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DEVELOPMENT AGREEMENT <br />THIS DEVELOPMENT AGREEMENT (the or this "Agreement"), made on April 21, <br />2006, by and between the South Bend Redevelopment Commission (the "Commission "), <br />established under the Redevelopment of Cities and Towns Act of 1953, as amended, being <br />Indiana Code § 36- 7 -14 -1 et seq. (the "Act"), and having its office at 1200 County -City Building, <br />South Bend, Indiana, and Gameday Centers Southeastern, LLC, a Georgia limited liability <br />company (the "Developer"), having its principal place of business at 2555 Cumberland Parkway <br />Suite 200, Atlanta, Georgia 30339. <br />RECITALS <br />WHEREAS, redevelopment and the stimulation of economic development are of benefit <br />to the health and welfare of the people of Indiana and the citizens of the City of South Bend, <br />Indiana (the "City "), are public uses and purposes for which public money may be spent and are <br />a public utility and benefit; and <br />• <br />WHEREAS, Commission has the power and duty to investigate, study, and develop <br />areas within the corporate boundaries of the South Bend Redevelopment District (the "District ") <br />that the Commission has determined to be blighted, stagnant or deteriorating in order to <br />encourage economic development and redevelopment; and <br />WHEREAS, the site located at 121 S. St. Joseph Street and more particularly described <br />at Exhibit A (the "Site ") is located within the corporate boundaries of the City, the South Bend <br />Redevelopment District (the "District"), and the South Bend Central District Development Area <br />(the "Area "), which Area has been previously determined by the Commission to be an area <br />needing redevelopment in accordance with the Act; and <br />WHEREAS, the Developer proposes to construct on the Site a parking facility <br />containing three hundred fifty -nine (359) parking spaces, a condo and hotel development <br />containing approximately one hundred fifty (150) condos and approximately one hundred (100) <br />hotel spaces, and a ground floor retail shops and/or restaurants totaling approximately 12,000 <br />square feet; and <br />WHEREAS, the Developer anticipates that the Project (as defined in Section 3.2) will <br />create approximately 92 permanent jobs with an approximate payroll, including benefits, of <br />$2,701,000 per year; and <br />• <br />