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RESOLUTION NO. 3626 <br />RESOLUTION OF THE SOUTH BEND REDEVELOPMENT COMMISSION <br />APPROVING A FORM OF DEVELOPMENT AGREEMENT AMONG THE CITY OF <br />SOUTH BEND, INDIANA, THE SOUTH BEND REDEVELOPMENT COMMISSION, <br />AND J.C. HART COMPANY, INC. <br />WHEREAS, the South Bend Redevelopment Commission (the “Commission”), the <br />governing body of the City of South Bend, Indiana, Department of Redevelopment (the <br />“Department”) and the Redevelopment District of the City of South Bend, Indiana (the “District”), <br />exists and operates under the provisions of the Redevelopment of Cities and Towns Act of 1953 <br />which has been codified in Indiana Code 36-7-14, as amended from time to time (the “Act”); and <br />WHEREAS, there has been presented to the Commission for its consideration an Economic <br />Development Agreement in the form set forth at Exhibit A attached hereto and incorporated herein <br />(the “Agreement”); and <br />WHEREAS, pursuant to the Agreement, J.C. Hart Company, Inc., an Indiana corporation <br />(the “Developer”), would agree to undertake the design, construction, and equipping of certain <br />economic development facilities located within the City of South Bend, Indiana (the “City”), <br />consisting of the development and construction of 2 buildings housing 291 apartments and a 398- <br />space structured garage (collectively, the “Project”), which Project shall be located in the <br />Riverwalk Allocation Area in the City (the “Area”), and the Commission would provide certain <br />incentives related thereto as further described in the Agreement; and <br />WHEREAS, the Commission believes that the approval of the Agreement is in the best <br />interests of the citizens of the City and necessary for the redevelopment and economic development <br />of the Area; and <br />WHEREAS, the Commission has determined that the completion of the Project is in the <br />best interests of the citizens of the City, and, therefore, the Commission desires to approve the <br />form of the Agreement. <br />NOW, THEREFORE, BE IT RESOLVED by the South Bend Redevelopment <br />Commission as follows: <br />1.The Commission hereby approves the Agreement substantially in the form attached <br />hereto and authorizes the President of the Commission and Secretary of the Commission to execute <br />and attest, respectively, said Agreement in the form attached hereto, with such changes as the <br />President and Secretary shall approve, such approval to be evidenced by the execution and <br />attestation thereof.