5D2 Development Agreement (Grand Leader) - Signed

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DEVELOPMENT AGREEMENT This Development Agreement (this "Agreement"), is effective as of February 13, 2025 (the "Effective Date"), by and between the City of South Bend, Department of Redevelopment, acting by and through its governing body, the South Bend Redevelopment Commission (the "Commission"), and Benjamin Miller and Christina Miller, individuals, with offices at 231 S MICHIGAN ST, South Bend, Indiana 46601 (collectively, the "Developers") (each, a "Party," and collectively, the "Parties"). RECITALS WHEREAS, the Commission exists and operates under the provisions of the Redevelopment of Cities and Towns Act of 1953, as amended (I.C. 36-7-14 et seq., the "Act"); and WHEREAS, the Act provides that the clearance, replanning, and redevelopment of redevelopment areas are public uses and purposes for which public money may be spent; and WHEREAS, Developers are in the process of acquiring certain real property described in Exhibit A, and have entered into a purchase agreement ("Purchase Agreement") attached hereto as Exhibit B, to acquire said property, together with all improvements thereon and all easements, rights, licenses, and other interests appurtenant thereto; and WHEREAS, the Developers currently have private financing and desire to construct, renovate, or otherwise rehabilitate certain elements of the Developer Property (the "Project") in accordance with the project plan (the "Project Plan") attached hereto as Exhibit C; and WHEREAS, the Developer Property is located within the corporate boundaries of the City within the River West Development Area (the "Area"); and WHEREAS, the Commission has adopted (and subsequently amended, from time to time) a development plan, which contemplates development of the Area consistent with the Project; and WHEREAS, the Developer Property is considered a local historic structure, and its activation will contribute to the commercial activity and ongoing revitalization of the downtown area; and WHEREAS, the Commission believes that accomplishing the Project as described herein is in the best interests of the health, safety, and welfare of the City and its residents; and WHEREAS, the Commission desires to facilitate and assist the Project by undertaking the local public improvements stated in Exhibit D (the "Local Public Improvements") and the financing thereof, subject to the terms and conditions of this Agreement and in accordance with the Act. NOW, THEREFORE, in consideration of the mutual promises and obligations stated in this Agreement, the adequacy of which is hereby acknowledged, the Parties agree as follows: