HomeMy WebLinkAboutNo. 1911 authorizing the preparation of a development agreemnet and other related documents associated with the Waters Edge projectdo
RESOLUTION NO. 1911
A RESOLUTION OF THE SOUTH BEND REDEVELOPMENT COMMISSION
AUTHORIZING THE PREPARATION OF A DEVELOPMENT AGREEMENT AND
OTHER RELATED DOCUMENTS ASSOCIATED WITH THE WATERS EDGE
PROJECT
WHEREAS, the City of South Bend ( "City") and Ralph Jones Drive Partnership, L.P.
( "Developer ") have previously entered into a Memorandum of Understanding ( "MOU ") which
provides for Developer to initiate and complete a two (2) phase development project on the former
Wharf Restaurant site located within the East Bank area of South Bend Central Development Area
( "SBCDA ") of the City of South Bend and consisting of mixed residential and commercial uses and
below and above -grade parking facilities ( "Project'); and
WHEREAS, in the first phase of development ( "Phase I "), the Project provides for the
construction of approximately 30 -49 condominiums ranging in size from approximately 1,500 to
2,300 square feet with a price range of $195,000 to $450,000 as well as approximately 10,000 to
13,000 square of commercial/retail space and private investment of approximately $12,000,000.00;
and
WHEREAS, in the second phase of development ( "Phase II"), the Project anticipates the
construction of additional residential, commercial /retail in the area adjacent to the former Wharf
Restaurant site and consisting of 3 -50 apartment/condominiums; and
WHEREAS, the Project, as described in the MOU, necessitates a public - private partnership
between City and Developer and further contemplates certain actions be taken by the City of South
Bend Redevelopment Commission and by the City of South Bend Board of Public Works who shall
be parties to any final agreement between Developer and City as it relates to this Project; and
WHEREAS, the Commission believes that the Project will promote the use of land in the
SBCDA in a manner that best serves the City and its citizens and hereby approves and endorses the
Project as described in the MOU; and
WHEREAS, the Commission desires to enter into a formal development agreement
( "Development Agreement ") with Developer that is consistent with the concepts expressed in the
MOU.
NOW, THEREFORE, BE IT RESOLVED BY THE SOUTH BEND
REDEVELOPMENT COMMISSION AS FOLLOWS:
The Commission hereby approves and endorses the Proj ect as described in the MOU.
2. The Commission hereby directs and authorizes staff and legal counsel to negotiate
and prepare said Development Agreement consistent with the MOU and in a form that is
generally utilized by the Commission in such transactions and further, to prepare any other
t
related documents determined by legal counsel to be necessary to accomplish the Project.
3. 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 September
6, 2002, at 1308 County -City Building, 227 West Jefferson Boulevard, South Bend, Indiana 46601
SOUTH BEND REDEVELOPMENT COMMISSION
Robert W. Hunt, President
ATTEST:
1c: �/ I nWi Ilk
H: \WPData\Projects \SBCDA \Waters Edge\Res 1911 - Waters Edgev2.wpdPage 2 of 2