Redevelopment Commission Agenda & Packet 12.18.25 - Final

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ECONOMIC DEVELOPMENT AGREEMENT THIS ECONOMIC DEVELOPMENT AGREEMENT (the “Agreement”) is made and entered into as of the ____ day of _____________, 202__, by and among the City of South Bend, Indiana, a political subdivision and municipal corporation of the State of Indiana (the “City”), the City of South Bend Department of Redevelopment, acting by and through its governing body, the South Bend Redevelopment Commission (the “Redevelopment Commission” and, together with the City, the “City Bodies”), and Colfax Corner ML, LLC, an Indiana limited liability company (the “Developer”) (the City, the Redevelopment Commission, and the Developer, each being a “Party” and collectively the “Parties”). W I T N E S S E T H: WHEREAS, the Redevelopment 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 “Redevelopment Act”); and WHEREAS, the Redevelopment Commission desires to foster economic development and redevelopment within the City; and WHEREAS, the Developer has approached the Redevelopment Commission regarding the construction and equipping of certain economic development facilities, as more particularly described in Exhibit A attached hereto (collectively, the “Project”) on certain parcels of real property located within the City and owned or to be owned by the Developer as more particularly described in Exhibit B attached hereto (the “Project Site”); and WHEREAS, the Project Site is located within (i) the corporate boundaries of the City, (ii) that area known as the “River West Development Area” (the “Area”), an area previously determined by the Redevelopment Commission to be an economic development area under the Redevelopment Act, and (iii) that area known as the “South Bend Downtown IDD” (the “IDD”), an area designated by the Indiana Economic Development Corporation (the “IEDC”) as an innovation development district pursuant to I.C. 36-7-32.5 et seq. (the “IDD Act”) and pursuant to the terms and conditions of an agreement entered into between the IEDC and the City (the “IDD Agreement”); and WHEREAS, the Developer has requested certain economic development assistance from the City with respect to the Project; and WHEREAS, the City Bodies have determined that the completion of the Project is in the best interests of the citizens of the City, and, therefore, the City Bodies desire to take certain steps in order to induce the Developer to complete the Project; and WHEREAS, to stimulate and induce the development of the Project Site and the completion of the Project, the City Bodies have agreed, subject to further proceedings as required by law, to provide the economic development incentives described herein.