No. 1983 approving the execution of a development agreement and other related documents associated with the mall redevelopment project (Montgomery Ward/Target)

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RESOLUTION NO. 1983 A RESOLUTION OF THE SOUTH BEND REDEVELOPMENT COMMISSION APPROVING THE EXECUTION OF A DEVELOPMENT AGREEMENT AND OTHER RELATED DOCUMENTS ASSOCIATED WITH THE MALL REDEVELOPMENT PROJECT WHEREAS, the City of South Bend ( "City ") and Kite Capital, LLC ( "Developer ") have previously entered into a Memorandum of Understanding ( "MOU ") which provides for Developer to develop "Erskine Village ", a retail shopping mall to be located on the site of now - existing Scottsdale Mall within the South Side Development Area of the City of South Bend ( "Project "); and WHEREAS, in the first phase of development, the Project provides for the demolition of the retail facility formerly known as "Montgomery Ward" and the construction of a retail department store, the nature and quality of which is consistent with "Target "; and WHEREAS, the Commission approves and endorses the Project as described in the MOU and as presented at the public meeting of the Commission on June 20, 2003; and WHEREAS, the Commission further desires to enter into a Development Agreement with Developer and, upon the advice of legal counsel, any other documents incidental to the redevelopment of the Mall (collectively, the "Mall Redevelopment 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 and as presented at the public meeting of the Commission on June 20, 2003. 2. The Commission hereby directs and authorizes staff and legal counsel to negotiate and prepare said Mall Redevelopment Documents consistent with the MOU and the June 20a' presentation. 3. The Commission hereby authorizes the President of the Commission to execute and the Vice President or Secretary to attest the Mall Redevelopment 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 and to effect the closing of said Project upon the advice of legal counsel.