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4 <br /> <br />RESOLUTION N0.2332 <br />A RESOLUTION OF THE P ROVING CE RTA N ACOT ONS AND AUTHORIZING <br />ACKNOWLEDGEING AND A <br />AND APPROVING THE EXECUTION OF CERTAIN DOCUMENTS RELATED TO <br />THE A.J. WRIGHT DISTRIBUTION CENTER PROJECT <br />(Sample-Ewing Development Area) <br />WHEREAS, the City, the Commission, AJW and TJX are parties to that certain Contract for <br />Sale of Land for Private Development having an effective date of April 24, 2002, a Memorandum of <br />said agreement having been recorded on July ~ 1, 2002 as Document No. 0240863 in the Office of the <br />Recorder for St. Joseph County, Indiana (``Contract") related to development and construction of the <br />A.J. Wright Distribution Center located within the general vicinity of Sample and Olive Streets <br />within the City of South Bend, Indiana ("Project"); and <br />WHEREAS, the Contract includes certain construction obligations, deadlines and job targets <br />related to completion of the Project as well as the disposition of certain funds that have been held in <br />escrow at Meridian Title Corporation; and <br />WHEREAS, at the Commission's regular meeting of April 20, 2007, City staff presented <br />information and made certain recommendations to the Commission related to the current status of <br />the Project; and <br />WHEREAS, in order to reflect certain changed conditions and in order to reflect changes in <br />the Project schedule as presented by staff, it is necessary to amend the Contract and to provide a <br />written agreement related to the release and disposition of the escrowed funds; and <br />WHEREAS, upon advice of legal counsel, the Commission also desires to enter into certain <br />formal agreements that are consistent with the concepts presented by staff at the Commission's <br />public meeting held on Apri120, 2007 including, but not limited to, a First Amendment to Contract <br />for Sale of Land, a Certificate of Completion, a Closing Statement, and any other agreements that, <br />upon advise of legal counsel, are necessary to effect the transaction as presented; and <br />WHEREAS, the Commission meets in regular sessions on asemi-monthly basis and <br />completion of the paperwork related to the transaction may require immediate action from the <br />• Commission, including the execution of certain documents; and <br />