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HomeMy WebLinkAbout5A2 Economic Development Agreement (Colfax Corner ML, LLC) - SignedECONOMIC DEVELOPMENT AGREEMENT THIS ECONOMIC DEVELOPMENT AGREEMENT (the “Agreement”) is made and entered into as of the ____ day of _____________, 202__, by and among the City of South Bend, Indiana, a political subdivision and municipal corporation of the State of Indiana (the “City”), the City of South Bend Department of Redevelopment, acting by and through its governing body, the South Bend Redevelopment Commission (the “Redevelopment Commission” and, together with the City, the “City Bodies”), and Colfax Corner ML, LLC, an Indiana limited liability company (the “Developer”) (the City, the Redevelopment Commission, and the Developer, each being a “Party” and collectively the “Parties”). W I T N E S S E T H: WHEREAS, the Redevelopment Commission exists and operates under the provisions of the Redevelopment of Cities and Towns Act of 1953, as amended (I.C. 36-7-14 et seq., the “Redevelopment Act”); and WHEREAS, the Redevelopment Commission desires to foster economic development and redevelopment within the City; and WHEREAS, the Developer has approached the Redevelopment Commission regarding the construction and equipping of certain economic development facilities, as more particularly described in Exhibit A attached hereto (collectively, the “Project”) on certain parcels of real property located within the City and owned or to be owned by the Developer as more particularly described in Exhibit B attached hereto (the “Project Site”); and WHEREAS, the Project Site is located within (i) the corporate boundaries of the City, (ii) that area known as the “River West Development Area” (the “Area”), an area previously determined by the Redevelopment Commission to be an economic development area under the Redevelopment Act, and (iii) that area known as the “South Bend Downtown IDD” (the “IDD”), an area designated by the Indiana Economic Development Corporation (the “IEDC”) as an innovation development district pursuant to I.C. 36-7-32.5 et seq. (the “IDD Act”) and pursuant to the terms and conditions of an agreement entered into between the IEDC and the City (the “IDD Agreement”); and WHEREAS, the Developer has requested certain economic development assistance from the City with respect to the Project; and WHEREAS, the City Bodies have determined that the completion of the Project is in the best interests of the citizens of the City, and, therefore, the City Bodies desire to take certain steps in order to induce the Developer to complete the Project; and WHEREAS, to stimulate and induce the development of the Project Site and the completion of the Project, the City Bodies have agreed, subject to further proceedings as required by law, to provide the economic development incentives described herein. 18th December 5 2 NOW, THEREFORE, in consideration of the foregoing and of the mutual covenants and agreements herein contained, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties do hereby agree as follows: ARTICLE I. DEFINITIONS The capitalized words and phrases used in this Agreement shall have the following meanings (such meanings to be equally applicable to both the singular and plural forms of such words and phrases): “Act” shall mean, collectively, Indiana Code 36-7-11.9 and 12. “Allocation Area” shall mean that portion of the Area, as further described on Exhibit E to be separately designated by the City Bodies under Indiana Code 36-7-14-39 as a new allocation area for the purpose of the allocation and distribution of property taxes on real property to be used in the manner provided in Indiana Code 36-7-14-39, which shall be known as the “Lafayette North Allocation Area.” “Ancillary Agreements” shall mean all instruments and agreements to be entered into by the Developer referenced or contemplated herein, including, without limitation, the Loan or Financing Agreement and the Taxpayer Agreement related to the Bonds. “Bond Counsel” shall mean Barnes & Thornburg LLP. “Bond Proceeds” shall mean the proceeds of the Bonds in the estimated aggregate principal amount of Thirty Million Eight Hundred Thousand Dollars ($30,800,000), with the final aggregate principal amount to be determined by the City Bodies with the advice of the City’s municipal advisor based on the amount of Projected Pledged TIF Revenues and Projected Pledged IDD Revenues available for such purposes, to be loaned or provided to the Developer for application to the Project Costs, as more specifically set forth in the Loan or Financing Agreement. “Bonds” shall mean one or more series of taxable economic development revenue bonds issued by the City pursuant to the Act and payable from the Pledged TIF Revenues and the Pledged IDD Revenues, the proceeds of which shall be applied to the Project Costs. “Claims” shall mean claims, liabilities, damages, injuries, losses, liens, costs, and/or expenses (including, without limitation, reasonable attorneys’ fees); provided that in no event shall Claims include consequential or punitive damages. “Closing” shall mean the closing with respect to the Bonds which shall not be earlier than the closing for the Project Loan. “Closing Date” shall mean the date of the Closing. “Completion Date” shall mean any date not being later than January 1, 2029. “Common Council” shall mean the Common Council of the City. 3 “Cure Period” shall mean a period of: (a) ten (10) days after written notice of such default in the case of any monetary default; and (b) thirty (30) days after a party failing to perform or observe any other term or condition of this Agreement to be performed or observed by it receives written notice specifying the nature of the default; provided that, if such default is of such a nature that it cannot be remedied within thirty (30) days, despite reasonably diligent efforts, then the thirty (30) day cure period shall be extended as may be reasonably necessary for the defaulting party to remedy the default, so long as the defaulting party: (i) commences to cure the default within the thirty (30) day period; and (ii) diligently pursues such cure to completion; provided that in no event shall a Cure Period extend more than one hundred eighty (180) days. Notwithstanding the foregoing, a Cure Period shall not be applicable to a default under an Ancillary Agreement, which shall be subject to any specific cure periods for such defaults expressly set forth in such Ancillary Agreement. “Execution Date” shall mean the date set forth in the first paragraph of this Agreement. “Fiscal Year” shall mean the period beginning each July 1 through and including June 30 of the following calendar year. “Issuance Costs” shall mean reasonable costs, fees and expenses incurred or to be incurred by the City in connection with the issuance and sale of the Bonds, including placement or other financing fees (including applicable counsel fees), attorney’s fees, financial advisor fees, professional fees, the fees and disbursements of Bond Counsel, fees of the City’s municipal or financial advisor, the acceptance fee of a trustee, if any, and the first year of the trustee’s fees or alternatively the lump sum fee for the services of a trustee during the term of the Bonds, application fees and expenses, publication costs, the filing and recording fees in connection with any filings or recording necessary under a Trust Indenture, if any, or to perfect the lien thereof, the