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<br />DEVELOPMENT AGREEMENT
<br />This Development Agreement (this “Agreement”), is effective as of July 31, 2026 (the
<br />“Effective Date”), by and between the City of South Bend, Department of Redevelopment, acting
<br />by and through its governing body, the South Bend Redevelopment Commission (the
<br />“Commission”), and Beacon Apartments Preservation LLC, an Indiana limited liability company
<br />with registered offices at 2 Park Avenue, 23rd Floor New York, NY 10016 (the “Developer”)
<br />(each, a “Party,” and collectively, the “Parties”).
<br />RECITALS
<br />WHEREAS, the Commission exists and operates under the provisions of the
<br />Redevelopment of Cities and Towns Act of 1953, as amended (I.C. 36-7-14 et seq., the “Act”);
<br />and
<br />WHEREAS, the Act provides that the clearance, replanning, and redevelopment of
<br />redevelopment areas are public uses and purposes for which public money may be spent; and
<br />WHEREAS, the Developer is a real estate development firm focused primarily on
<br />affordable and mixed-income housing with a mission to provide quality housing projects; and
<br />WHEREAS, the Developer owns certain real property in the City of South Bend, Indiana
<br />(the “City”), described in Exhibit A, together with all fixtures, easements, appurtenances,
<br />hereditaments, rights, powers, privileges, and other improvements there on and/or appurtenant
<br />thereto (the “Developer Property”); and
<br />WHEREAS, the Developer currently has private financing and desires to construct,
<br />renovate, or otherwise rehabilitate certain elements of the Developer Property (the “Project”) in
<br />accordance with the project plan (the “Project Plan”) attached hereto as Exhibit B; and
<br />WHEREAS, the Developer Property is located within the corporate boundaries of the City,
<br />within the River West Development Area or areas serving the River West Development Area (the
<br />“Area”); and
<br />WHEREAS, the Commission has adopted (and subsequently amended, from time to time)
<br />a development plan, which contemplates development of the Area consistent with the Project; and
<br />WHEREAS, the City is committed to supporting the development, rehabilitation, and
<br />preservation of affordable housing in South Bend; and
<br />WHEREAS, the Project will rehabilitate approximately 174 affordable rental units, and the
<br />Project will contribute to the revitalization of the surrounding area and add vibrancy to the
<br />neighborhood; and
<br />WHEREAS, the Commission believes that accomplishing the Project as described herein
<br />is in the best interests of the health, safety, and welfare of the City and its residents; and
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