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(g) "Bonds" shall mean lease rental revenue bonds in the <br />approximate amount of $5.5 million, issued by the South Bend <br />Redevelopment Authority to finance the construction, equipping and <br />establishment of Blackthorn. <br />` (h) "Closing" shall mean the consummation of the purchase <br />fir+ and sale of the Airport Land in accordance with the terms of this <br />Agreement upon completion of all conditions precedent herein required <br />to the reasonable satisfaction of Redevelopment's counsel. <br />(i) "Contractor" shall mean the professional(s) retained by <br />Redevelopment under the Management Agreement to undertake operate and <br />maintain Blackthorn. <br />(j) "Deed" shall mean the general warranty deed conveying <br />title to the Airport Land from the Airport to Redevelopment. <br />(k) "Golf Course Site" shall mean the Redevelopment Land <br />together with the Airport Land, and more particularly described at <br />Exhibit "B," attached hereto. <br />(1) "Joint Committee" shall mean and refer to the six (6) <br />member committee having the rights and obligations as are set forth <br />in Section 10 herein. The membership of the Joint Committee shall be <br />composed of a total of two (2) members selected annually by <br />Redevelopment from their membership; a total of two (2) members <br />selected annually by Airport from its membership; the Executive <br />Director of the Department of Economic Development for the City of <br />South Bend; and the Executive Director of the Michiana Regional <br />Airport. <br />(m) "Management Agreement" shall mean.the contract between <br />Contractor and Redevelopment governing the operation and maintenance <br />of Blackthorn by Contractor, on behalf of Redevelopment, and <br />embodying the operational and maintenance standards established by <br />the Joint Committee. <br />(n) "Redevelopment" shall mean the South Bend Redevelopment <br />Authority, a municipal corporation established under and operating <br />pursuant to I.C. 36 -7 -14.5, and having its offices at 1200 <br />County -City Building, South Bend, Indiana 46601, and /or, as <br />appropriate, the South Bend Redevelopment Commission, governing body <br />of the City of South Bend, Department of Redevelopment, established <br />under and operating pursuant to I.C. 36 -7 -14, and having its offices <br />at 1200 County -City Building, South Bend, Indiana 46601. <br />(o) "Redevelopment Land" shall mean approximately 81 acres <br />of real property situated in St. Joseph County, Indiana, in an area <br />commonly known as the Airport Economic Development Area. <br />(p) "Surplus" shall mean the annual balance remaining at <br />the end of each fiscal year after all Blackthorn Expenses, including <br />but not limited to those identified at Exhibit "B," hereto, relating <br />to the operation and maintenance of Blackthorn, and including all <br />semi - annual lease payments and reserves accumulated for future lease <br />-3- <br />