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WHEREAS, F Cubed desires to locate at Ignition Park, a technology park under <br /> development in the City which is located in the Area; however, F Cubed anticipates being located <br /> for a period of time at Innovation Park or temporarily located elsewhere on University property; <br /> and <br /> WHEREAS, the Commission has previously approved a form of Economic <br /> Development Memorandum of Upderstanding (the "MOU"), which MOU sets forth the <br /> understanding of the parties thereto regarding F Cubed relocating its South Bend Operations to <br /> Ignition Park upon completion of the same and upon lease terms reasonably acceptable to <br /> F Cubed, and the Commission undertaking certain actions necessary to provide certain economic <br /> incentives to F Cubed consisting of the acquisition of the Equipment as described in the MOU;and <br /> WHEREAS, the Commission will undertake a competitive bidding process to <br /> acquire the Equipment (the "Bidding Process"); and <br /> WHEREAS, following the Commission's acquisition of the Equipment, the <br /> Commission desires to dispose of the Equipment by lease pursuant to the provisions of Indiana <br /> Code 36-7-14-22 in order to make the Equipment available for use in furtherance of the Plan; and <br /> 1 <br /> WHEREAS, pursuant to Indiana Code 5-22-22-1(c)(4), the provisions of Indiana <br /> Code 5-22-22 do not apply to the disposal of personal property by a redevelopment commission <br /> established under the Act; and <br /> WHEREAS, Indiana Code 36-7-14-12.2 allows a redevelopment commission <br /> established under the Act to acquire by purchase any personal property needed for the <br /> redevelopment of areas needing redevelopment that are located within the corporate boundaries of <br /> the unit, and lease or otherwise dispose of such property on the terms and conditions that such <br /> redevelopment commission considers best for the unit and its inhabitants; and <br /> - 2 - <br /> DMS_US 51065232v2 <br />