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l <br />including without limitation appraisal, title, and survey expenses, if applicable. Neither <br />the City nor Developer will be required to reimburse the other party for predevelopment <br />costs incurred prior to the execution of the MOU. <br />4) FIRE STATION. City hereby acknowledges that the Project will involve construction by <br />Developer on the property currently being utilized as a fire station on Ireland Road (the "Fire <br />Station Property "). Having completed all necessary appraisals, City agrees to sell the Fire <br />Station Property to Developer for $123,500 as permitted by Ind. Code § 36- 7- 14 -22(h) and to <br />relocate the fire station by July 1, 2005. <br />5) STREET VACATION. Consistent with City policy, City agrees to endorse and support <br />Developer's efforts to vacate portions of South Main, Lafayette, South Hoover and Auten so <br />that Developer can be assured that a unified, contiguous development parcel is available for <br />private development. <br />6) PROJECT STORES. Developer and the City will jointly prepare and agree on a list of the <br />type of retail stores to be recruited for the development in order to meet the public <br />expectation of South Bend citizens and customers and to justify the public assistance <br />requested. Developer agrees to prepare, fund and implement a retail development strategy <br />with the following objectives in terms of the square footage, type, mix and general quality of <br />retails stores: <br />a) Parcel A -Home Improvement Store of approximately 116,000± square feet; <br />b) Parcel B - Discount Department Stores (with or without groceries) of approximately <br />210,000± square feet; <br />c) Parcel C - No single user building greater than 75,000 square feet; and <br />d) Outlots - Restaurants Specialty Retailers (books, sporting goods, home accessories, etc.) <br />and Financial Institutions. <br />7) FINANCING OF OFFSITE INFRASTRUCTURE IMPROVEMENTS. City has agreed to <br />provide certain offsite infrastructure improvements to the Project (the " Offsite Infrastructure <br />Improvements "). The Offsite Infrastructure Improvement shall include, without limitation, <br />acquisition of required Michigan Street and Ireland Road right of way not owned or under <br />contract by the Developer as part of the Project and the road improvement outlined by <br />American Consulting, Inc. which include five (5) lane expansion of Ireland Road adjacent to <br />the Project, signalization and double left turn lane from Michigan Street onto Ireland Road. <br />The Parties agree that $1.97 Million of the Offsite Infrastructure Improvements shall be paid <br />for through Tax Incremental Financing ( "TIF "). In December, 2002, the City created a Tax <br />Increment Financing Allocation Area ( "TIF Area ") for the Project area. The parties intend <br />that a TIF bond (the "TIF Bond ") in an amount of $1.97 Million plus the City's actual <br />reasonable c osts i nvolved i n i ssuing t he b and s hall b e u tilized t o p ay for t hat p ortion t he <br />Offsite Infrastructure Improvements that consists of the Ireland Road improvements and the <br />Ireland Road right of way acquisitions. Developer shall commit to purchase the TIF Bond <br />and /or be responsible to sell it to a third party. Developer understands and agrees that it shall <br />3 <br />F:\ HOME\ CGREENE \WPData\Projects \SSDA\Anchor Project\M0U\Ver12.0403 ] 2.doc <br />