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<br />2 <br /> <br />WHEREAS, the City Bodies have determined that the completion of the Project is in the <br />best interests of the citizens of the City, and, therefore, the City Bodies desire to take certain steps <br />in order to induce the Company to complete the Project; and <br />WHEREAS, to stimulate and induce the development of the Project Site and the <br />completion of the Project, the City Bodies have agreed, subject to further proceedings as required <br />by law, to provide the economic development incentives described herein. <br />NOW, THEREFORE, in consideration of the foregoing and of the mutual covenants and <br />agreements herein contained, and other good and valuable consideration, the receipt and <br />sufficiency of which are hereby acknowledged, the parties do hereby agree as follows: <br />ARTICLE I. DEFINITIONS <br />The capitalized words and phrases used in this Agreement shall have the following <br />meanings (such meanings to be equally applicable to both the singular and plural forms of <br />such words and phrases): <br />“Act” means collectively, Indiana Code 36-7-11.9 and 12. <br />“Allocation Area” shall mean that portion of Allocation Area No. 1, as further described <br />on Exhibit E to be separately designated by the Redevelopment Commission under Indiana Code <br />36-7-14-39 as a new allocation area for the purpose of the allocation and distribution of property <br />taxes on real property to be used in the manner provided in Indiana Code 36-7-14-39, which shall <br />be known as the “Riverwalk Allocation Area.” <br />“Ancillary Agreements” shall mean all instruments and agreements to be entered into by <br />the Company referenced or contemplated herein, including, without limitation, the Loan <br />Agreement and the Taxpayer Agreement related to the Bonds. <br />“Bond Counsel” shall mean Barnes & Thornburg LLP. <br />“Bond Proceeds” shall mean the proceeds of the Bonds in the aggregate principal amount <br />not to exceed Seventeen Million Dollars ($17,000,000) to be loaned as set forth in the Loan <br />Agreement for application to the Project Costs. <br />“Bonds” shall mean one or more series of economic development tax increment revenue <br />bonds issued by the City pursuant to the Act and payable from the Pledged TIF Revenues, the <br />proceeds of which shall be applied to the Project Costs. <br />“Change Order” shall mean a change order that is approved or deemed approved by the <br />City for inclusion in the approved Plans and Specifications pursuant to a change proposed in a <br />Change Order Request by the Company. <br />“Change Order Request” shall mean a written request by the Company to the City for a <br />change to the approved Plans and Specifications.