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DEVELOPMENT AGREEMENT THIS DEVELOPMENT AGREEMENT, made on December _, 2013, is by and between the South Bend Redevelopment Commission, governing body of the South Bend Department of Redevelopment (the "Commission ") and Great Lakes Capital Development LLC, an Indiana limited liability company (the "Developer ") (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, the Indiana legislature has determined that the clearance, planning and development of redevelopment areas are public uses and purposes for which public money may be spent; and WHEREAS, the area described on Exhibit A -1 attached hereto and incorporated herein (the "LaSalle Property ") is located within the corporate boundaries of the City of South Bend, Indiana (the "City ") and further is located within that area known as the "South Bend Central Development Area" (the "Area "), an area previously determined by the Commission to be a redevelopment area under the Act; and WHEREAS, the Commission has designated and declared and the Common Council of the City (the "Common Council ") has approved of the designation and declaration of the entire Area to be a tax increment financing allocation area and named the "South Bend Central Development Area, Allocation Area" (the "Allocation Area "); and WHEREAS, Developer desires to develop and otherwise rehabilitate a structure on the LaSalle Property into approximately 59 apartment units and retail and restaurant/event space, to be known as "The LaSalle" (collectively, the "Project "), all as more particularly depicted on Exhibit B attached hereto and incorporated herein (the "Site Plans "); and WHEREAS, the Commission has previously adopted a development plan for the Area (the "Redevelopment Plan ") which has subsequently been amended and contemplates development of the area consistent with the Project, to be located in the Area; and WHEREAS, the Commission believes that accomplishing the Project as described herein is in the best interests of the health, safety and welfare of the City and its residents and complies with the public purposes and provisions of the Act and all other applicable federal, state and local laws under which the Project has been undertaken and is being assisted; and WHEREAS, the Commission desires to facilitate the Project in accordance with the powers granted the Commission under the Act by undertaking certain local public improvements as more fully described in Exhibit C (the "Local Public Improvements ") and the financing thereof subject to the conditions contained herein; and dms.us.52637413.08