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WHEREAS, the parties agree that it is desirable, advantageous, and in the <br /> public interest to enter into an Agreement for joint and cooperative action as embodied <br /> herein. <br /> NOW, THEREFORE, in consideration of the mutual covenants, terms, and <br /> conditions set forth herein, and pursuant to the authority granted the parties under Ind. <br /> Code 36-1-7, the parties hereby agree as follows: <br /> 1. The parties make this Agreement under the authority and subject to the <br /> terms and provisions of the Interlocal Cooperation Act, Ind. Code 36-1-7 <br /> (the "Act"). The parties acknowledge that pursuant to the provisions of the <br /> Act, the Agreement is subject to the approval of the Indiana Attorney <br /> General. <br /> 2. Pursuant to I.C. 36-7-38, et seq., the County, with the assistance of <br /> MACOG, will establish a legal nonprofit entity for purposes of managing <br /> and improving the marketability of distressed real property located in the <br /> territory of the land bank. <br /> 3. The governance of the nonprofit entity shall be a Board comprised of <br /> seven (7) members, appointed as set forth below: <br /> a. County Commissioners: two (2) appointments; <br /> b. County Redevelopment Commission: one (1) appointment; <br /> c. Mayor of the City of South Bend: two (2) appointments; <br /> d. City of South Bend Redevelopment Commission: one (1) appointment; <br /> e. MACOG: one (1) appointment. <br /> f. This agreement forms the initial version of the MACOG Regional Land <br /> Bank. This initial version will serve St. Joseph County and the Parties <br /> in this agreement. Over subsequent years, additional counties and <br /> municipalities will be incorporated into this agreement and served by <br /> the MACOG Regional Land Bank. When those additional parties are <br /> incorporated, the composition of this board will be revisited and <br /> revised. <br /> 4. The County agrees that within six (6) months after the Land Bank is <br /> established, the County will provide the Land Bank with a list of real <br /> property for which it holds a tax sale certificate or tax deed, that is not <br /> committed to a redevelopment project or for another purpose, and which <br /> the County desires to transfer to the Land Bank. At all times, the County <br /> shall control and decide what properties it will transfer to the Land Bank <br /> 2 <br />