Redevelopment Commission Agenda & Packet 06.25.26

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NOTICE TO COMMENCE AGREEMENT PAGE 1 NOTICE TO COMMENCE AGREEMENT This Notice to Commence Agreement (this “Commencement Agreement”) is made and entered into effective as of June 25, 2026 (the “Effective Date”), by and between GREAT LAKES CAPITAL DEVELOPMENT LLC, an Indiana limited liability company (the “Developer”), and the CITY OF SOUTH BEND, DEPARTMENT OF REDEVELOPMENT, acting by and through its governing body, the SOUTH BEND REDEVELOPMENT COMMISSION (the “Commission”). The Developer and the Commission are each referred to herein as a “Party” and collectively as the “Parties.” RECITALS A. The Parties entered into that certain Development Agreement dated March 28, 2024, as amended by a First Amendment dated August 22, 2024, a Second Amendment dated September 25, 2025, a Third Amendment dated March 26, 2026, and a Fourth Amendment dated May 28, 2026 (collectively, the “Development Agreement”), which sets forth various rights and obligations related to the development of the Project Property (as defined in the Development Agreement). B. Subsequently, the Parties entered into that certain Confirmation Agreement effective November 25, 2024 (the “Confirmation Agreement”) which, together with Section 3.2 of the Development Agreement, sets forth certain agreements related to advancement of the Project prior to and upon execution of a Notice to Commence. C. The Parties desire to (i) authorize commencement of Phase 1 construction activities subject to the terms set forth herein, (ii) confirm the status of the conditions set forth in Section 3.2 of the Development Agreement for Phase 1, (iii) address and update certain economic metrics applicable to Phase 1 of the Project, and (iv) memorialize the Parties’ mutual agreement regarding further process for Phase 2 planning and any Notice to Commence for Phase 2. AGREEMENT NOW, THEREFORE, in consideration of the foregoing and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties agree as follows: 1. Recitals and Incorporation of Prior Agreements. The recitals above are incorporated into the body of this Commencement Agreement as if fully set forth herein and made a part hereof. The Development Agreement and Confirmation Agreement are incorporated herein by reference as though fully set forth herein. Capitalized terms used herein but not otherwise defined shall have the meanings set forth in the Development Agreement. To the extent any provision of the Development Agreement, the Confirmation Agreement, or any prior Project agreement conflicts with or is inconsistent with this Commencement Agreement, the terms of this Commencement Agreement shall control and shall be deemed an amendment to such prior agreements. Docusign Envelope ID: 445E3BC9-B4DF-85DA-80E4-E5228A18F7BD