out-of- pocket costs of the City, the costs of preparing or printing the Bonds and the documentation supporting the issuance of the Bonds, the costs of reproducing documents, and any other costs of a similar nature reasonably incurred in connection with the issuance and delivery of the Bonds, this Agreement or the Ancillary Agreements, but shall not include any of the foregoing costs, fees and expenses incurred or to be incurred by the Developer. “Laws” shall mean all applicable laws, statutes, and/or ordinances, and any applicable governmental or judicial rules, regulations, guidelines, judgments, orders, and/or decrees, including without limitation, the Act. “Loan or Financing Agreement” shall mean the agreement between the Developer and the City funding the loan or provision of the Bond Proceeds to the Developer. “Municipal Advisor” shall mean Baker Tilly Municipal Advisors, LLC. “Plat” shall mean the plat of the Project Site that has received approval of the City on or before Closing and is ultimately recorded in the Office of the Recorder of St. Joseph County, Indiana. “Pledged IDD Revenues” shall mean that portion, attributable to the Project Site, of the income tax incremental amount and the gross retail incremental amount transferred pursuant to Indiana Code 36-7-32.5-18(g) to the local innovation development district fund for the IDD 4 established pursuant to Indiana Code 36-7-32.5-19 and the IDD Agreement, to be pledged or otherwise obligated by the City Bodies and/or the IEDC to the payment of the debt service of the Bonds. “Pledged TIF Revenues” shall mean eighty-eight percent (88%) of the TIF Revenues. “Project Costs” shall mean the following categorical costs of providing for “economic development facilities” as defined and set forth in the Act: (i) Issuance Costs; (ii) the “Capitalized Interest Costs,” if any, namely a portion of the interest on the Bonds from the date of their original delivery through and including the anticipated period of construction of the portion of the Project financed by Bonds, plus one year thereafter, in accordance with the Act; (iii) all costs and expenses which the Developer shall be required to pay, or advance under the terms of any contract or contracts (including the architectural and engineering, development services with respect thereto), for the construction of the Project; and (iv) any sums required to reimburse the Developer for advances made for any of the above items or for any other costs incurred and for work done which are properly chargeable to the Project. “Project Loan” shall mean any loan incurred by the Developer from any lender to fund a portion of the costs of the Project. “Projected Pledged IDD Revenues” shall mean the final projection of the Pledged IDD Revenues prepared by the Municipal Advisor, as municipal advisor to the City Bodies, on or before the Closing Date. “Projected Pledged TIF Revenues” shall mean the final projection of the Pledged TIF Revenues prepared by the Municipal Advisor, as municipal advisor to the City Bodies, on or before the Closing Date. “Property Inspection” shall mean surveys, borings, tests, inspections, examinations, studies, and investigations, including, without limitation, environmental assessments. “RDC/City Direct Costs” shall mean all costs of the Redevelopment Commission and the City to pay annual fees of the Trustee with respect to the Bonds, if any, and any fees or reasonable costs incurred in monitoring the Pledged TIF Revenues and the Pledged IDD Revenues in the amount of $3,000 semiannually for the Bonds. “Required Permits” shall mean all permits, licenses, approvals, and consents required by the Laws for construction and use of the Project. “Site Plan” shall mean the site plan attached hereto as Exhibit C. 5 “Survey” shall mean an ALTA survey of the Project Site certified as of a current date by a reputable licensed surveyor; which Survey shall show that the Project Site is suitable for the development of the Project as contemplated in this Agreement. “Taxpayer Agreement” shall mean a Taxpayer Agreement and Consent to Real Property Tax Lien to be executed by and between the Developer and the Redevelopment Commission, under which the Developer agrees to guarantee a shortfall in the Pledged TIF Revenues relative to the Projected Pledged TIF Revenues, which guarantee shall constitute a lien on the Project equivalent to a property tax lien granted to the State of Indiana under IC 6-1.1-22-13, as permitted by IC 36- 7-25-6. “TIF Revenues” shall mean all real property tax proceeds attributable to the assessed valuation of the parcels comprising the Project Site as described at Exhibit B and located in the Allocation Area as of each assessment date in excess of the base assessed value as described in Indiana Code 36-7-14-39(b)(1) received by the Redevelopment Commission less RDC/City Direct Costs. “Title Commitment” shall mean a title insurance commitment for an owner’s policy of title insurance that: (a) is issued by a title insurer; and (b) commits to insure marketable fee simple title to the Project Site in the name of the Developer. “Title Defects” shall mean conditions or defects disclosed in the Title Commitment or the Survey that, in the sole determination of the Developer, will interfere with the construction and/or use of the Project, provided that the lien of any mortgage or other security instruments to be released at or before Closing shall not be a Title Defect. “Trust Indenture” shall mean the Trust Indenture, dated as of the first day of the month in which the Bonds are issued, between the City and a trustee jointly selected by the City and the purchaser of the Bonds. ARTICLE II. INTERPRETATION AND RECITALS 2.01 Interpretation. (a) The terms “herein,” “hereto,” “hereunder,” and all terms of similar import shall be deemed to refer to this Agreement as a whole rather than to any Article of, Section of, or Exhibit to this Agreement. (b) Unless otherwise specified, references in this Agreement to (i) “Section” or “Article” shall be deemed to refer to the Section or Article of this Agreement bearing the number so specified, (ii) “Exhibit” shall be deemed to refer to the Exhibit of this Agreement bearing the letter or number so specified, and (iii) references to this “Agreement” shall mean this Agreement and any exhibits and attachments hereto. (c) Captions used for or in Sections, Articles, and Exhibits of this Agreement are for convenience of reference only and shall not affect the construction of this Agreement. 6 (d) The terms “include,” “including,” and “such as” shall each be construed as if followed by the phrase “without being limited to.” 2.02 Recitals Part of Agreement. The representations, covenants and recitations set forth in the foregoing recitals are material to this Agreement and are hereby incorporated into and made a part of this Agreement as though they were fully set forth in this Section 2.02. 