HomeMy WebLinkAboutNo. 1903 approving the execution of development agreement and other related documents associated with villas at Lake Blachthorn and Westwood Knolls at Blackthorn projectsRESOLUTION NO. 1903
A RESOLUTION OF THE SOUTH BEND REDEVELOPMENT COMMISSION
• APPROVING THE EXECUTION OF A DEVELOPMENT AGREEMENT AND OTHER
RELATED DOCUMENTS ASSOCIATED WITH THE VILLAS AT LAKE
BLACKTHORN AND WESTWOOD KNOLLS AT BLACKTHORN PROJECTS
WHEREAS, the City of South Bend ( "City") and Cooreman Real Estate Group, Inc.
( "Developer ") have previously entered into a Memorandum of Understanding ( "MOU ") which
provides for Developer to initiate and complete two (2) single - family development projects within
the Airport Economic Development Area of the City of South Bend ( "Project "); and
WHEREAS, in the first phase of development, the Project provides for the construction of
105 single - family villas in the area to be known as the "Villas at Lake Blackthorn" and in the second
phase of development, the Project provides for the construction of approximately 100 single - family
homes in the area to be known as "Westwood Knolls at Blackthorn"; and
WHEREAS, the Commission approves and endorses the Project as described in the MOU
and desires to enter into the following documents with Developer: (i) Development Agreement by
and between the South Bend Redevelopment Commission and Cooreman Real Estate Group, Inc.
and (ii) Contract for Sale of Land for Private Development, and (iii) Quit Claim Deed (collectively,
the "Real Estate Development Documents ")and
WHEREAS, the Commission recognizes that time of the essence in order to accomplish
certain actions relating to the Project.
NOW, THEREFORE, BE IT RESOLVED BY THE SOUTH BEND
REDEVELOPMENT COMMISSION AS FOLLOWS:
1. The Commission hereby approves and endorses the Project as described in the MOU.
2. The Commission hereby directs and authorizes staff and legal counsel to negotiate
and prepare said Real Estate Development Documents consistent with the MOU and the
Commission's standard form of Development Agreement, Contract for Sale of Land for
Private Development and Quit Claim Deed that are generally utilized by the Commission in
its real estate transactions.
3. The Commission hereby authorizes the President of the Commission to execute and
the Vice President or Secretary to attest the Real Estate Development Documents as
described in this Resolution and as presented at this meeting with such changes as may be
suggested by legal counsel and approved by the President and Vice President or Secretary
with such approval evidenced by the execution and attestation respectfully, thereof.
4. The Commission hereby authorizes the President of the Commission to execute and
the Vice President or Secretary to attest to any and all other documents relating to this Project
and to effect the closing of said Project upon the advice of legal counsel.
5. Upon Developer's execution of an Indemnification and Hold Harmless Agreement
in a form acceptable to legal counsel, the Commission hereby authorizes Developer access
to the real property relating to this Project prior to closing for the purpose of conducting
certain development construction activities.
6. This Resolution shall be in full force and effect from the and after its passage by the
Commission.
ADOPTED at a meeting of the South Bend Redevelopment Commission, held on August
8, 2002, at 1308 County -City Building, 227 West Jefferson Boulevard, South Bend, Indiana 46601
ATTEST:
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SOUTH BEND REDEVELOPMENT COMMISSION
Robert W. Hunt, President
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