Creating an Industrial Development Fund

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DEVELOPMENT AGREEMENT BETWEEN THE CITY OF SOUTH BEND AND NEW ENERGY CORPORATION OF INDIANA, INC. .This Development Agreement, made and entered into this 9th day of October, 1981, by the City of South Bend, Indiana, a municipal corporation duly organized and existing pursuant to the laws of the State of Indiana (hereinafter referred to as "City ") and New Energy Corporation of Indiana, Inc., an Indiana corporation duly organized and existing pursuant to the laws of the State of Indiana (here- inafter referred to as "New Energy "), for purposes of the develop- ment of an ethanol production facility in the City of South Bend, Indiana. W I T N E S S E T H: WHEREAS, New Energy desires to construct an ethanol production facility on a site within the City described as follows (hereinafter referred to as "site "): A parcel of property in Section 16, Township 37 North, Range 2 East including the east one -half of the northeast one - quarter of the southwest one - quarter of Section 16 and the north one -half of the southeast one - quarter of Section 16, EXCEPTING therefrom a certain tract of land de- scribed as beginning at the northeast corner of the southwest quarter of said Section 16; thence south 33 feet, thence west 16 feet; thence south parallel with the east line of said Section 16 367 feet, thence west parallel with the center- line of said Section 16, to the east line of the right -of -way of the New Jersey, Indiana and Illinois Railroad Company as the same has been and is now located; thence northeasterly along the easterly line of said right -of -way to the east and west centerline of said Section 16; ,.,thence-along said --centerline of said Section 16 to the east line thereof and the place of begin - ning containing 27.017 acres, more or less, and conveyed to the New Jersey, Indiana and Illinois Railroad Company by deeds recorded respectively in Deed Record 164, Page 140 and Deed Record 193, Page 191, of the records of St. Joseph County, Indiana;