2.03 Exhibits Part of Agreement. All exhibits described herein and attached hereto are incorporated into this Agreement by reference. ARTICLE III. MUTUAL ASSISTANCE 3.01 Mutual Assistance. The parties agree, subject to further proceedings required by law, to take such actions, including the execution and delivery of such documents, instruments, petitions and certifications (and, in the case of the City Bodies, the adoption of such ordinances and resolutions subject to Section 7.03 hereof), as may be necessary or appropriate, from time to time, to carry out the terms, provisions and intent of this Agreement and to aid and assist each other in carrying out said terms, provisions and intent. ARTICLE IV. DEVELOPMENT AND PROJECT 4.01 Project and Job Creation. In connection with the completion of Project, the Developer shall invest not less than $154,000,000 by not later than the Completion Date, and reasonably expects the Project to result in the creation of approximately 340 temporary construction-related jobs during the construction of the Project having an average hourly rate of $32.64. After completion of the Project, the Developer shall operate the Project and shall use its best efforts to facilitate the creation of at least 400 new permanent full-time positions (for purposes of this Agreement, “full-time” means an average of forty (40) hours per week whether on an hourly or salaried basis) at the Project Site with average annual wages of approximately $100,000. 4.02 Project Site. The Developer has acquired, or shall cause to be acquired, and shall improve the Project Site described in Exhibit B attached hereto, subject to the performance by the City Bodies of their respective obligations under this Agreement, by constructing the Project on such Project Site, as more particularly described in Section 4.04 hereof. The Developer shall not, for so long as the Bonds are outstanding, apply for any property tax exemption for the Project or the Project Site or take any other action the result of which would make the Project or the Project Site exempt from property taxation under IC 6-1.1-10-1 et. seq. or any other law. 4.03 Utility and Stormwater Infrastructure Planning. The City Bodies and Developer shall jointly undertake solution planning for all permanent utility infrastructure exclusively required for the Project, including without limitation, stormwater management, water, sanitary sewer, electric, natural gas, and telecommunications services, and, if applicable, a future phase of the Project. A “joint undertaking” means that the City Bodies and the Developer will collaborate in good faith to identify needs, evaluate alternatives, develop mutually acceptable plans, and coordinate design and permitting related to such utility infrastructure, it being understood that the City Bodies will not incur any costs related to such utility infrastructure except for the stormwater management improvements to be undertaken by the City. The Parties acknowledge that additional utility infrastructure costs may arise in the course of planning and construction of the Project or a 7 future phase of the Project, and agree to engage in good faith discussions regarding funding strategies for such costs, provided that any contribution by the City Bodies toward such additional costs shall require mutual written agreement of the Parties. 4.04 Project Description and Project; Approval of Plans. The Project shall consist of the items and/or parameters set forth in Exhibit A attached hereto. The Developer shall commence construction of the Project by no later than ninety (90) days following the successful procurement of all permits and other governmental approvals and the satisfaction or waiver of the conditions set forth in Section 6.01 and shall complete construction and equipping of the Project by the Completion Date, subject to permitted delays provided for in Section 4.05 hereof. In addition to the City’s policies and procedures under the Laws regarding the approval of construction plans, promptly upon completion of all plans and specifications for the Project, and after receipt of all required approvals regarding such construction plans, the Developer shall deliver a complete set thereof to the City’s Executive Director, Department of Community Investment, or his or her designee, who may review said plans and specifications for the Project in his or her sole discretion to confirm they are consistent with the initial plans submitted to the Redevelopment Commission and may request revisions or amendments to be made to the same, provided, however, such approval must be provided within fifteen (15) business days of receipt of the plans and specifications for the Project, otherwise they shall be deemed approved. Following the City’s Executive Director’s initial approval or deemed approval of the plans and specifications pursuant to this Section 4.04, the Developer shall not be required to resubmit or obtain further approval for immaterial field changes, substitutions, or refinements made in the ordinary course of design and construction; provided, however, that in addition to the City’s policies and procedures under the Laws regarding the approval of construction plans, and after receipt of all required approvals regarding such revised construction plans, the Developer shall submit to the City’s Executive Director for review and approval any material changes to the approved plans and specifications that would materially alter the scope, size, exterior appearance, or intended use of the Project. The City’s Executive Director shall review any proposed material changes within fifteen (15) business days after receipt to confirm they are consistent with the initial plans submitted to the Redevelopment Commission, and failure to respond within such period shall constitute deemed approval. Any disapproval of the plans and specifications shall be accompanied by a reasonably detailed written explanation of the basis for such disapproval. 4.05 Permitted Delays. Whenever performance is required of any party hereunder, such party shall use all due diligence and take all necessary measures in good faith to perform; provided, however, that if completion of performance shall be delayed at any time by reason of acts of God, war, pandemic, civil commotion, riots, strikes, picketing, or other labor disputes, unavailability of labor or materials, or damage to work in progress by reason of fire or other casualty or similar causes beyond the reasonable control of a party (other than financial reasons), then the time for performance as herein specified shall be appropriately extended by the time of the delay actually caused by such circumstances. If (i) there should arise any permitted delay for which the Developer or any of the City Bodies is entitled to delay its performance under this Agreement and (ii) the Developer or such City Body anticipates that such permitted delay will cause a delay in its performance under this Agreement, then the Developer or such City Body, as the case may be, agrees to provide written notice to the other parties of this Agreement of the nature and the anticipated length of such delay. 