Authorizing & Approving the execution of a certified Technology Park Agreement with the Redevelopment Commission, and the Indiana Economic Development Corporation

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2. TERM OF AGREEMENT: The term of this Agreement and the designation of the Park shall be from January 1, 2009 and shall continue in effect during the existence of the Park's designation as a certified technology park under Section 11 of the Act. In accordance with the Act, the Park's designation is subject to the continued review of the IEDC and will expire on December 31, 2012 (the "Expiration Date") unless recertified by the IEDC. If the designation of the Park lapses or is terminated for whatever reason and the Park is subsequently recertified, this Agreement shall be automatically renewed and the Expiration Date automatically extended and the Agreement shall operate as if the Park's designation continuously remained in effect unless the parties agree otherwise. 3. DESCRIPTION OF AREA The Park designation shall apply to the Area only. A description of the Area is as set forth at Exhibit A, as set forth above. The Commission may acquire, demolish, and remediate the real property depicted at Exhibit C as Land to be Acquired (East) ("Expansion Area No. 1") and Land to be Acquired (South) ("Expansion Area No. 2") as a part of its redevelopment efforts. If the Commission acquires, demolishes and remediates one or both of the foregoing areas in their entirety, the IEDC shall approve a request by the Commission to expand the boundaries of the~Sample Street Site to include the acquired, demolished and remediated expansion area, and the Commission and the IEDC shall execute an addendum to this Agreement providing for that expansion. To avoid all doubt, it is understood that the designation of any expansion area will expire at the same time as the original Sample Street Site. 4. COVENANTS AND RESTRICTIONS: The following covenants and restrictions are applicable to all properties contained within the Area: A. The Commission has established or shall establish a certified technology park fund (the "CTP Fuud") under Section 23 of the Act to receive (i) all property tax proceeds allocated under Section 17 of the Act and (ii) any monies distributed to the Commission under Section 22 of the Act (collectively, the "CTP Revenues"). All CTP Revenues, as well as grants, if any, awarded from the IEDC's Technology Development Grant Fund established under Indiana Code § 5-28-10 (the "TDGF Statute") shall be expended only in compliance with the Act, the IEDC's Certified Technology Park Program Requirements, and the TDGF Statute (as applicable), as all maybe amended from time to time. B. The City shall maintain information regarding the operation and maintenance of the Park and, beginning March 15, 2010, shall provide an annual report (the "Annual Report") to the IEDC by March 15 of each year for the immediately preceding calendar year ending December 31: (1) total employment and payroll levels for all businesses operating within the Park, which should also include the number of new jobs created in that year, (2) the nature and extent of any technology transfer activity occurring within the Park; (3) the nature and extent of -3-