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DEVELOPMENT AGREEMENT Between the City of South Bend Redevelopment Commission and South Bend Heritage Foundation THIS Agreement, dated the day of , 2011, is made and entered into between the SOUTH BEND REDEVELOPMENT COMMISSION (the "Commission ") and SOUTH BEND HERITAGE FOUNDATION "SBHF "), a nonprofit corporation organized and duly existing under the laws of (the South Bend Redevelopment Commission and SBHF being sometimes refe to herein individually as a "Party" and collectively as the "Parties "). WHEREAS, SBHF is party to an agreem wR�,reby it hts and expects to acquire the real property commonly known as 501 W as gton, South Indiana 46601, and all improvements thereon, described in Exhibi (the "Pr erty "); and WHEREAS, the donation by SBHF ssion Nanasement of a portion of the Property described in Exhibit B (the "D d Property ") will be made for the sole purpose of allowing the Commissi to renovate and i ve portions of the structure (the "Project ") for low income senior housin WHEREAS, SBHF intends rem upgrac�'the Property, excluding the Donated Property, from an existing vacant a rt o a twenty -three (23) unit low income senior housing c d making ificant p ate capital investment in order to improve its interior an terio arance and nctionality; and WHERE BH roposed in ment in redevelopment of the structure furthers the goals of the W evelopment Area Development Plan, and WHERE e Co on considers the Project a benefit to the health and wel re of the Comm 's resi ts, and EREAS, tj Commission has identified a public purpose in SBHF's physical redevelopment 61%Lbuildirfand use as a low income senior housing complex; and WHER , the Commission wishes to participate as a development partner with SBHF by undertaking4ertain renovations which would not otherwise be privately funded, and in so doing, the Commission hopes to enhance the viability and vibrancy of the Project. NOW, THEREFORE, the Parties hereby agree and represent as follows: 1. The Recitals are incorporated into the operative provisions of this Agreement as if fully set out herein.