8 4.06 Inspection of the Project. The Developer shall, upon five business days advance written notice delivered to the Developer, permit the City to perform an inspection of the Project, which inspection may be conducted by a third party inspector engaged by the City for such purpose, to determine compliance with the provisions of this Agreement and any applicable plans, specifications, permits or other related Project documentation which may have been approved by the City in connection therewith. Within five business days or less after such an inspection, the City may deliver to Developer a non-compliance notice in the event the City reasonably determines there is a material defect in the Project. Such non-compliance notice shall specify the material defect identified by the City. If the City timely delivers a non-compliance notice, then Developer shall correct, or cause to be corrected, as soon as is practicable, all material defects identified in the non-compliance notice, except and to the extent that any such material defects previously have been accepted, or deemed to have been accepted, by the City. Notwithstanding anything to the contrary set forth herein, all items or components of the Project with respect to which no material defects are identified in a timely non-compliance notice shall be deemed to be accepted by the City. Additionally, and to the greatest extent possible, all identified material defects shall be corrected immediately and all field changes shall be noted by the inspection and approved by the City. In the case of any such inspections, the personnel conducting the inspection shall: (i) comply with all health and safety rules of which such individuals have been informed that have been established for personnel present on the Project Site and (ii) coordinate the timing of the inspection so that the inspection does not interfere with the performance of construction. The Developer shall have the right to accompany, and/or have its construction manager accompany, the personnel conducting the inspection. Such inspection rights provided hereunder in no way otherwise limits the City from undertaking inspections pursuant to applicable Laws. Notwithstanding the foregoing, this Section shall only apply to the City’s ability to ensure the Developer’s compliance with this Agreement. Within ten (10) business days after receipt of a written request from the Developer, the City shall certify to the Developer and to any lender of the Developer or purchaser of the Project the status of inspections of the Project and whether any material defects in the Project identified in any non-compliance notice have been remedied. 4.07 Insurance. During construction of the Project, the Developer shall maintain or cause to be maintained the policies of insurance described on Exhibit F. Notwithstanding the foregoing, the Parties have agreed that Developer may satisfy such insurance obligations through a self-insurance program maintained by the Developer or an affiliate of Developer, subject to providing evidence reasonably satisfactory to the City that (i) such program provides coverages, limits, and protections (including additional insured status or its functional equivalent) substantially comparable to those required under Exhibit F and (ii) the Developer or affiliate of the Developer, as the case may be, has sufficient financial resources to provide coverage for potential claims or losses in the amounts listed on Exhibit F. Each such policy or self-insurance program shall: (a) be written by a company reasonably acceptable to City or self-insured by a responsible entity reasonably acceptable to the City; and (b) provide that it shall not be modified or canceled without written notice to City at least thirty (30) days in advance. The policy of general liability insurance shall name the City Bodies as additional insureds. The Developer shall deliver to City (i) certificates of the insurance policies required by this Section 4.07, executed by the insurance company or the general agency writing such policies, or (ii) in the event insurance coverage is provide through a self-insurance program, the Developer or an affiliate of the Developer shall provide evidence reasonably satisfactory to the City, if requested, that the Developer or its affiliate 9 has sufficient financial resources to provide coverage for potential claims or losses in the amounts listed on Exhibit F. 4.08 Employment of Local Labor. The Developer hereby agrees to provide notice to local contractors of all requests for bids, pre-bid meetings, and related meetings and information with respect to the Project so as to use commercially reasonable efforts to employ qualified local contractors and other related local labor during construction of the Project. The Developer agrees to use commercially reasonable efforts to meet with the business agents of all relevant and available local skilled trade unions to provide the details of the Project prior to contracting for the completion of the Project. For purposes of this Agreement, “local contractors” means contractors, subcontractors, trades, suppliers, and workers whose principal place of business or residence is within the north-central Indiana region in which the Project is located. 4.09 Reporting Obligations. (a) Pledged IDD Revenues Data Reporting. For so long as the Bonds are outstanding, the Developer shall incorporate (or cause to be incorporated) reporting requirements in (i) any contract or other agreement with any contractor, subcontractor, materialmen, vendor or other person or entity performing work or services at the Project Site, or (ii) in any lease with any lessee or tenant within the Project Site, to require such contractor, subcontractor, materialmen, vendor, lessee, tenant or other person or entity performing work or services at the Project Site to report to the Redevelopment 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 Site; and b) state gross retail tax, collected by a business for sales occurring at a physical location of the business in the Project Site; and c) state use tax, incurred with regard to property used in the Project Site; and d) wages and salaries of employees employed in the Project Site; and e) wages and salaries of individuals who are not employees with respect to income received for services performed in the Project Site; and f) the number of permanent full-time employees employed at the Project Site. 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 10 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. (b) Local Reporting. Upon the letting of contracts for substantial portions of the Project and again upon substantial completion of the Project, the Developer hereby agrees to report to the Redevelopment Commission the number of local contractors and local laborers involved in the Project, the cumulative amount awarded to local contractors and the name of each local contractor awarded a contract with respect to the Project for an amount greater than $50,000. (c) Semi-Annual Reporting. On or before June 30 and December 31 of each year until substantial completion of the Project, the Developer shall submit to the Redevelopment Commission a report, in the format set forth at Exhibit G, demonstrating the Developer’s good-faith compliance with the terms of this Agreement relating to the construction of the Project. The report shall include the following information and documents; (i) a status report of the construction completed to date, (ii) an update on the project schedule, (iii) an itemized accounting generally identifying the investment in the Project by the Developer not including proceeds of the Bonds, and (iv) a status report of the number of jobs created for employment at the Project Site. 4.10 Equal Employment Opportunity. The Developer, for itself and its successors and assigns, agrees that during the construction of the Project: (a) The Developer will not discriminate against any employee or applicant for employment because of race, color, religion, sex, or national origin. The Developer agrees to post in conspicuous places, available to employees and applicants for employment, notices setting forth the provisions of this nondiscrimination clause; and (b) The Developer will state, in all solicitations or advertisements for employees placed by or on behalf of the Developer, that all qualified applicants will receive consideration for employment without regard to race, color, religion, sex, or national origin. 