S&B 6120111Draft

MEMORANDUM

OF UNDERSTANDING

THIS MEMORANDUM OF UNDERSTANDING (tlMOU"), effective as of the date last signed, is entered into by and among PURDUE RESEARCH FOUNDATION ("PRF"), an Indiana corporation (formed and existing under the Indiana Foundation or Holding Companies Act, Acts of 1921, ch. 246), THE CITY OF WEST LAFAYETTE, DEPARTMENT OF REDEVELOPMENT ("City"), and NEW CHAUNCEY NEIGHBORHOOD ASSOCIATION ("NCNA") (singly, a "Stakeholder" and together, "Stakeholders regarding the development of a land use plan for the New Chauncey Neighborhood ("New Chauncey"), which sits along east side the Purdue University campus in West Lafayette, Indiana, and is identified as Area A on the map attached as EXHIBIT I.
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WHEREAS, New Chauncey is a historic residential neighborhood; WHEREAS, NCNA has expressed concern about the deterioration of the aesthetics and sense of community of New Chauncey, as once owner-occupied, single-family residences have increasingly become rental properties occupied by multiple unrelated individuals; WHEREAS, NCNA is committed to revitalize New Chauncey's historic village charm through the renovation of existing residences and other structures, the aesthetic improvement of public parks and private facilities; and the future developments providing quality amenities while protecting the integrity of the area; WHEREAS, the Stakeholders have strived for many years to develop harmony among the sometimes conflicting nature of residential, commercial, and educational uses in and around New Chauncey; WHEREAS, Purdue University's strategic plan and master plan for its West Lafayette campus contemplate development surrounding the campus academic core combining a variety of complementary uses (e.g., residential, retail, commercial, office, research, and educational uses) together in single structures to minimize the actual area impacted but maximize the amenities provided to the campus but also the surrounding residential areas; WHEREAS, PRF owns certain real estate in and adjacent to New Chauncey that it now wishes to develop with a combination of uses, which may include residential, commercial, office, research, and educational uses that will benefit the West Lafayette campus as well as New Chauncey by providing a transition from the campus to the adjacent neighborhood, high quality amenities in walking distance of both the campus and such neighborhood; and a model for future development along the borders of New Chauncey; WHEREAS, the Stakeholders, and other community and govemmentalleaders have determined that significant strategic and efficiency advantages may be achieved if the Stakeholders channel their respective viewpoints into the creation of a land use plan for New Chauncey, and an improvement funding mechanism to facilitate future development and redevelopment in New Chauncey;

S&B 6120/11 Draft

NOW THEREFORE, the Stakeholders describe the framework under which they intend to develop a plan for New Chauncey that provides its revitalization as follows: 1. This MOU is intended to memorialize discussions among the Stakeholders to identify and agree upon ways to accomplish their mutual goals. This MOU is not legally binding on any Party. Unless and until the Stakeholders enter into one or more legally binding agreements, any Party may terminate this MOU and its participation in the planning project discussed in this MOU without liability or obligation by notifying the other Stakeholders. 2. The Stakeholders contemplate the preparation, adoption, implementation, and enforcement of an amendment to the Land Use Element of the Comprehensive Plan for Tippecanoe County for New Chauncey that together with the Unified Zoning Ordinance of Tippecanoe County, Indiana, Unified Subdivision Ordinance of Tippecanoe County, Indiana, and City Code of West Lafayette, Indiana, will establish land use restrictions, architectural requirements, and development standards for new development and redevelopment in the New Chauncey ("Neighborhood Plan"). 3. The Neighborhood Plan would, at least, serve as a policy guide to the City of West Lafayette, Area Plan Commission, Area Board of Zoning Appeals of Tippecanoe County, and West Lafayette City Engineer's Office. 4. The costs and expenses of the development and adoption of the Neighborhood Plan are anticipated to be paid from public and private donations to a fund specifically established for such use. PRF anticipates donating One Dollar ($1.00) for each dollar donated by other parties up to a total, maximum donation of Twenty-Five Thousand Dollars ($25,000.00) to such fund. 5. The Stakeholders contemplate seeking the annexation of the New Chauncey in the Levee Tax Increment Financing District to help fund neighborhood wide improvement projects. 6. The other Stakeholders acknowledge and agree that PRF may participate in the real estate development projects and in the activities referenced in this MOU either directly or through one or more affiliated corporations, limited liability companies or other legal entities. IN WITNESS WHEREOF, the Stakeholders execute this MOU on the date written below.

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S&B 6120111Draft

PRF:

PURDUE RESEARCH FOUNDATION an Indiana corporation (formed and existing under the Indiana Foundation or Holding Companies Act, Acts of 1921, ch. 246)

By: Joseph B. Hornett Senior Vice President, Treasurer, & Chief Operating Officer CITY:

THE CITY OF WEST LAFAYETTE, DEP ARTMENT OF REDEVELOPMENT

By: Name: Title: NCNA:

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NEW CHAUNCEY NEIGHBORHOOD ASSOCIATION

By: Name: Title:
585810vl

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S&B 6120111 Draft

EXHIBIT I
Map of New Chauncey

[To be attached]

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