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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consideration to the Commission; and • WHEREAS, there as been presented a Purchase Agreement consistent with the Agreement, which provides that the Developer will undertake certain obligations and responsibilities for the Site pursuant to a lease agreement with the Developer, all as more particularly described in said Purchase Agreement attached hereto as Appendix I (the "Purchase Agreement"); and WHEREAS, in light of the direct and indirect benefits of the Project and the terms of the Agreement and the Purchase Agreement, the Commission desires to accept the Developer's offer subject to the terms of Purchase Agreement whereby the Developer undertakes certain obligations with respect to the Site; and WHEREAS, the Commission further desires to approve the Purchase Agreement and the documents contained or contemplated therein, including but not limited to a Lease Agreement, the Limited Warranty Deed, and any other certificates and agreements attached thereto or contemplated therein (collectively, the "Development Documents"), and to authorize the President of the Commission (the "President") or the Vice-President of the Commission (the "Vice-President") to execute, and the Vice-President or Secretary of the Commission (the "Secretary") to attest, the Development Documents, with such changes as such executing and attesting officers may approve upon the advice of legal counsel; THE COMMISSION NOW FINDS THAT: 1. The redevelopment of the Area, and particularly the Project, as proposed by the Developer (i) would not be accomplished through the ordinary operations of private enterprise; (ii) will promote a substantial likelihood of creating or retaining opportunities for gainfill employment and create additional business opportunities in the Area; (iii) will serve a public purpose as it will benefit the public health, safety, morals, and welfare of the City and the District and increase their economic well-being and that of the State of Indiana (the "State"); and (iv) will protect and increase property values in the City, the District and the State. 2. The Project will create or retain approximately 79 permanent jobs with an approximate payroll, including benefits, of $5,406,000.00 per year, which will significantly improve the opportunities for gainful employment in the District and the City. 3. The preservation of green space in the Area will increase the likelihood of sustaining and creating further economic development and redevelopment of the Area. 4. Without the Commission's involvement as contemplated by the Development 3 •