No. 2369 approving a counter offer from and a contract of purchase and sale with Key S.B. LLC and other related matters

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. RESOLUTION N0.2369 A RESOLUTION OF THE SOUTH BEND REDEVELOPMENT COMMISSION APPROVING A COUNTEROFFER FROM AND A CONTRACT OF PURCHASE AND SALE WITH KEY S.B., L.L.C. AND OTHER RELATED MATTERS WHEREAS, the South Bend Redevelopment Commission ("Commission") is the governing body of the City of South Bend Department of Redevelopment established under the Redevelopment of Cities and Towns Act of 1953, as amended, being Indiana Code ~ 36-7-14-1 et seq. (the "Act"); and WHEREAS, redevelopment and the stimulation of economic development are of benefit to the health and welfare of the people of Indiana and the citizens of the City of South Bend, Indiana (the "City"), are public uses and purposes for which public money may be spent and are a public utility and benefit; and WHEREAS, the Commission has the power and duty to investigate, study, and develop areas within the corporate boundaries of the South Bend Redevelopment District (the "District") . that the Commission has detern~ined to be blighted, stagnant or deteriorating in order to encourage economic development and redevelopment; and WHEREAS, the property located at 202-204 S. Michigan Street and more particularly described at Exhibit A of the Purchase Agreement (as defined below) (the "Site") is located within the corporate boundaries of the City, the South Bend Redevelopment District (the "District"), and the South Bend Central District Development Area (the "Area"), which Area has been previously determined by the Commission to be an area needing redevelopment in accordance with the Act; and WHEREAS, evidence presented to the Commission suggests that green space in the Area is a needed amenity in the Area and necessary to facilitate the redevelopment of the Area; and WHEREAS, Key S.B., L.L.C. (the "Developer") has proposed performing significant renovations and investment to the building located at 202 S. Michigan Street in the City, commonly known as the KeyBank Tower, in order to retain several first class tenants in the Area and to encourage further investment and development in the Area (the "Project"); and WHEREAS, the Developer has submitted evidence that the Project will retain approximately seventy-nine (79) permanent jobs and create approximately fourteen (14) new jobs with an approximate payroll, including benefits, of $5,406,000.00 per year, in addition to the jobs related to the Project's construction; and •