4.11 Non-Interference. The Developer hereby agrees to use commercially reasonable efforts to minimize disruption for those living and working near the Project Site during construction of the Project. 4.12 Public Announcements, Press Releases and Marketing Materials. The Developer hereby agrees to (a) coordinate a Project “kick off” press release with the City, (b) coordinate a Project groundbreaking ceremony with the City, and (c) use commercially reasonable efforts to coordinate other significant public announcements regarding the Project with the City, subject, in each case, to any securities laws that would prevent the Developer from engaging in such coordination. The Developer agrees to allow the City and the Redevelopment Commission to distribute the Developer’s marketing materials to promote the Project. 4.13 Information. The Developer agrees to provide any and all due diligence items with respect to the Project reasonably requested by the Redevelopment Commission. The Developer further agrees to provide any information reasonably required in writing by the City and the 11 Redevelopment Commission relating to the assessed value of the real estate and improvements located on the Project Site to assist the City and the Redevelopment Commission in accurately determining the projected TIF Revenues for purposes of paying debt service on the Bonds. ARTICLE V. ECONOMIC DEVELOPMENT INCENTIVES 5.01 Taxable Economic Development Revenue Bonds. The Redevelopment Commission, and the Common Council shall each, subject to further proceedings required by law, cause the issuance of the Bonds pursuant to the Act, in an estimated aggregate principal amount of Thirty Million Eight Hundred Thousand Dollars ($30,800,000) and with a final maturity not later than thirty (30) years from the date of the issuance of the Bonds. The final aggregate principal amount of the Bonds shall be set in such amount as determined by the City Bodies with the advice of the City’s municipal advisor based on the amount of Projected Pledged TIF Revenues and Projected Pledged IDD Revenues available for such purposes. The Developer shall buy the Bonds or cause another qualified party to purchase the Bonds, and the Bonds shall not be issued until promptly after the Developer’s closing on its construction loan and/or equity investment for the Project. The Developer, as purchaser of the Bonds, shall agree that non-payment of the principal or interest on the Bonds due to insufficiency of Pledged TIF Revenues or Pledged IDD Revenues shall not be deemed to be a default under the Bonds. The proceeds of the Bonds shall be loaned or provided to the Developer and shall be used for the payment (or reimbursement to the Developer of the prior payment) of the Project Costs set forth on Exhibit A. The Developer may obtain the disbursement of proceeds of the Bonds by submitting a Disbursement Request (as such term is defined in the Trust Indenture) to the City and the trustee in accordance with the terms and conditions of the Trust Indenture, which shall be subject to approval by or on behalf of the Redevelopment Commission approval as set forth in the Trust Indenture. In the event the Bonds are sold to a third-party purchaser, the Developer shall provide a Taxpayer Agreement to guarantee a shortfall in the Pledged TIF Revenues relative to the Projected Pledged TIF Revenues to further secure the Bonds. So long as the Bonds remain outstanding, the City Bodies agree that they will not pledge the Pledged TIF Revenues or Pledged IDD Revenues to additional obligations of the City Bodies. 5.02 Bond Limitations Acknowledgements. The Developer, or the purchaser of the Bonds if not the Developer, shall (i) expressly agree that non-payment of the principal or interest on the Bonds due to the insufficiency of Pledged TIF Revenues or Pledged IDD Revenues relating to such series shall not be deemed to be a default by the City or the Redevelopment Commission under the Bonds or the Trust Indenture, (ii) acknowledge and agree that the Bonds, and the interest thereon, if any, are payable solely from the Pledged TIF Revenues and the Pledged IDD Revenues allocable to the Bonds, plus any payments under a related loan agreement or Taxpayer Agreement, and, in the event of a shortfall of such Pledged TIF Revenues, Pledged IDD Revenues or payments under a related loan agreement or Taxpayer Agreement, do not and shall not represent or constitute a debt of the City or the Redevelopment Commission within the meaning of the provisions of the Constitution or Statutes of the State of Indiana or a pledge of the faith and credit of the City or the Redevelopment Commission, and (iii) covenant that it will not sell, convey, pledge or otherwise transfer the Bonds without prior compliance with applicable state and federal securities laws. 12 ARTICLE VI. CONDITIONS TO CLOSING 6.01 Conditions to Closing. The obligations of the Parties with respect to Closing are subject to the satisfaction or waiver in writing, of the following prior to the applicable period specified in this Section 6.01: (a) Title. Within thirty (30) days after the Execution Date, the Developer shall have obtained the Title Commitment. (b) Survey. Within forty-five (45) days after the Execution Date, the Developer shall have obtained the Survey. (c) Permits. The Developer shall have completed and filed all necessary documentation to secure all Required Permits and approvals for construction and installation of the Project. (d) Title and Survey Conditions. On or before Closing, the Developer shall have determined that there are no exceptions or matters of record reflected in the Title Commitment that would constitute Title Defects and shall have also determined that, upon recordation of the Plat, the Survey: (i) describes the perimeter of the Project Site as a single parcel without gaps, gores, or overlaps; (ii) shows no encroachments thereto; (iii) shows no Title Defects thereto; (iv) establishes that no part of the Project Site upon which building improvements are to be constructed is located within: (A) a “flood hazard zone”, as shown on the applicable Federal Insurance Rate Map; or (B) a “floodway” or “flood plain”, as shown on the applicable Flood Control District Map, unless otherwise agreed to by the Developer; and (v) otherwise reasonably is acceptable to the Developer. The Developer shall be responsible, at its cost, for obtaining the policy of title insurance contemplated pursuant to the Title Commitment, together with any endorsements that it deems to be necessary or appropriate. (e) Environmental Condition. Prior to Closing, the Developer, at its expense, shall have determined that: (i) there is no contamination or pollution of the Project Site, or any groundwater thereunder, by any hazardous waste, material, or substance in violation of any Laws; and (ii) there are no underground storage tanks located on the Project Site. To the extent deemed necessary or appropriate by the Developer, the Developer shall have obtained a comfort letter issued by the Indiana Department of Environmental Management through the Indiana Brownfields Program (“IDEM”) confirming, among other things, IDEM’s opinion that the Developer meets the requirements to be considered a bona fide prospective purchaser of the Project Site. The Developer shall provide the City with all Property Inspection reports prepared for the Project Site. (f) Physical Condition. Prior to Closing, the Developer, at its expense, shall have determined that no test, inspection, examination, study, or investigation of the Project Site establishes that there are conditions that would interfere materially with the construction and use of the Project, in accordance with the terms and conditions of this Agreement. 13 (g) Zoning. Prior to Closing, the Developer shall have determined that: (i) the zoning of the Project Site is proper and appropriate for the construction of the Project and use of the Project in accordance with the terms and conditions of this Agreement; and (ii) the Project Site is subject only to commitments and restrictions that are acceptable to the Developer in its reasonable discretion. (h) Utility Availability. Prior to Closing, the Developer, at its expense and in coordination with the City Bodies pursuant to Section 4.03, shall have determined that gas, electricity, telephone, cable, water, storm and sanitary sewer, and other utility services are: (i) located within adjoining public rights-of-way or properly granted utility easements; and (ii) serving, or will serve, the Project Site at adequate pressures, and in sufficient quantities and volumes, for the construction and use of the Project in accordance with the terms and conditions of this Agreement. The City Bodies shall reasonably cooperate and provide such assistance, information, authorizations, or approvals as may be required to confirm or secure such utility availability, it being understood that the City Bodies will not incur any costs related to such utility infrastructure except for the stormwater management improvements to be undertaken by the City. (i) Required Permits. Prior to Closing, the Developer shall have: (i) obtained; or (ii) determined that it shall be able to obtain, all Required Permits. (j) Final Construction Plans. Prior to Closing, final construction plans shall have been completed and approved by the City. For purposes of this Section, “final construction plans” mean the complete and detailed plans, drawings, specifications, and related documents for the design, engineering and construction of the Project, excluding tenant interior build-out plans, and prepared by the Developer’s licensed professionals and approved by the City in accordance with applicable laws, codes, and permitting requirements. (k) Financial Ability. Prior to Closing, the Developer shall demonstrate to the reasonable satisfaction of the City that the Developer has adequate funds (proceeds from the Project Loan, Bond Proceeds, and/or cash on hand) to construct the Project. (l) Ancillary Agreements. Prior to Closing: (i) the applicable City Bodies and the Developer, each exercising commercially reasonable discretion, shall have approved the form and substance of any and all Ancillary Agreements and (ii) all other parties to the Ancillary Agreements shall have approved the form and substance of such Ancillary Agreements. (m) Financing Documents. If the Developer elects to obtain a Project Loan for the Project, then (i) prior to Closing, the Developer’s lender and the applicable City Bodies shall have approved the form and substance of the Project Loan documents, the Bond Documents, and any additional documents relating to the Project Loan and (ii) at or before Closing, the Project Loan shall be closed, and in connection therewith, the Project Loan documents and the Bond Documents, and any additional documents relating thereto shall be fully executed by all parties thereto. If the Developer does not obtain a Project Loan, the requirements of this Section shall not apply. 14 (n) Project Site. Prior to Closing, the Developer shall have closed on the acquisition of the Project Site. (o) No Breach. As of the Closing Date, there shall be no breach of this Agreement by the Parties hereto that any of said Parties have failed to cure within the Cure Period. (p) Allocation Area and Pledged TIF Revenues. The necessary actions to designate the Allocation Area and pledge the Pledged TIF Revenues to the payment of the debt service of the Bonds shall have been completed by the City Bodies. (q) Pledged IDD Revenues. The necessary actions to establish the IDD and pledge or otherwise obligate the Pledged IDD Revenues to the payment of the debt service of the Bonds shall have been completed by the City Bodies and the IEDC. (r) Approval of Bonds. The City Bodies shall have taken the necessary actions under the Act to authorize the issuance of the Bonds. If one or more of the conditions set forth in this Section 6.01 is not, or cannot be, timely and completely satisfied, as determined by the each of the Parties in their respective sole and absolute discretion, then, as its sole and exclusive remedy, any party hereto either may elect to: (i) waive where appropriate under the Laws in writing satisfaction of the conditions not satisfied and to proceed to Closing; or (ii) terminate this Agreement by a written notice to other parties hereto reserving all of the rights and remedies set forth in this Agreement and available to such Party. Notwithstanding anything to the contrary set forth herein, (1) the Parties hereto shall work diligently and in good faith to satisfy the conditions set forth in this Section 6.01 and (2) if any party hereto fails to terminate this Agreement for any unsatisfied condition on or before the earlier of (i) the Closing Date; or (ii) two (2) business days after the applicable deadline set forth in each of the foregoing subsections (a) or (b) said Party shall be deemed to have waived such condition to the extent waivable under the Laws. 6.02 Closing. Subject to the terms and conditions of this Agreement, the Closing shall occur on or before January 1, 2027, with (i) the Closing Date; and (ii) the location of the Closing; to be established mutually by the City and the Developer. ARTICLE VII. AUTHORITY 7.01 Actions. Each of the City Bodies represents and warrants that it has taken or will take (subject to further proceedings required by law and the Developer's performance of its agreements and obligations hereunder) such action(s) as may be required and necessary to enable each of the respective City Bodies to execute this Agreement and to carry out fully and perform the terms, covenants, duties and obligations on its part to be kept and performed as provided by the terms and provisions hereof. The Developer represents and warrants that it has the requisite capability to undertake, complete, and operate the Project. 7.02 Powers. The City Bodies represent and warrant that each has full constitutional and lawful right, power and authority, under currently applicable law, to execute, deliver and perform their respective obligations under this Agreement. The Developer represents and warrants 15 that it has the requisite power, right, and legal authority to execute, deliver and perform its respective obligations under this Agreement. 