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MEMORANDUM OF UNDERSTANDING by and between Draga Investments, LLC and P.B.S. Properties, LLC and City of South Bend, Indiana, Redevelopment Commission WHEREAS, Draga Investments, LLC, an Indiana limited liability company ("Draga Investments") is contemplating selling property commonly described as 6139 Parkland Drive ("the Property"), and more specifically described in "Exhibit A", to P.B.S. Properties, LLC, an Indiana limited liability company ("P.B.S. Properties"). The parties have contemplated that closing will occur on or before January 31, 2013; and WHEREAS, when the South Bend, Indiana Redevelopment Commission (the "Commission") platted the U.S. 31 Industrial Park in 1999, Lot 14 of the U.S. 31 Industrial Park Subdivision, Section Four, included, on the eastern portion of the property, a 280.75' x 494.22' retention and drainage easement that was to be used for common property and area drainage as well as for drainage of Parkland Drive and adjacent rights-of-way. This retention area was developed by the Commission as part of the development of the infrastructure and has been maintained since construction commenced by employees or agents of the City of South Bend; and WHEREAS, in October 2000, Draga Investments purchased Lot 14 from the Commission to develop the Property as a commercial location for the Indiana Supply, Inc., business operation; and WHEREAS, Draga Investments is now seeking to sell the Property to P.B.S. Properties. P.B.S. Properties is requesting to acquire the property without the drainage area included into the property and has requested that the Commission take possession of the retention area as it is City of South Bend practice to own and maintain retention areas, especially those that relate to infrastructure drainage networks; and WHEREAS, the Commission supports the resale of the property to P.B.S. Properties, a prominent South Bend business, and at its Regular Meeting on December 13, 2013, contracted with Danch, Harner and Associates ("DHA"), with offices located at 1643 Commerce Drive in South Bend, to perform a One Lot/One Outlot Minor Subdivision of Lot 14, U.S. 31 Industrial Park Subdivision, Section Four. The subdivision will allow P.B.S. Properties to acquire the Property and allow the City to take ownership of the retention area. The subdivision will be filed by the deadline on January 14, 2013, with the Area Plan Commission of St. Joseph County, Indiana, for review and approval by the Plat Committee at their meeting on February 21, 2013; and WHEREAS, the Commission or the City of South Bend, on behalf of its Board of Public Works, will take title to the Outlot upon completion of the subdivision process. Ownership of the retention area will be in the best interest of the industrial park owners and tenants and of the citizens of the City.