Approving and Authorizing the Granting of an Indemnity in connection with the TJX Project

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ORDINANCE NO. i ~ ~ ~ ~ ~ AN ORDINANCE OF THE CITY OF SOUTH BEND, INDIANA, COMMON COUNCIL APPROVING AND AUTHORIZING THE GRANTING OF AN INDEMNITY IN CONNECTION WITH THE TJX PROJECT STATEMENT OF PURPOSE AND INTENT: The South Bend Redevelopment Commission (the "Commission") and the City of South Bend, Indiana, have entered into a Contract for Sale of Land for Private Redevelopment dated as of Apri125, 2002 (the "Agreement"), which provides for the Commission to sell a parcel of property generally located at Sample and Olive Streets in the City (the "Property") to AJW South Bend Realty Corp. (the "Purchaser") for the purpose of permitting The TJX Companies, Inc., (the "Company"), an affiliate of Purchaser, to construct and equip a warehousing and distribution center (the "Project") on such Property. The Company has represented that the Project will result in the creation of 657 permanent full-time jobs with an annual payroll of $21.0 million on or before February 28, 2005, and the creation of an additional 200 permanent full- time jobs with a combined annual payroll of $30.0 million on or before October 31, 2007. It is expected that the transfer of the Property by the Commission to the Purchaser will occur on or about July 1, 2002. The Agreement provides in Article 16 that the Commission and the City will indemnify the Purchaser and its affiliates and their respective directors, officers, employees, representatives, employees, agents and contractors from any and all environmental liability or condition that existed on the Property on or prior to the date of the transfer of the Property to the Purchaser. Indiana Code 36-1-4-7.5 authorizes the City to grant an indemnity for any environmental contamination that may have occurred during or before the time the City owned the Property. The purpose of this Ordinance is to evidence the obligation of the City to provide such indemnification as set forth in the Agreement. NOW, THEREFORE, BE IT ORDAINED BY THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA, AS FOLLOWS: 1. The Common Council hereby authorizes and approves of the granting of the indemnity pursuant to I.C. 36-1-4-7.5 to the Purchaser and its affiliates as more specifically set forth in Article 16 of the Agreement (the "Indemnity"). The Common Council hereby ratifies action taken by the Commission and the Board of Public Works of the City to approve of and enter into the Agreement. SBIMAN 1 125647v 1