7.03 Future Actions. The parties acknowledge that the agreements of the City Bodies under this Agreement are subject to future actions by such bodies, and by the bodies of the City, and compliance with statutory procedures required by Laws, including public notice and public hearing requirements. The City Bodies agree to use their best efforts to complete such statutory procedures, and to coordinate with the governing bodies of the City to complete such statutory procedures, and to take the final actions required to implement such agreements. Notwithstanding anything contained herein, failure to timely complete such future statutory procedures shall not result in any liability hereunder by the City Bodies to the Developer or any party related to the Developer. ARTICLE VIII. GENERAL PROVISIONS 8.01 Indemnity; No Joint Venture or Partnership. The Developer covenants and agrees at its expense to pay and to indemnify and save the City Bodies, and their officers, agents, and employees (the “Indemnitees”) harmless of, from and against, any and all Claims resulting directly or indirectly from the Developer's (and/or any affiliate's thereof) Project activities with respect to work performed on the Project Site unless such claims, damages, demands, expenses or liabilities arise by reason of the negligent act or omission of the City Bodies, or other Indemnitees. To the extent permitted by law, the City Bodies shall indemnify and hold harmless the Developer from and against any and all Claims, to the extent arising from or connected with the negligence or willful misconduct of the City Bodies or any party acting by, under, through, or on behalf of any of the City Bodies in connection with any inspection pursuant to Section 4.06. Nothing contained in this Agreement, nor any act of the City Bodies or the Developer, or of any other person, shall be deemed or construed by any person to create any relationship of third-party beneficiary, employer and employee, principal, and agent, limited or general partners or joint ventures. The Developer is and will remain an “independent contractor” with respect to performance under this Agreement. 8.02 Time of Essence. Time is of the essence for this Agreement. The parties shall make every reasonable effort to expedite the subject matters hereof (subject to any time limitations described herein) and acknowledge that the successful performance of this Agreement requires their continued cooperation. 8.03 Conflict of Interest; No Individual Liability. No member, official, or employee of the City Bodies shall have any personal interest, direct or indirect, in this Agreement, nor shall any such member, official, or employee participate in any decision relating to this Agreement which affects their personal interests or the interests of any corporation, partnership, or association in which they, directly or indirectly, are interested. No member, official, or employee of the City Bodies shall be personally liable to the Developer or any successor in interest, in the event of any default or breach by the Commission or for any amount which may become due to the Developer or any successor in interest or on any obligations under the terms of the Agreement. No partner, employee or agent of Developer or successors of them shall be personally liable to the City Bodies under this Agreement. 16 8.04 Costs. In the event the Closing is not completed by January 1, 2027, the Developer shall pay City’s fees, including attorneys’ fees, Bond Counsel fees, municipal advisory fees and any other fees reasonably and actually incurred with respect to this Agreement on or before January 1, 2027; provided, however, Developer shall have no obligation to pay such fees if the failure to close is caused by the City’s default. 8.05 Default. (a) Events of Default. It shall be an Event of Default if either party fails to perform or observe any term or condition of this Agreement to be performed or observed by it after notice from the other party, and such default is not cured within the applicable Cure Period. (b) General Remedies. Whenever an Event of Default occurs, the non- defaulting party may take whatever actions at Law or in equity are necessary or appropriate to: (i) collect any payments due under this Agreement; (ii) protect the rights granted to the non-defaulting party under this Agreement; (iii) enforce the performance or observance by the defaulting party of any term or condition of this Agreement (including, without limitation, the right to specifically enforce any such term or condition); or (iv) cure, for the account of the defaulting party, any failure of the defaulting party to perform or observe a material term or condition of this Agreement to be performed or observed by it. If the non- defaulting party incurs any costs or expenses in connection with exercising its rights and remedies under, or enforcing, this Agreement, then the defaulting party shall reimburse the non-defaulting party for all such costs and expenses, including reasonable attorney fees. (c) No Remedy Exclusive. Except as provided to the contrary in this Agreement, no right or remedy herein conferred upon, or reserved to, a non-defaulting party is intended to be exclusive of any other available right or remedy, unless otherwise expressly stated; instead, each and every such right or remedy shall be cumulative and in addition to every other right or remedy given under this Agreement or now or hereafter existing at Law or in equity. No delay or omission by a non-defaulting party to exercise any right or remedy upon any Event of Default shall impair any such right or remedy, or be construed to be a waiver thereof, and any such right or remedy may be exercised from time to time, and as often as may be deemed to be expedient. To entitle a non-defaulting party to exercise any of its rights or remedies, it shall not be necessary for the non- defaulting party to give notice to the defaulting party, other than such notice as may be required by this Agreement or by Law. 8.06 Termination. Notwithstanding any other provision, if the Closing has not occurred before January 1, 2027, the City Bodies shall have the right to terminate this Agreement and shall have no further responsibilities hereunder. 8.07 Amendment. This Agreement, and any exhibits attached hereto, may be amended only by the mutual consent of the parties, by the adoption of an ordinance or resolution of each of the City Bodies approving said amendment, as provided by law, and by the execution of said amendment by the parties or their successors in interest. 17 8.08 No Other Agreement. Except as otherwise expressly provided herein, this Agreement supersedes all prior agreements, negotiations and discussions relative to the subject matter hereof and is a full integration of the agreement of the parties. 8.09 Severability. If any provision, covenant, agreement or portion of this Agreement or its application to any person, entity or property, is held invalid, such invalidity shall not affect the application or validity of any other provisions, covenants, agreements or portions of this Agreement and, to that end, any provisions, covenants, agreements or portions of this Agreement are declared to be severable. 8.10 Indiana Law. This Agreement shall be construed in accordance with the laws of the State of Indiana. 8.11 Venue. The Parties agree that if any litigation arises out of this Agreement that such litigation shall be brought in a court of competent jurisdiction in St. Joseph County, Indiana, unless the Parties mutually agree to an alternative method of dispute resolution. The Parties hereby waive, to the extent permitted under applicable Laws: (a) the right to a trial by jury in any action, counterclaim, dispute or proceeding based upon, or related to, matters arising from this Agreement; and (b) any right each of the Parties may have to: (i) assert the doctrine of “forum non conveniens” or (ii) object to venue. This waiver applies to all claims against all Parties to such actions and proceedings. This waiver is knowingly, intentionally, and voluntarily made by the parties hereto. 