No. 2392 authorizing execution of a Lease for certain land and public improvements on behalf of the City of South Bend, Indiana, and regarding other related matters

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RESOLUTION NO. .,~. ~j`~ RESOLUTION OF THE SOUTH BEND REDEVELOPMENT COMMISSION AUTHORIZING THE EXECUTION OF A LEASE FOR CERTAIN LAND AND PUBLIC IMPROVEMENTS ON BEHALF OF THE CITY OF SOUTH BEND, INDIANA, AND REGARDING OTHER RELATED MATTERS WHEREAS, the South Bend Redevelopment Commission (the "Commission"), governing body of the South Bend Department of Redevelopment and the South Bend Redevelopment District (the "Redevelopment District"), exists and operates under the provisions of Indiana Code 36-7-14, as amended from time to time (the "Act"); and WHEREAS, the Commission has adopted various resolutions (i) declaring certain real estate in the Redevelopment District, known as the Northeast Neighborhood Development Area (the "Area"), to be a redevelopment area within the meaning of the Act, determining that it would be of public utility and benefit to redevelop the Area pursuant to a development plan, as amended, and (ii) designating the entire Area as an allocation area ("Allocation Area No. 1 ") having boundaries as described in Declaratory Resolution No. 2016, as amended; and WHEREAS, the Commission has amended this designation so that a portion of the Area and Allocation Area No. 1 are deemed a housing program named the "Northeast Neighborhood Development Area Housing Program" and a housing allocation area named the "Northeast Neighborhood Development Area, Allocation Area #2" ("Allocation Area No. 2"); and WHEREAS, Kite Realty Group, L.P. has proposed a mixed use development commonly known as the Eddy Street Commons development encompassing approximately twenty-three (23) acres located in the City of South Bend (the "City") adjacent to the University of Notre Dame campus and which mixed use development is proposed to include the following: retail shops, apartment homes, office space, one full service hotel with conference facilities and three floors of condominiums, one limited service hotel, condominium homes in four different product types, open space and a parking garage structure (collectively, the "Development"); and WHEREAS, the Commission desires to undertake certain local public improvements in support of the Development in or serving the Area including, without limitation: a parking garage structure; the reconstruction and/or the extension of Eddy, Burns, Georgiana, Duey, and Napoleon Streets; the upgrading and replacement of water mains, sanitary and storm sewers and site preparation; the extension and upgrading of electrical, telephone and high speed Internet services; other related services including, without limitation, engineering and geotechnical testing; and related improvements (collectively, the "Project"); and WHEREAS, the Common Council of the City has previously adopted an ordinance creating the South Bend Redevelopment Authority (the " Authority") pursuant to BDDBOI 491891 1 v 1