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

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so doin~~. the Commissi~~n hu~~es to enh~mce the ~i~ability and vibrancy ofthe Project. 'SOW. THEREFORE, the Parties hereby a~~rer and represent as ti~ll~~~~~s: 1. I he Recitals arc incorporated into the operative provisions of this A~=rcanent as iffiilly set out herein. ?. ~y'V~lT will comcy an Easement in the Donated Property to the Commission in a torn which is satis[~~ctorv to W'~~I"h and the Commission (the ~~I?ascment~~). VdNIT will not warrant title to the Donated Property nor pro~~ide title insurance. provided. ho~~~e~er, the Commission Holy refi~ain from accepting the Easement to the Propert} if; in its sole discretion. Wl~~l~f is unable to convey an accephlhle Easement to the Donated Property. The term of the Easement shall be for a period of six (6) months fiom the date the Easement is executed, but the Commission shall have an option at its discretion to renew the Easement for sis (6) consccuti~c thirty (i0) day periods by providing WNIT notice of the Commissions intent to renc~~ [i~teen (l~) days ~~rior to the expiration of the ori~~inal si.x (6) month term or any subsequent thirty (~0) day rcne~~<il. In any c~cnt. the Easement shall expire one (1) year from the date of the Easement unless the parties a~~rec, in ~~~riting, to an extension. ~. A prot~essional architect ur architectural firm C'Architect~~) acceptable to the Commission. will assess the raxnation needs of the Donated Property. draft plans and develop cost estimates frx the renovation. The renovation plans and cost estimates will be presented by the Architect to the Commission and WNIT for approval. Once approcc,~cl, the Architect under contract with the Commission, will work ~~~ith the Cite of South Bend Board of Puhlic works, through an interagency agreement with the Conunissian, to retire the bid specifications. publicly ad~crtisc and bid the Projcct and oversee construction activity. The Architect will be authorized by the Conunission to prepare construction doc~unents for a tic not to exceed Twenty-one Thousand Dollars (531.000) until such time as WNIT provides a ccrtitication in ~a~riting to the City it has secural the funding to hire and pay in full a Construction Manager for interior and cxta for renovations of the Property. At such time, the Architect swill be authorized by the Commission to prop idc bidding and construction administration. The source of fundin~~ for the project is the S~~uth Bend Central De~~clopment Area Tax Increment Financing fund ("l ll~~~). The Commissions approved total Projcct budget is One Million Dollars (5 L000.000), subject to appropriation by the Commission (°Projcct Costs~~). Projcct Costs in excess of this amount may not be expended without further approval by the Commission. A preliminary outline of the scope of ~~~ork un the Projcct to be contracted through public bid is attached hereto as Exhibit C. Conceptual pions of the interior and exterior rauwation arc attached hereto as Exhibit U. with that portion of activity to be undertaken by the Commission so noted. "[~he construction schedule for the Projcct is attached hereto as Exhibit E. 4. The Donated Property will he under the control and maintained by the Commission Burin<~ the term of the Easement All expenses relating to the control and operation of the Donated Property. and any adjacent portions of the Property owned by W ~`[T. Pa~~~ ~ of 1