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MEMORANDUM OF UNDERSTANDING <br />This Memorandum of Understanding (the "Agreement ") effective as of March <br />2012 is made and entered into by and between the City of South Bend, Indiana, a political <br />subdivision and municipal corporation of the State of Indiana, by and through its South Bend <br />Redevelopment Commission (the "Commission "), and Union Station Properties, LP, an Indiana <br />Limited Partnership ( "Union Station ") (each individually a "Party" and collectively the <br />"Parties "). <br />STATEMENT OF FACTS <br />A. The Commission is the Governing Body of the City of South Bend, Department <br />of Redevelopment (the "Department ") and exists and operates under the <br />provisions of I.C. 36 -7 -14, commonly known as the "Redevelopment of Cities <br />and Towns Act of 1953 ", as amended from time to time (the "Act "). <br />B. Union Station owns property in the South Bend Central Development Area <br />( "SBCDA ") as established by the Commission, commonly known as 506 West <br />South Street, South Bend, Indiana 46601 (the "Property "). <br />C. Union Station is contemplating an expansion of its operations as a three (3) <br />phased private development to be known as the Union Station Technology Center <br />(hereafter defined as "USTC ") on land boarded or bounded by South Street, <br />Lafayette Boulevard, Sample Street, and Prairie Avenue (the "Renaissance <br />District ") in the Airport Economic Development Area ( "ADEA "), as established <br />by the Commission in South Bend, Indiana. <br />D. Since 1979, Union Station has continuously developed and adaptively reused the <br />Property, allowing Union Station to become Indiana's second largest "carrier <br />hotel" with over six thousand (6,000) fiber end points within the building and <br />hosting over sixteen (16) national carriers. <br />E. Union Station offers low cost, computing space and power, which enables its <br />customers to compete in the global technology marketplace. <br />F. The focus of the USTC is to enhance and expand Union Station's core products of <br />space, power, and connectivity. The proposed phased development will provide <br />the space necessary for the mechanical equipment that produces power product, <br />expand data center floor space, enable a secure loading dock area, and scale up <br />the current utilization of the patent pending combined heating and cooling <br />