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1 <br />DEVELOPMENT AGREEMENT <br />This Development Agreement (this “Agreement”), is effective as of August 12, 2021 (the <br />“Effective Date”), by and between the City of South Bend, Department of Redevelopment, acting <br />by and through its governing body, the South Bend Redevelopment Commission (the <br />“Commission”), and The Bakery Group LLC, an Indiana limited liability company, with offices <br />at 1012 Riverside Drive, South Bend, Indiana 46616 (the “Developer”) (each, a “Party,” and <br />collectively, the “Parties”). <br />RECITALS <br />WHEREAS, the Commission exists and operates under the provisions of the <br />Redevelopment of Cities and Towns Act of 1953, as amended (I.C. 36-7-14 et seq., the “Act”); <br />and <br />WHEREAS, the Act provides that the clearance, replanning, and redevelopment of <br />redevelopment areas are public uses and purposes for which public money may be spent; and <br />WHEREAS, the Developer owns certain vacant and inactive real property described in <br />Exhibit A, together with all improvements thereon and all easements, rights, licenses, and other <br />interests appurtenant thereto (collectively, the “Developer Property”); and <br />WHEREAS, the Developer currently has private financing and desires to construct, <br />renovate, or otherwise rehabilitate certain elements of the Developer Property (the “Project”) in <br />accordance with the project plan (the “Project Plan”) attached hereto as Exhibit B in order to <br />activate the Developer Property and create a positive effect in the neighborhood; and <br />WHEREAS, the Developer Property is located within the corporate boundaries of the City <br />of South Bend, Indiana (the “City”), within the River West Development Area (the “Area”); and <br />WHEREAS, the Commission has adopted (and subsequently amended, from time to time) <br />a development plan, which contemplates development of the Area consistent with the Project; and <br />WHEREAS, the Commission believes that accomplishing the Project as described herein <br />is in the best interests of the health, safety, and welfare of the City and its residents; and <br />WHEREAS, the Commission desires to facilitate and assist the Project by undertaking the <br />local public improvements stated in Exhibit C (the “Local Public Improvements”) and the <br />financing thereof, subject to the terms and conditions of this Agreement and in accordance with <br />the Act. <br />NOW, THEREFORE, in consideration of the mutual promises and obligations stated in <br />this Agreement, the adequacy of which is hereby acknowledged, the Parties agree as follows: <br />SECTION 1. DEFINITIONS. <br />Unless otherwise defined in this Agreement, capitalized terms used in this Agreement have <br />the following meanings: