5.A.(1) Development Agreement (WNIT)

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i~ DE~'ELOYMEi\T AGREE~IGNT Bet-reeu the Cite of South Bend Rede~~elopment Commission and ~9ichiana Public Broadcasting Corporation TH[S A~rcement. dated the da~~ of _ . ?008, is made and entered into bet~yecn the SOUTH BEND REDEVELOPMENT COMVIlSS1OV' (the "Commission") and MICHIAV'A PUBLIC BROADCAST[N~G CORPORA"hION ("WHIT"), a nonprofit corporation organized and duly existing under the lows o1 Indiana (the South Bcnd Rcde~elupment Conu»ission and WV'IT~being sometimes referred to herein indi~°idually as a "Party" and collecti~~cly as the "Parties"). WHEREAS. WNIT is party to an agreement ~yhereby it has rights and expects to ^cyuire the real propu-ty commonly known as ,O(1 W'. Jefferson Blyd.. South i3cnd_ Indiana -~6G01, and nll impru~cmcnts thereon, described in h:xhibit A (the "Property"): and WHEREAS. the donation by WV~IT to the Commission of an Easement of a portion of the Property described in Exhibit B (the "Donated Propert~'~) ~~ill he made for the sole purpose of allo~~~ing the Commission to renovate and improyc portions of the structure (the --Project~~) ~~herein public broadcasting media services arc to be deli~~cred. such sa~yiccs being hercinafta defined: and WHEREAS. WNIT intends to renuxlcl and upgrade the Property, cacludin~~ the Donated Property. from un existing commercial broadcast facility. into a state of the art center fibr public media serving a t~~enty-t~yo (~2) county srca. employing the hi~~hest and best use of the specialized Property and making a signifiicant pri~~ate capital investment in order to improve its interior and exterior appearance and llmctionality: and yl'I II`RE,1S. W"~Il~-s proposed im~csuncnt in rcdcyclopmcnt o(~thc structure and relocation of its broadcast o~~crations and associated employ%ment to dog-~~nto~~~n South Bcnd is rcprescntatiyc of. and furthers the goals o£ the South Bcnd Central Development Area Dc~~clopmcm Plan. WHEREAS, comprchensiyc details of programming and direct and indirect benefits WNIT Neill pro~~ide to the Commission and the residents of the Cit_v of South Bend is attached hereto and made a part hereof as Exhibit F; and WHEREAS, the Commission considers the Project a benefit to the health and «ellare of all o[ the eonununit~~s residents. and WHEREAS, the Commission has identified a public pui-ix~sc in both W'NII~-s physical redcyclopmcnt of the huilding as well us the ~~rogranuning and cultural resources ~shich will be introduced to the Dc~clopmcnt rlrca as a result: and ~y'HEREAS, the Commission wishes to participate as a development partner ~~~ith ~1%VIT by undca-takinr ceirtain renovations ~yhich would not othcr~~°isc be prig atcly funded, and in ii~~u~;~,i ,,v,;-,,,