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Developers Obligations <br />In the event land is acquired by the South Bend Redevelopment Commission, the land <br />will be disposed of subject to an Agreement between the Commission and any potential <br />developer. Any potential developer will be required by the Contractual Agreement to <br />observe the Land Use and building requirements of this Development Plan. They will <br />further be required to submit a development schedule satisfactory to the South Bend <br />Redevelopment Commission. No developer will be permitted to defer the start of <br />construction for a. period longer than that required for the preparation of necessary <br />development plans. <br />In addition, the following provisions will be included in any agreement: <br />That any developer will submit to the Commission a plan and schedule for the <br />proposed development. <br />That the purchase of the land is for the purpose of development and not for <br />speculation. <br />3. That the land will be built upon and improved in conformity with the objectives <br />and provisions of the Development Plan. <br />4. That the building of improvements will be commenced and completed within a <br />reasonable period of time. <br />STATUTORY AUTHORITY <br />The controls, regulations and land use restrictions contained in this Plan are for the <br />specific purpose of implementing the Douglas Road Economic Development Area <br />Development Plan pursuant to Indiana Code 36- 7- 14- 1- et.seq. <br />PROCEDURE FOR AMENDMENT OF THE APPROVED <br />DEVELOPMENT PLAN <br />The Development Plan for the Douglas Road Economic Development Area may be <br />amended by resolution of the South Bend Redevelopment Commission. Any change <br />affecting any property or contractual right can be effectuated only in accordance with <br />applicable state and local law. <br />