No. 2047 ratifying/confirming/approving certain actions related to the erskine commons retail project (SSDA)

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t C+J MEMORANDUM OF UNDERSTANDING by and between The City of South Bend, Indiana and Anchor Acquisitions, Ltd. ERSKINE COMMONS PROJECT March 12, 2004 THIS MEMORANDUM OF UNDERSTANDING, dated the 12th day of March, 2004, its made and entered into by and between the City of South Bend, Indiana and Anchor Acquisitions, Inc. RECITALS WHEREAS, Anchor Acquisitions, Inc. ( "Developer ") intends to develop a retail center known as "Erskine Commons" to be located on Ireland Road within the City of South Bend, St. Joseph County, Indiana; and WHEREAS, the Erskine Commons Project shall consist of two (2) anchor with additional development to occur on certain outlots located on the Project Site; and WHEREAS, Developer also intends to develop that portion of the Project Site known as Parcel "C" with two (2) or more retail tenants, but such development shall not include a single retail tenant having more than 75,000 square feet; and WHEREAS, City and Developer hereby agree that the Project, as proposed in this Memorandum of Understanding is in the Parties' mutual best interests and that the best interests of the citizens of the City of South Bend will be served by the Project. NOW, THEREFORE, the Parties hereby agree and represent as follows: 1) PURPOSE. The purpose of this Memorandum of Understanding ( "MOU ") is to summarize the list of commitments that the negotiating teams for Anchor Acquisitions, Ltd. ( "Developer ") and the City of South Bend ( "City ") have made to one another to date regarding the approximate 50 acre retail project located at the corner of Michigan Street and Ireland Road within the City of South Bend (the "Project "). As soon as reasonably possible prior to April 2, 2004, the negotiating teams agree to work together to reduce the MOU to a more formal development agreement (the "Development Agreement "). Finally, this signed MOU will allow both parties to initiate the next series of actions required to move the Project forward with a better understanding of the type and degree of risk involved at this stage of the Project.