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DEVELOPMENT AGREEMENT THIS DEVELOPMENT AGREEMENT, made on , 2013, is by and among the South Bend Redevelopment Commission, governing body of the South Bend Department of Redevelopment (the "Commission'), and 112 West Jeff, LLC, an Indiana limited liability company (the "Owner ") (each sometimes being referred to herein as a "Party" or collectively as the "Parties "). RECITALS WHEREAS, the Commission exists and operates under the provisions of Indiana Code § 36 -7 -14, commonly known as the 'Redevelopment of Cities and Towns Act of 1953," as amended from time to time ( "Act"); and WHEREAS, Studebaker Plaza, the area described at Exhibit A attached hereto and incorporated herein (the "Plaza ") is located within the corporate boundaries of the City; and WHEREAS, pursuant to IC 36- 7- 14- 12.2(a)(22), the Commission may contract for the construction of local public improvements that are necessary for redevelopment or economic development within the corporate boundaries of the City; and WHEREAS, the Commission desires to construct certain local public improvements to create a user friendly open space that will facilitate and enhance the use of the Plaza and the downtown South Bend by pedestrians, which is an important component of a vibrant urban area; and WHEREAS, the Commission desires to facilitate the construction of local public improvements in accordance with the powers granted the Commission under the Act by undertaking the Improvements (defined herein) subject to the conditions contained herein; and WHEREAS, the local public improvements being funded and constructed by the Commission are described at Exhibit B attached hereto and incorporated herein (the "Improvements "); and WHEREAS, on November 8, 2012, the Commission entered into an "Agreement for License" with the Owner permitting the Commission to enter into the Plaza and to construct and install the Improvements. WHEREAS, the Parties agree that it is of mutual benefit for the Parties to enter into this Agreement relating to the Improvements and certain other matters described herein that will include the commitments of each Party with respect thereto; and NOW, THEREFORE, in consideration of the mutual promises and obligations in this Agreement, the adequacy of which consideration is hereby acknowledged, the Parties agree as follows: