RM 01-19-96 - Laserfiche WebLink

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South Bend Redevelopment Commission Regular Meeting - January 19, 1996 6. NEW BUSINESS (Cont.) a. continued... Joint Venture The Developer should create the joint venture prior to the execution of the Contract for Sale of Land. However, if the joint venture is not created by that time, then the Contract for Sale of Land would be exclusively between The Management Consortium, Inc. and the Commission. The Contract would require the Commission's approval of any nomination or assignment of the Contract to any entity other than The Management Consortium, Inc., including any assignment to the yet to be formed joint venture described in the proposal. If at anytime throughout the period of the Contract, until the Certificate of Completion is approved by the Commission, all changes of ownership of the project, including the addition of equity partners must be approved by the Commission. All financial information requested of Applicants in the Proposal forms must be included with a request to change the ownership of the project. Other Public Incentives Acceptance of the Developer's proposal does not bind the Commission or the City to any obligation to provide "additional public development incentives," beyond those specifically mentioned in this letter. Any suggestion to the contrary, including the statement referenced in correspondence to Jon R. Hunt from William T. Hurst, dated June 20, 1995, page 4 (which was made a part of the proposal by reference) is rejected by the Commission. Licensing Agreement The Developer and the Commission must enter into a separate licensing agreement to allow the use of the Commission's trademark Blackthorn and the Blackthorn "leprechaun" logo. Zoning It has come to our attention that we will need to seek a re- zoning from the City of South Bend for this project. Please understand the South Bend's zoning ordinance actually classifies property in two ways, one, use, and two, height and area. The Hotel site, is currently zoned "D" -Light Industrial and "B "- Height and Area. "Hotels and Motels" are a permitted use in the "D" -Light Industrial zoning, however, the "B" - Height and Area classification limits the site to buildings no taller than forty (40) feet or three (3) stories. We will move forward with the necessary paperwork to begin the rezoning /variance process. While we are confident that this will not be an issue, the failure to secure the necessary rezoning of the parcel is included as a fourth condition under which the faithful performance guaranty would be returned to the Developer and Contract for Sale of Land terminated. Again, we would treat this "circuit- breaker" in the { -13-