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<br />2 <br /> <br />WHEREAS, on July 31, 2025, the St. Joseph County Board of Managers for Hotel-Motel <br />Tax awarded project a grant of Seven Hundred Fifty Thousand Dollars ($750,000.00) to be made <br />available to the Developer with matching funding from the Commission; and <br />WHEREAS, the Developer desires to redevelop the Developer Property into an <br />entertainment and hospitality destination designed to transform an underutilized site into a vibrant <br />public destination known as “The Yard,” which will feature dining, entertainment, and recreational <br />attractions in a family-friendly urban environment; <br />WHEREAS, the Developer Property is located within the corporate boundaries of the City <br />within the River East 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 D and Exhibit E (together and collectively, the “Local <br />Public Improvements”) and the financing thereof, subject to the terms and conditions of this <br />Agreement and in accordance with 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: <br />1.1 Assessed Value. “Assessed Value” means the market value-in-use of a property, <br />used for property tax assessment purposes as determined by the St. Joseph County Assessor. <br />1.2 Board of Works. “Board of Works” means the Board of Public Works of the City, <br />a public body granted the power to award contracts for public works pursuant to I.C. 36-1-12. <br />1.3 Funding Amount. “Funding Amount” means an amount not to exceed Three <br />Million Seventy-Five Thousand Dollars ($3,075,000.00) of tax increment finance revenues to be <br />used for paying the costs associated with the construction, equipping, inspection, and delivery of <br />the Local Public Improvements. <br />1.4 Liquidated Damages. “Liquidated Damages” means (a) One Hundred Fifty Percent <br />(150%) of the portion of the Funding Amount expended by the Commission in furtherance of the <br />local public improvements as defined in Exhibit D and (b) One Hundred Percent (100%) of the <br />portion of the Funding Amount expended by the Commission in furtherance of the local public <br />improvements as defined in Exhibit E.