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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Documents, the Area in its existing state would not support the Project and the • Site would not be preserved as an adequate plaza for the Area, and accordingly, the Site would otherwise not be likely to be put its highest and best use. 5. The Commission's purchase of the Site and involvement in the Project as described in this resolution and the Development Documents will best serve the interests of the City and its citizens, and the purchase price for the Site set forth in the Development Documents constitutes fair and adequate consideration for the Site, in light of the public benefits of the Project. 6. The Development Documents, the Project, and the assistance thereof as set forth in the Development Documents comply with applicable federal, state and local laws under which the Project has been undertaken and is being assisted and the Development Documents and the actions contemplated therein are authorized. NOW, THEREFORE, BE IT RESOLVED BY THE SOUTH BEND REDEVELOPMENT COMMISSION AS FOLLOWS: 1. The Project, as proposed by the Developer and as contemplated in the Development Documents, is hereby approved. 2. The Commission hereby approves the Development Documents in the form attached hereto as Appendix I, including the Contract of Purchase and Sale, the Lease, the Limited Warranty Deed, and any other certificates or agreements attached thereto or contemplated therein. 3. The Commission hereby authorizes the President or the Vice-President to execute, and the Vice-President or Secretary to attest, the Development Documents with such changes either in form or in substance as such executing and attesting officers may approve upon the advice of legal counsel with such approval to be conclusively evidenced by such execution and attestation. 4. The staff is hereby authorized to administer the Development Documents, and the President, Vice-President, the Secretary, and the Director of Economic Development of the Department of Redevelopment are each authorized to execute any administrative certificates or documents related to the administration of the Development Documents on behalf of the Commission. 5. The purchase of the Site from the Developer and purchase price for the Site as set forth in this Resolution, and subject to the terms, conditions and restrictions of, the Development Documents are hereby approved. 6. This Resolution shall be in full force and effect after its adoption. 4 •