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1 <br />FIRST AMENDMENT TO DEVELOPMENT AGREEMENT <br />This FIRST AMENDMENT TO DEVELOPMENT AGREEMENT (this “First Amendment”) is <br />made and entered into to be effective as of December 11, 2025 (the “Effective Date”), by and between the <br />South Bend Redevelopment Commission (the “Commission”), and Washington Square Development LLC, <br />an Indiana limited liability company with its offices at 5-44 47th Avenue, Long Island City, New York, <br />11101 (the “Developer”) (each a “Party,” and collectively the “Parties”). <br />RECITALS <br />A. The Commission and the Developer entered into a certain Development Agreement dated <br />effective April 12, 2023, (the “Development Agreement,” attached hereto as Exhibit A), pertaining to <br />certain Local Public Improvements (“LPI”) to renovate, rehabilitate, and activate the Developer Property, <br />as defined in the Development Agreement, which is located in the River West Development Area (the <br />“Project”). <br />B. The Development Agreement defined the Funding Amount to be an amount not to exceed <br />One Million Six Hundred Thousand Dollars ($1,600,000.00) of tax increment finance revenues to be used <br />for paying the costs associated with the construction, equipping, inspection, and delivery of the LPI, with <br />a minimum Private Investment amount of not less than Thirteen Million and One Hundred Thousand <br />Dollars ($13,100,000) for the costs associated with completing the improvements set forth in the Project <br />Plan, including architectural, engineering, and any other costs directly related to completion of the Project <br />that are expected to contribute to increases in the Assessed Value of the Developer Property. <br />C. The Developer has expended more than the required Private Investment in furtherance of <br />the Project Plan, and the Commission has fully expended the Funding Amount. <br />D. The Development Agreement defined the Timeframe for Completion as no later than <br />December 31, 2025. <br />E. Developer has made significant progress towards full completion of the Project; however, <br />due to unforeseen circumstances beyond the control of the Developer, the Developer is unable to meet the <br />Timeframe for Completion as originally contemplated in the Development Agreement. <br />F. The Developer has revised designs for the Project and is prepared to move forward to fulfill <br />the commitments of the Development Agreement as set forth herein, with a commitment to increasing the <br />Private Investment to match the updated Project Plan, and an extended Timeframe for Completion. <br />G. The Commission believes that the Developer completing the Project as described in this <br />First Amendment is in the best interests of the health, safety, and welfare of the City and its residents. <br />H. 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 First Amendment, the adequacy of which is hereby acknowledged, the <br />Parties agree as follows: