No. 2394 approving a Development Agreement with Douglas Road Retail Partners L.P., Douglas Road Partners L.P. and the City of South Bend, Indiana and other related matters

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• he Develo er ro oses to develo ro ert in the Area from 2008 throu h WHEREAS, t p p p p p p y g 2011, which will provide for or spur at least $3,300,000.00 in additional investment in real property in the Area by the Developer or other parties that will be available to be captured for tax-increment purposes for the Area (the "Proposed Development") and will provide for additional jobs and investment in the City; and WHEREAS, the parties hereto desire to provide for the widening of Douglas Road to four (4) lanes, among other improvements, from just west of State Road 23 intersection to the Mishawaka city limits in accordance with the terms and obligations set forth in this Development Agreement (the "Project"); and WHEREAS, the Commission desires to provide for the completion of the Project and to encourage the development of the Area; and WHEREAS, there has presented a form of Development Agreement with the Developer, DRP, the Commission and the City of South Bend, by and through its Board of Public Works (the "City"); and WHEREAS, in order to provide for the Project and to induce Developer to constrict improvements in the Area, including the Proposed Development, the Commission desires to enter into this Development Agreement; and • WHEREAS, the Commission further desires to approve the Development Agreement and the documents contained or contemplated therein (collectively, the "Development Documents"), and to authorize the President of the Commission (the "President") or the Vice-President of the Commission (the "Vice-President") to execute, and the Vice-President or Secretary of the Commission (the "Secretary") to attest, the Development Documents, with such changes as such executing and attesting officers may approve upon the advice of legal counsel; THE COMMISSION NOW FINDS THAT: 1. The development of the Area (i) would not be accomplished through the ordinary operations of private enterprise; (ii) will promote a substantial likelihood of creating or retaining opportunities for gainful employment and create additional business opportunities in the Area; (iii) will serve a public purpose as it will benefit the public health, safety, morals, and welfare of the City and the District and increase their economic well-being and that of the State of Indiana (the "State"); and (iv) will protect and increase property values in the City, the District and the State. 2. The Project will create or retain additional permanent jobs in the Area and will significantly improve the opportunities for gainful employment in the District and •