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2 <br />I. The Notre Dame hydroelectric project and the City’s Seitz Park project occurred at <br />a locations adjacent to the Project and each experienced significant unforeseen delays, which were <br />outside the Developer’s reasonable control, and impacted the Developer’s ability to construct its <br />Phase II. <br />J. The Developer has kept the Commission informed on a continuous basis of its <br />efforts in constructing the Project, including the factors that arose outside of the Developer’s <br />reasonable control, which caused Phase II of the Project to be delayed and not completed prior to <br />the completion date as it was originally defined in the Development Agreement. <br />K. As of the Effective Date of this Second Amendment, no portion of the Funding <br />Amount has been expended on Phase II of the Project. <br />L. The conflicting projects in the vicinity of the Developer Property have recently <br />been completed and the Parties now desire to amend the Development Agreement to increase the <br />Funding Amount and Private Investment, and to recognize certain other changes in the Project. <br />M. The Developer has revised designs for Phase II of the Project and is prepared to <br />move forward to fulfill the commitments of the Development Agreement as set forth herein. <br />N. The Commission believes that the Developer completing Phase II of the Project as <br />described in this Second Amendment is in the best interests of the health, safety, and welfare of <br />the City and its residents. <br />O. The Parties now desire to amend the Development Agreement as set forth herein. <br />AGREEMENT <br />NOW, THEREFORE, in consideration of the mutual promises and obligations stated in the <br />Development Agreement and this Second Amendment, the adequacy of which is hereby <br />acknowledged, the Parties agree as follows: <br />1. Recitals. The recitals set forth above, including each and every recital contained <br />therein, are incorporated into and made a part of this Second Amendment as though fully set forth <br />herein. <br />2. Amendments. The Development Agreement is hereby amended as follows: <br />a) In Section 1.3, the text “Five Million Two Hundred Thirty-Seven Thousand <br />Dollars ($5,237,000.00)” shall be deleted and replaced with the following: <br />“Nine Million Seven Hundred Thirty-Seven Thousand Dollars <br />($9,737,000.00).” <br />b) In Section 1.4, the text “Thirty-Eight Million Five Hundred Thousand <br />Dollars ($38,500,000.00)” shall be deleted and replaced with the following: <br />“Sixty-Three Million Dollars ($63,000,000.00).”