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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• B. The Commission agrees to undertake those actions necessary to improve the Plaza Property and the immediately surrounding public right-of-way in order to upgrade or replace existing landscaping, lighting and other public improvements in order to enhance and facilitate the Project ("Public Improvements"). In constructing the Public Improvements, the Commission agrees to expend a sum not to exceed $200,000.00. The use of the funds identified for construction of [he Public Improvements is restricted to those uses permitted by Indiana Code § 36-7-14-39. The Commission intends to utilize the City's Board of Public Works as the Commission's agent and to work in conjunction with the Developer to ensure that the Public Improvements complement and are consistent with the overall design for the Project. Commission's combined total investment in the Project for purchase of the Plaza Property and construction of the Public Improvements shall not exceed the sum of Four Hundred Thousand and 00/100 Dollars. C. [n consideration of Developer's commitment to maintain and manage the Plaza Property as well as Developer's commitment to retain the Plaza Property open for use by the general public, the Commission agrees to lease the Plaza Property to Developer for a period of twenty-five (2~) years for the sum of One and 00/100 Dollar ($1.00) per year. Commission agrees that public use of Plaza Property shall be consistent with and shall not interfere with Developer or its tenant's use and quiet enjoyment of the Tower Property. As further condition of the lease, Developer shall be granted the right to purchase the Plaza Property at the end of the lease term for the sum of One and OU/l00 Dollar (51.00). D. Providing Developer fulfills its commitments as set forth in this h(OU and any subsequent Development Agreement. Commission agrees that Developer, at its option may transfer any portion of the Tower Property and assign its rights under this MOU and the Development Agreement t~ a third party in order to permit Developer to engage a third party developer to construct and own the building. grounds, and ancillary facilities located at 202 South Michigan. In the event of such a transfer or assignment, the transferee or assignee shall have the same rights and obligations as Developer under this MOU and any subsequent Development Agreement. E. In order to facilitate the Project and to induce the law offices of Baker & Daniels, L.L_P to relocate to the Tower Property as one of Developer's key tenants, the Commission agrees to provide 60 parking spaces within the Wayne Street Parking Garage by December, 2007 provided, however, that Developer provides the Commission with evidence of a lease agreement with Baker & Daniels. L.L.P. The Commission further agrees to identify an estimated four (4) additional parking spaces per year through calendar year 2011 based upon the law firm's projected growth. The Commission's commitment to provide parking is intended to be coterminous with the Fifteen (1~) year term of the lease between the Developer and Baker & Daniels, L.L.P. F. The Commission understands and acknowledges that Developer may seek to secure the appropriate tax abatement designation from the Commission and Common • Council. The Commission agrees to endorse and support Developer's request for tax H:\WPData~ProjcctslSBCDA\Kty Bank Project~~~tOU - kzyBankProject_V2_070i13 doc