No. 1146 approving and accepting the transfer of real property from the St. Joseph County Airport Authority

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0 0 (1) "Redevelopment" shall mean the South Bend Redevelopment Commission, governing body of the City of South Bend, Department of Redevelopment, established under and operating pursuant to I.C. 36 -7 -14, and having its offices at 1200 County -City Building, South Bend, Indiana 46601. (m) "Redevelopment Closing" shall mean the consummation of the purchase and sale of the Airport Land in accordance with the terms of this Agreement upon completion of all conditions precedent herein required to the reasonable satisfaction of Redevelopment's counsel. (n) "Redevelopment Expenses" shall mean all expenses incurred by Redevelopment in undertaking its obligations hereunder relating to the planning, marketing, disposition, and management of the Blackthorn Corporate Center, as set forth in more detail at Section 2.(c), hereinbelow. (o) "Redevelopment Land" shall mean approximately 170 acres of real property situated in St. Joseph County, Indiana, in an area commonly known as the Airport Economic Development Area. 2. SALE, PURCHASE PRICE (a) Subject to all of the terms of this Agreement, and for the sum of Ten Dollars ($10.00) and other good and valuable consideration, as set forth below, Airport agrees to sell and the Redevelopment agrees to purchase the Airport Land. (b) Airport and Redevelopment agree and restate that the purpose of said conveyance is to facilitate the development of Blackthorn Corporate Center. to: (c) In connection with the foregoing, Redevelopment agrees 1. Undertake, either directly or through Developer, the planning, marketing, disposition, and management of the Blackthorn Corporate Center, including the development and creation of covenants, conditions, restrictions, and easements pertaining to the Project Site to ensure that the Project Site will be maintained as an attractive park -like setting for business with ample landscaped areas, attractive high quality structures, proper and desirable uses and appropriate development of the Project Site; and to protect against improper and undesirable uses of the Project Site; to guard against the construction of improvements built of improper materials or design; to encourage the construction of attractive improvements in appropriate locations; to prevent hazardous and inharmonious development of the Project Site; to secure and maintain proper setbacks and adequate free spaces between structures; and generally to provide a high type and quality of development of the Project Site. -3-