5A2 Notice to Commence Agreement (Madison Lifestyle, Great Lakes Capitol) - Fully Executed

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Docusign Envelope ID: 445E3BC9-B4DF-85DA-80E4-E5228A18F7BD nothing in this Section shall be construed to guarantee any specific level of IDD revenue or to require the Commission to supplement IDD revenues that fall short of projections. Nothing contained herein shall be interpreted as limiting the Commission's ability to utilize one or more lawful financing, reimbursement, revenue capture, infrastructure participation, lease, operational, or economic development tools in furtherance of the municipal participation framework contemplated herein and consistent with applicable Indiana statutory tools. 6. Reportin Obligations; Pledged IDD Revenues Data Reporting. The Developer's obligations with respect to Sections 4.7 and 4.9 of the Development Agreement shall remain binding and unchanged. In addition, consistent with the requirements of I.C. 36-7-32.5- 16.5, the Developer acknowledges that contractors and subcontractors performing work at the project site will be required to maintain records of all state gross retail and use taxes paid or collected for tangible personal property incorporated into the project and to report such information to the Indiana Department of Revenue on or before July 31 of each year. Additionally, for so long as the Bond is outstanding and the pledge of IDD revenues contemplated under Section 5 have been approved by IEDC are in effect, the Developer shall incorporate (or cause to be incorporated) reporting requirements in (i) any existing or future contract or other agreement with any contractor, subcontractor, materialmen, vendor or other person or entity performing work or services at the Project, or (ii) in any existing or future lease with any lessee or tenant within the Project, to require such contractor, subcontractor, materialmen, vendor, lessee, tenant or other person or entity performing work or services at the Project to report to the Commission on or before each September 1, the following information for the immediately preceding Fiscal Year: (a) Any gross retail and use tax incurred and paid by any contractor with regard to tangible personal property incorporated into real property that is located in the Project; and (b) State gross retail tax, collected by a business for sales occurring at a physical location of the business in the Project; and (c) State use tax, incurred with regard to property used in the Project; and (d) Wages and salaries of employees employed in the Project; and (e) Wages and salaries of individuals who are not employees with respect to income received for services performed in the Project; and (f) The number of permanent full-time employees employed at the Project. The Developer shall use commercially reasonable efforts to ensure that the required reporting provisions are included in all such contracts, agreements, and leases but shall not be deemed in default of this Section to the extent any third party fails to provide information that is not within the Developer's possession or control. The Developer shall be solely responsible for collecting and verifying any data provided pursuant to this Section. 7. Phase 2; Future Notice to Commence. The Parties acknowledge and agree that the Project has been contemplated as a multi -phase development, with Phase 2 consisting of additional residential, commercial, and related components to be developed in connection with the NOTICE TO COMMENCE AGREEMENT PAGE 6