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1 I l 1 1 1 DEVELOPMENT AGREEMENT a This Development Agreement (this "Agreement"), is made as of October 2014 (the "Effective Date"), by and between the South Bend Redevelopment Commission, governing body of the South Bend Department of Redevelopment(the"Commission")and South Bend Chemical Company, Inc., an Indiana corporation (the "Company") (each sometimes being referred to t 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(the"Act"); I 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; WHEREAS, the property more particularly described in Exhibit A, together with all improvements thereon and all easements, rights, licenses and other interests appurtenant thereto (collectively, the "Company 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; 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"); WHEREAS, Company desires to develop and otherwise rehabilitate a parking lot and structure on the Company Property (as defined below) (collectively, the "Project"), all as more particularly described on Exhibit B attached hereto and incorporated herein(the"Site Plans"); WHEREAS, the Commission has previously adopted a development plan for the Area (the "Redevelopment Plan"), which has subsequently been amended from time to time and contemplates development of the area consistent with the Project, to be located in the Area; 1 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; 1 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 1 as more fully described in Exhibit C (the "Local Public Improvements") and the financing thereof subject to the conditions contained herein; t i 3 4