5D1 3rd Amendment to Development Agreement (Wharf Partners LLC) - Fully Executed

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1 THIRD AMENDMENT TO DEVELOPMENT AGREEMENT This THIRD AMENDMENT TO DEVELOPMENT AGREEMENT (this “Third Amendment”) is made and entered into to be effective as of March 26, 2026 (the “Effective Date”), by and between the South Bend Redevelopment Commission (the “Commission”), and Wharf Partners, LLC, an Indiana limited liability company with its registered address at P.O. Box 148, South Bend, Indiana 46624 (the “Developer”) (each a “Party,” and collectively the “Parties”). RECITALS A.The Commission and the Developer entered into a certain Development Agreement dated effective February 22, 2018, as amended by a First Amendment to Development Agreement dated December 13, 2018, and a Second Amendment to Development Agreement dated August 28, 2025 (collectively the “Development Agreement,” attached hereto as Exhibit A), pertaining to certain Local Public Improvements (“LPI”) to renovate, rehabilitate, and activate the Developer Property, as defined in the Development Agreement, which is located in the River East Development Area (the “Project”). B.The Development Agreement defined the Funding Amount to be an amount not to exceed Nine Million Seven Hundred Thirty-Seven Thousand Dollars ($9,737,000.00) of tax increment finance revenues to be used for paying the costs associated with the construction, equipping, inspection, and delivery of the LPI, with a minimum Private Investment amount of not less than Sixty-Three Million Dollars ($63,000,000) for the costs associated with completing the improvements set forth in the Project Plan (inclusive of Phase I and Phase II , Parts 1 and 2), including architectural, engineering, and any other costs directly related to completion of the Project that are expected to contribute to increases in the Assessed Value of the Developer Property. C.As of the Effective Date of this Third Amendment, no portion of the Funding Amount has been expended on Phase II of the Project. D.The Parties desire to amend the Development Agreement to increase the Funding Amount and Private Investment, and to recognize certain other changes in the Project. E.The Commission believes that the Developer completing Phase II of the Project as described in this Third Amendment is in the best interests of the health, safety, and welfare of the City and its residents. F.The Parties now desire to amend the Development Agreement as set forth herein. AGREEMENT NOW, THEREFORE, in consideration of the mutual promises and obligations stated in the Development Agreement and this Third Amendment, the adequacy of which is hereby acknowledged, the Parties agree as follows: 1.Recitals. The recitals set forth above are incorporated into and made a part of this Third Amendment as though fully set forth herein.