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

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THE COMMISSION NOW FINDS THAT: I. The redevelopment ~~(~ the Property, as proposed by the HLF1 (i) may not be accomplished through the ordinary operations of private enterprise; (ii) will pl'omotC a SUbstai1tlal hkellhood Ol CrCating of retallUng opp01'tUn1tICS lol' galnfUl cm~~loymcnt and crcatc additional business opportunities in the Area; (iii) will serve a public pw-pose as it will bencfiit the public health, safety, morals, and welfare of the City and the District and increase their economic well-being and that of tl~ic State of Indiana (the "Suite"); and (iv) will protect and increase property values in the City, the District and the State. 2. The Project would crcatc additional jobs, which will signi{icantly improve the opportunities for gainful employment in the District and the City. 3. Providing additional parking spaces near the Education Center will increase the likelihood of sustaining and creating further economic development and rcdevclopmcnt of the South Bend Central Devclopmcnt Area and the City. 4. Without (hc Commission's involvement as contemplated by the Development Documents, the redevelopment of the Education Center in its existing state, size and condition would not support the Project, as proposed, or any other project that would be likely to result in the Education Center's preservation and its highest and best use. The Commission's involvement in the Pr<~ject as described in this resolution and 5. the Development. Documents will best serve the interests of the City and its citizens. (~. The Project, the Development Documents and the assistance thereof as set forth in the Devclopmcnt Documents comply with applicable federal, state and local laws under which the Project has been undertaken and is being assisted and the Development Docun~cnts and the actions contemplated therein are authori?cd. NOW, THEREFORE, BL IT RESOLVED BY THE SOUTI-I BEND REDEVELOPMENT COMMISSION AS FOLLOWS: 1. The Project, as proposed, and as contemplated in the Development Agreement and other Devclopmcnt Documents, is hereby approved. ~I~hc Commission hereby approves the Devclopmcnt Agreement and other Devclopmcnt Documents in the farm attached hereto as Lxhibit E1, including the Contract of Purchase and Sale, the Deed, the Agency Agreement, the Partial Assignment oI~ Interest and the other ccrtiiicates and agreement attached thereto or contemplated therein. 3. 'T'he Commission hereby authorizes the President or the Vice-President to execute, and the Vice-President. or Secretary to attest, the Devclopmcnt Agreement and other