No. 2340 approving the development agreement with Historic Landmark Foundation of Indiana and other related matters

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WI-ICRCAS, one ol~ the terms anti conditions is tl~~at the Historic Landmarks Foundation of Indiana, Inc. (~"III FI") shall be afforded the reasonable opportunity to identify an economically viable plan for the redevelopment of the Cducation Center by HLFI or a third parry; and WI iCRCAS, the first Addendum defines "economically viable" to mean that a ready, willing and able purchaser has been identified; a written agreement has been fully executed with the prospective purchaser and there is a sufificicnt financial conunitment to permit both the purchase and redevelopment plan for the Cducation Center to commence o-1 or belore July I, 2007; and WHCRCAS, the Education Center is a Jocal landmark and if an economically viable rcusc is not identifiicd shortly, the Cducation Center is in danger o1~ being abandoned or demolished unless an economically viable rcusc is identified; and W(1CRh,AS, any probable rcusc of the Iducation Ccntcr would reduirc additional parking spaces and significant amount of invcslmcnt in the Education Ccntcr and in certain public. infrastructure improvements; and WHEREAS, HLFI has entered into an agreement with a developer providing for the rcdevelopmcnt oI~ the Cducation Center (the "HLFI ilgreemeitf'), «~hich contemplates public invcstrnent to provide for the developer fo proceed with the project proposed by the developer (the "Prajecf'); and WIJI'RCAS, in order to induce the I1LI~I to proceed with its negotiations with the developer and provide for the Project, a development agreement has been presented to the Commission providing for a public invcslmcnt in the Pr~~jcct of approximately Six Hundred "Thousand and 00/ 100 Dollars ($600,000.00), to the extent that the developer has invested at least Six Million and 00/100 Dollars 06,000,000.00) in the preservation of the Education Ccntcr; and WHCREAS, the Commission desires to provide for the preservation and rcusc of tilt Cducation Center as such is in tine best interest of the City of South Bend, Indiana (die "City"); and WHCREAS, the Commission desires to approve the Dcvclopment Agreement and any documents contained or contemplated therein, including but not limited to a COntl'act of Purchase and Sale, a Decd, an Agency Agreement, the Partial Assignment of h~terest and the other certificates and ~~greements attached thereto or contemplated therein (collectively, the "Denclop~irent Dncrnrre~rts") and to authorize the President of the Commission (the "Pre,~~idenf') or the Vicc-President of the Commission (the "bite-President") to execute, and the Vice- President or Secretary of the Commission (the "Secretary") to attest, the Dcvclopment. Documents, with such changes as such executing and attesting officers may approve upon the advice of legal counsel; •