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

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however, that City has successfully negotiated an agreement with Historic Landmarks Foundation of Indiana ( "HLFI ") for transfer of Lots 10 and 11 to HLFI. In the event that City is unable to negotiate an agreement with HLFI, the Project, as described herein, shall not proceed. 4. Except as otherwise provided herein, City shall bear the costs associated with acquiring any of the Disposition Parcels including any partial take and/or severance damages to adjacent properties. City shall also bear the cost of demolishing any improvements on the Development Site and shall deliver the Site in "as is" condition by way of a quit claim deed. 5. City agrees, providing SBCSC fulfills its commitments as set forth in this MOU and any subsequent Development Agreement, that SBCSC at its option may transfer any portion of the Development Site and assign its rights under this MOU and the Development Agreement to a third party in order to permit SBCSC to engage a third party developer to construct and own a building, grounds, and ancillary facilities that the developer shall lease to SBCSC. In the event of such a transfer or assignment, the transferee or assignee shall have the same rights and obligations as SBCSC under this MOU and any subsequent Development Agreement. 6. City will not provide a tax abatement for the Project. Commission understands and acknowledges that at the end of the lease and transfer of the property to SBCSC, current tax laws permit the property to be classified as tax exempt with no property tax liability by SBCSC. III. SBCSC'S COMMITMENTS 1. SBCSC shall relocate certain operations, which are presently conducted in the Education Center, to a new building within the City of South Bend to be constructed by SBCSC or its agent on the Development Site and consisting of approximately 40,000 to 50,000 square feet together with concomitant parking facilities. 2. SBCSC agrees to bid on the Development Site when it is offered for disposition through the public bidding process required by Indiana law or to participate in negotiations to purchase the Disposition Parcels following the closing of the bidding process consistent with Ind. Code § 36- 7- 14 -22. 3. As consideration for the Development Site, SBCSC agrees to transfer at no additional cost to City, 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 to pay a sum of money equal to the City's cost of land acquisition not to exceed Three Hundred Seven Thousand and 00 /100