approval of the parties' respective governing bodies. In the event that a definitive Development Agreement cannot be successfully negotiated and executed, this MOU does not create any legally binding obligation among or between the parties. II. CITY'S COMMITMENTS 1. Consistent with Ind. Code §36- 7 -14 -1, et. seq., City, through its Redevelopment Commission ( "Commission ") shall assemble a Development Site, which will be composed of Lots 1, 2, 3, 4, and 5 as shown on Exhibit "A" attached hereto ( "Disposition Parcels "). 2. In order to assemble the Development Site, City shall cause Disposition Parcels Lots 3, 4, and 5 as described in Exhibit "A" to be appraised and, together with Disposition Parcels 1 and 2, shall be offered for disposition through the public bidding process set forth at Ind. Code § 36- 7 -14 -1, et seq., by which the Commission is bound. Consistent with Ind. Code § 36- 7- 14 -22, the bid shall be awarded to the successful bidder meeting the bid criteria including, but not limited to, the retention of SBCSC's administrative and support functions in the downtown. 3. Upon completion of the bidding process or, at the end of the public bidding process by way of a negotiated purchase, City shall accept as consideration from SBCSC in exchange for the Development Site, the approximately three (3) acres of land previously transferred by SBCSC to the City associated with the TJX distribution center project located at Sample and Olive Streets in South Bend and the sum of money equal to the City's cost of land acquisition not to exceed Three Hundred Seven Thousand and 00 /100 Dollars ($307,000.00). As additional consideration for the transfer, SBCSC shall execute an agreement with TRANSPO related to SBCSC's property identified on Exhibit "A" as Lot 8. As further consideration for this transaction, SBCSC shall transfer SBCSC's property identified on Exhibit "A" as Lot 10 and Lot 11 to City, provided