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DUPLICATE <br />~. <br />ORIGINAL <br /> <br />NIEMORANDUNI OF UNDERSTANDING <br />By and Between <br />THE SOUTEI BEND REDEVELOPMENT COMMISSION <br />And <br />KEY S.B., L.L.C. <br />Key Bank Renovation Project <br />(So~ith Bend Central Development Area) <br />THIS MEMORANDUM OF UNDERSTANDING, dated as of the ~ ~ ~~ day <br />of Ni-4R c~ 2007, is made and entered into between the SOUTH BEND <br />REDEVELOPMENT COMMISSION, having its offices at 1200 County-City Building. <br />227 West Jefferson, South Bend, Indiana 46601 (`'Commission") and KEY S.B., L.L.C., <br />a limited liability corporation organized under the laws of the State of iVlichigan <br />• (`-Developer"), and having its offices at 7~0 Trade Center Way, Ste. 100, Kalamazoo, <br />Michigan 49002. <br />RECITALS <br />WHEREAS, pursuant the authority granted by Indiana Code § 36-7-14, the <br />Commission has the power and duty to investigate, study, and develop areas within the <br />corporate boundaries of the City of South Bend that the Commission has determined to <br />be in need of redevelopment; and <br />WHEREAS, the Commission has adopted its Resolution No. 737, as amended <br />from time-to-time, designating the South Bend Central Development Area <br />(`Development Area") as an area in need of redevelopment in accordance with Indiana <br />Code ~ 36-7-14; and <br />WHEREAS, Developer intends to undertake certain actions to rehabilitate and <br />improve the property and improvements that are located at 202 South Michigan Street <br />("Tower Property") within the Development Area; and <br />WHEREAS, Developer proposes to renovate the Tower Property to a Class A <br />high-occupancy oftice building ("Project"); and <br />WHEREAS, Commission and Developer hereby agree that the Project as <br />proposed in this Memorandum of Understanding is in the parties' mutual best interests <br />