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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 February 12, 2025 (the “Effective Date”), by and between the <br />South Bend Redevelopment Commission (the “Commission”), and Historic Hearthstone LLC, an Indiana <br />Limited Liability Company, with offices at 615 W. Colfax South Bend, Indiana 46601 (the “Developer”) <br />(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 November 14, 2024, (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 />Seventy Thousand Dollars ($70,000.00) of tax increment finance revenues to be used for paying the costs <br />associated with the construction, equipping, inspection, and delivery of the LPI, with a minimum Private <br />Investment amount of not less than One Million and Five Hundred Thousand Dollars ($1,500,000) for the <br />costs associated with completing the improvements set forth in the Project Plan, including architectural, <br />engineering, and any other costs directly related to completion of the Project that are expected to contribute <br />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, 2027. The Developer is on track to finish the project as envisioned in the Project Plan by the <br />Timeframe for Completion. <br />E.The Developer has committed to expanding the amount of Private Investment required to <br />complete the Project Plan. <br />F.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 />G.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: <br />1.Recitals. The recitals set forth above, including each and every recital contained therein, <br />are incorporated into and made a part of this First Amendment as though fully set forth herein.