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