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South Bend Redevelopment Commission Regular Meeting —January 24, 2013 6. NEW BUSINESS B. Airport Economic Development Area (2) Memorandum of Understanding by and between Draga investments, LLC and P.B.S. Properties, LLC and City of South Bend, Indiana. Redevelopment Commission (Lot 14, U.S. 31 Industrial Way) Mr. Schalliol noted that in December 2012 Draga Investments, owner of 6139 Parkland Drive, asked the Redevelopment Commission to assume ownership of a common area retention pond on its property. The Redevelopment Commission was the original developer of this industrial park and the retention area was platted into Lot #14 as that was common development law at the time. The retention area serves the adjacent developed lots but also serves as a drainage location for the adjacent roadways. The pond has been maintained by the City of South Bend since it was constructed. The Commission hired Danch Hamer and Associates to prepare a Minor Subdivision to split off from the buildable portion of the lot from the retention basin. The proposed outlot that will contain the retention basin will be owned by the City of South Bend. City Ordinances require the Minor Subdivision process for splitting the property as described above. In order to facilitate the pending land sale between Draga Investments and PBS Properties in a timely manner, the two parties have asked that we memorialize this project in a Memorandum of Understanding (MOU). The purpose of the agreement is to allow both parties the confidence to close the transaction before completion of the subdivision process. The MOU contains the timeline for the project and lays out the commitments by each party. There are no terms or conditions contained within this agreement that are beyond the action the Commission has previously approved. Staff requests Commission approval of this Memorandum of Understanding between Draga Investments, LLC, PBS Properties, LLC, and the Commission. Upon a motion by Mr. Downes, seconded by Mr. Varner and unanimously carried, the Commission approved the Memorandum of Understanding by and between Draga investments, LLC and P.B.S. Properties, LLC and City of South Bend, Indiana. Redevelopment Commission (Lot 14, U.S. 31 Industrial Way) C. West Washington - Chapin Development Area There was no business in the West Washington- Chapin Development Area. D. South Side Development Area (1) Proposal for Buxton Scout subscription renewal Mr. Schalliol noted that in June 2010 the Redevelopment Commission entered into a contract with the Buxton Corporation to perform a three component retail study project. The first component updated the 2006 CommunityID by restudying the downtown study node