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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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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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7/27/2009 4:32:30 PM
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• <br />WHEREAS, DRP is a limited partnership, in good standing in the state of its origin and <br />authorized to do business in the State of Indiana; and <br />WHEREAS, DRP represents and warrants that is the owner of the property commonly <br />described as 3355 Douglas Road, South Bend, Indiana 46635, currently leased, at least in part, to <br />an entity affiliated with Memorial Hospital of South Bend, Indiana (the "Memorial Building"); <br />and <br />WHEREAS, Developer is a limited partnership, in good standing in the state of its origin <br />and authorized to do business in the State of Indiana; and <br />WHEREAS, Developer owns, controls, or has developed a significant amount of area <br />with the Area and desires to provide for its further development; and <br />WHEREAS, the Developer proposes to develop property in the Maximum Allocation <br />Area (as defined below) from 2008 through 2011, which will provide for or spur at least <br />$3,300,000.00 in additional investment in real property in the Maximum Allocation Area by the <br />Developer or other parties that will be available to be captured for tax-increment purposes for the <br />Maximum Allocation Area (the "Proposed Development") and will provide for additional jobs <br />and investment in the City; and <br />WHEREAS, the parties hereto desire to provide for the widening of Douglas Road to <br />four (4) lanes, among other improvements, from just west of State Road 23 intersection to the <br />Mishawaka city limits in accordance with the terms and obligations set forth in this Development <br />Agreement; and <br />WHEREAS, the Commission desires to provide for the completion of the Project (as <br />defined in Section I) and to encourage the development of the Area; and <br />WHEREAS, in order to provide for the Project and to induce Developer to construct <br />improvements in the Area, the Commission desires to enter into this Development Agreement; <br />and <br />WHEREAS, the total cost of the Project, including all financing charges, is currently <br />estimated to be approximately Two Million Five Hundred Thousand and 00/100 Dollars <br />($2,500,000.00); and <br />• <br />2 <br />
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