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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, the Commission proposes to issue bonds in the approximate amount of One <br />Million One Hundred and 00/100 Dollars ($1,100,000.00) (the "Bonds") payable from tax <br />increment financing revenues ("TIF Revenues") of the Area; and <br />WHEREAS, the South Bend Common Council has appropriated One Million and 00/100 <br />Dollars ($1,000,000.00) in funds for the Project (the "City Funds"); provided that the <br />Commission pledge to reimburse the City of South Bend, Indiana (the "City") for the use of <br />those funds from TIF Revenues of the Area (the "City Obligation"), which pledge shall be junior <br />and subordinate to the Bonds; and <br />WHEREAS, the Board further desires to expend approximately Four Hundred Fifty <br />Thousand and 00/100 Dollars ($450,000.00) in currently appropriated funds for the storm sewers <br />portion of the Project (the "Utility Funds"); and <br />WHEREAS, the Board desires to act as the agent of the Commission for the purposes of <br />constructing the Project in accordance with the plan for construction of the Project; <br />WHEREAS, in order to induce the Commission to incur the City Obligation, the <br />Developer and DRP have each agreed to guarantee .the debt service payments on the City <br />Obligation until the Proposed Development is completed and the TIF Revenues generated <br />therefrom are available to repay the City Obligation unless such guarantees are earlier terminated <br />as provided herein; and <br />WHEREAS, the Commission and the Board hereby find that constructing the Project <br />and approving the terms of this Development Agreement and the transactions contemplated <br />therein is in the best interests of the citizens of the City of South Bend, Indiana; and <br />WHEREAS, the Developer hereby understands and acknowledges that certain terms of <br />the Development Agreement are subject to certain findings and approvals of the Board, the <br />Commission, and the South Bend Common Council; and <br />NOW, THEREFORE, in consideration of the mutual promises and obligations in this <br />Agreement, the adequacy of which consideration is hereby acknowledged, the Parties agree as <br />follows: <br />• <br />3 <br />
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