6.C.(1) Development Agreement - Laserfiche WebLink

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so doing" the Commission hopes to enh~~nce the viability and ~~ibrancy of the Project. NOW. THEREFORE, the Parties hereby agree and represent as f~~llo~n~s: I. The Recitals arc incorporated into the operative provisions of this Agreement as if ihlly set out herein. 2. WNCf ~~~il] convey lice simple interest in the Donated Property by quitclaim deed to the Commission. WN[T will not ~~arrant title to the Donated Property nor provide title insurance, prop ided, hog-re~~er, that the Commission may refi~ain from accepting title to the Propa-ty if, in its sole discretion. WHIT is unable to convey acceptable title to the Property. 3. A professional architect architectural firm acceptable to the Conunission. will assess the renovation needs of the Donated Property. draft plans and develop cost estimates f~~r the renovation. The renovation plans and cost estimates w-ill be presented by the architect to the Commission and WNIT t<n~ appro~-al. Once approved. [he architect, under contract with the Commission. will work with the City of South Bend Board of Public Works, through an interagency agreement with the Commission, to refiine the bid specifications. puhlicly advertise and bid the Project. and oversee construction activity. ~[~he source of funding t~~r the project is the South [3end Central Development Area Tax Increment financing fund ("1~11~'~). fhc Commissions approved total Project budget is One iVlillion Dollars (51,000.000), subject to appropiiatiou by the Commission ("Project Costs"). Project Costs in excess of this amount may not be expended without further approval by_ the Commission. A preliminary outline of the scope of work on the Project to be conhacted through public bid is attached hereto as Exhibit C. Conceptual plans of the interior and exterior renovation are attached hereto as Exhibit D, with that portion of activity to be undertaken by the Commission so noted. 4. The Donated Property gill be o~rned. operated. and maintained by the Commission during the renovation. All expenses relating to the ownership and operation of the Donated Property, and any adjacent portions of the Property owned by WNIT, including utility charges, shall be apportioned such that WNIT shall be deemed to have been obligated for all expenses relating to the period prior to the date of the decd and the Commission shall bc; obligated for all expenses relating to the Donated Property for the period on or after the date of the deed until subsequently conveyed back to WNIT as provided herein. The Commission agrees to take reasonable steps of security during its period of ox~nership of the Donated Property to secure and protect the Donated Property and improvements and personal property. thereo^ from damages and losses. and to not allow any liens or encumbrances of any kind to attach to the Donated Property. The Commission, also, agrees to work with WNIT to assure that reasonable and mutually accepted liability and casualty insurance protection is in place in relatio^ to the Donated Property and the impro~°emcnts thereon so as to reasonably protect their respective interests. 5. The Project is scheduled to be completed by October I. 3008. Upon completion of the Project by the Commission, the Commission will convey the Donated Property Pa~~c ? of 1 1