HomeMy WebLinkAbout6C(3) AMENDMENT TO
MEMORANDUM OF UNDERSTANDING
This Amendment to Memorandum of Understanding ("Amendment") is entered into as of
, 2014, by and among the CITY OF SOUTH BEND, INDIANA (the
"Governmental Unit"), the SOUTH BEND REDEVELOPMENT COMMISSION (the
"Redevelopment Commission," and together with the Governmental Unit, the "City"), and THE
UNIVERSITY OF NOTRE DAME DU LAC (the "University").
RECITALS
A. The City and the University entered into that certain Memorandum of
Understanding dated November 29, 2012 (the "MOU") governing the use and allocation of CTP
Revenues generated from that certain City of South Bend, Indiana Certified Technology Park.
B. In consideration of the agreements herein contained, the parties desire to amend
the MOU as follows:
AGREEMENT
1. Definitions. All defined terms not separately defined in this Amendment shall
have those meanings ascribed to them in the MOU.
2. Agreement on Use of CTP Revenues. Section 2 of the MOU is hereby deleted in
its entirety and replaced with the following:
"The City and the University agree that the aggregate of all CTP Revenues collected by
the State and remitted to the Redevelopment Commission as provided by the Act and the CTP
Agreement shall be divided such that (i) Ignition Park shall receive no more than Three Million
Two Hundred Thousand Dollars ($3,200,000), and (ii) the entire remaining balance of all CTP
Revenues shall be allocated to Innovation Park, and all used for permitted purposes under the
Act and the CTP Agreement. The City and the University further agree that on an annual basis
during the term of this Agreement they shall provide one another with a list of the permitted
purpose expenditure items for Innovation Park and Ignition Park and that the Redevelopment
Commission shall approve, subject to further proceedings required by law, the expenditure of an
allocation of 36% of such CTP Revenues for that year for such expenses at Innovation Park and
an allocation of 64% of such CTP Revenues for that year for such expenses at Ignition Park
(collectively, the "Allocated CTP Revenues"). In the event that expenditures for permitted
purposes under the Act at either Innovation Park or Ignition Park do not constitute the Allocated
CTP Revenues available in any given year, the unused CTP Revenues for such year may be used
for permitted purpose expenditure items in the other location within the Park, to the extent that
such other location has additional expenditures for permitted purposes under the Act for that
year, so long as such expenditures do not exceed the aggregate limitations for Innovation Park
and Ignition Park set forth above. Nonetheless, (i) the aggregate CTP Revenues expended for
permitted purposes under the Act within Innovation Park may not exceed One Million Eight
Hundred Thousand Dollars ($1,800,000) without the approval of all of the parties to this
Agreement, and (ii) the aggregate CTP Revenues expended for permitted purposes under the Act
within Ignition Park may not exceed Three Million Two Hundred Thousand Dollars
($3,200,000) without the approval of all of the parties to this Agreement.
3. Counterparts. This Amendment may be executed in counterparts, each of which
shall be deemed an original, but all of which, together, shall constitute one and the same
instrument. Facsimile or electronic transmission of any signed original document, and the
retransmission of any signed facsimile or electronic transmission, shall be the same as delivery
of the original signed document.
4. Other Terms. Except as modified by this Amendment, the MOU shall remain in
full force and effect.
IN WITNESS WHEREOF, the parties have duly executed this Agreement as of the date
first set forth above.
CITY OF SOUTH BEND, INDIANA
By:
Mark W. Neal, Deputy Mayor
SOUTH BEND REDEVELOPMENT
COMMISSION
By:
Marcia I. Jones, President
Attest:
By:
Don Inks, Secretary
UNIVERSITY OF NOTRE DAME DU LAC
By: i
Printed: Rev. ,ohn I. Jen .ns C.S.C.
Its: President
SBDS02 452515v2