8.12 Notices. All notices and requests required pursuant to this Agreement shall be deemed sufficiently made if delivered, as follows: To the Developer: Colfax Corner ML, LLC Attn.: Tom Sardelli, Vice President Development 204 Main Building Notre Dame, IN 46556 Email: tsardelli@ancora.re With a copy to: University of Notre Dame du Lac 415 Main Building Notre Dame, Indiana 46556 Attention: Richard Bellis, rbellis@nd.edu Steve Condrin, scondrin@nd.edu And: Krieg DeVault LLP Attn: George Lepeniotis 4101 Edison Lakes Parkway, Suite 100 Mishawaka, IN 46545 18 Email: glepeniotis@kdlegal.com To the City Bodies: South Bend Redevelopment Commission 215 S. Dr. Martin Luther King Jr. Blvd, Suite 500 South Bend, IN 46601 Attn: Executive Director, South Bend Department of Community Investment Email: cbauer@southbendin.gov With a copy to: South Bend Legal Department 215 S. Dr. Martin Luther King Jr. Blvd, Suite 600 South Bend, IN 46601 Attn: Corporation Counsel Email: legaldept@southbendin.gov or at such other addresses as the parties may indicate in writing to the others in writing. Any notice required or permitted to be given to a party under this Agreement, shall be deemed given when (i) hand delivered, with evidence of receipt of such delivery, (ii) deposited into Federal Express or other similar type of overnight carrier service, (iii) two (2) business days after mailed by U.S. Certified or Registered Mail, postage prepaid, or (iv) upon the receipt of an electronic email transmission, followed by delivery by one of the other means identified in (i)-(iii). 8.13 Counterparts. This Agreement may be executed in several counterparts including by Electronic Means (as defined below), each of which shall be an original and all of which shall constitute but one and the same agreement. Any counterpart hereof signed by the party against whom enforcement of this Agreement is sought shall be admissible into evidence as an original hereof to prove the contents hereof. Moreover, the Parties hereto further acknowledge and agree that this Agreement may be signed and/or transmitted by e-mail or a .pdf document or using electronic signature technology (e.g., via DocuSign or similar electronic signature technology) (“Electronic Means”), and that such signed electronic record shall be valid and as effective to bind the party so signing as a paper copy bearing such party’s handwritten signature. The Parties further consent and agree that: (a) to the extent a party signs this Agreement using electronic signature technology, by clicking “SIGN”, such party is signing this Agreement electronically; and (b) the electronic signatures appearing on this Agreement shall be treated, for purposes of validity, enforceability, and admissibility, the same as handwritten signatures. 8.14 Assignment. Until the Project is completed, the rights and obligations contained in this Agreement may not be assigned by the Developer or any affiliate thereof without the express prior written consent of each of the City Bodies; provided, however, that the Developer may transfer all or a portion of its rights and obligations hereunder to an affiliate of the Developer upon notice to but without the consent of the City Bodies, but any such transfer to an affiliate of the Developer shall not have the effect of releasing the Developer and/or its assignees from the Developer’s obligations hereunder. Upon completion of the Project, and prior to the date that is five (5) years 19 following the Completion Date, the Developer shall be entitled to assign this Agreement to any purchaser of the Project with the express prior written consent of each of the City Bodies, which consent will not be unreasonably withheld, conditioned or delayed upon compliance by the Developer with this Section 8.14. On or after the date that is five (5) years following the Completion Date, the Developer shall be entitled to assign this Agreement to any purchaser of the Project without the City Bodies’ prior written consent; provided such purchaser shall be required to assume all obligations of the Developer under this Agreement arising after such purchase. Upon such assumption, the Developer shall be released from all obligations pursuant to this Agreement arising after the date the purchaser assumes this Agreement. With respect to any assignment of this Agreement prior to the date that is five (5) years following the Completion Date, Developer shall demonstrate to the City Bodies that the new purchaser and associated affiliates of the Project have comparable financial strength and reputation as the Developer, including its affiliates. 8.15 No Third Party Beneficiaries. This Agreement shall be deemed to be for the benefit solely of the Parties and shall not be deemed to be for the benefit of any third party. 8.16 Effective Date. Notwithstanding anything herein to the contrary, this Agreement shall not be effective until all parties hereto have executed this Agreement and the Redevelopment Commission has approved or ratified this Agreement at a public meeting. [Signatures follows on next page] IN WITNESS WHEREOF, the parties have duly executed this Agreement pursuant to all requisite authorizations as of the date first above written. CITY OF SOUTH BEND, INDIANA By: James Mueller, Mayor SOUTH BEND REDEVELOPMENT COMMISSION By: Troy Warner, President ATTEST: By:____________________________ Eli Wax, Secretary COLFAX CORNER ML, LLC By: Printed: Shannon Cullinan Title: Authorized Representative B-1 EXHIBIT A DESCRIPTION OF PROJECT • The Colfax Corner project is a catalytic mixed-use development that reimagines the former South Bend Tribune site as a connected pair of buildings: a new five-story structure at Main and Colfax and a restored historic building, joined by a public courtyard. Colfax Corner delivers 202,000 rentable square feet of flexible workspace and ground-floor retail, built to instigate collisions and ignite the region’s potential. The project includes the acquisition, development, construction, equipping, renovation, and/or reconstruction of space in the former South Bend Tribune building, along with new construction of an adjacent building along Main and Colfax. Upon completion, Colfax Corner is projected to generate substantial economic, fiscal, and community benefits, while strengthening institutional partnerships and attracting future private investment to Downtown South Bend. 2 EXHIBIT B LEGAL DESCRIPTION AND DEPICTION OF THE PROPERTY A PARCEL OF LAND LOCATED WITHIN THE NORTHWEST QUARTER OF SECTION 12, TOWNSHIP 37 NORTH, RANGE 2 EAST, PORTAGE TOWNSHIP, CITY OF SOUTH BEND, ST. JOSEPH COUNTY, INDIANA, MORE PARTICULARLY DESCRIBED AS FOLLOWS: LOTS NUMBERED 229, 230 AND 231 AS SHOWN ON THE ORIGINAL PLAT OF THE TOWN, NOW CITY, OF SOUTH BEND, AS RECORDED IN THE RECORDS OF ST. JOSEPH COUNTY, INDIANA; ALSO, THE VACATED ALLEY LYING NORTH OF AND ADJACENT TO THE NORTH LINE OF SAID LOT 231, AS VACATED BY ORDINANCE NO. 7725-87 RECORDED APRIL 7, 1987, AS INSTRUMENT NO. 8709928 IN THE ST. JOSEPH COUNTY RECORDS. also, LOTS NUMBERED 226, 227 AND 228, AS SHOWN ON THE ORIGINAL PLAT OF THE TOWN, NOW CITY, OF SOUTH BEND, AS RECORDED IN THE RECORDS OF ST. JOSEPH COUNTY, INDIANA; ALSO, THE VACATED ALLEY LYING WEST OF AND ADJACENT TO THE WEST LINE OF SAID LOTS NUMBERED 226, 227, AND 228, AS VACATED BY ORDINANCE NO. 8225-91 RECORDED JANUARY 21, 1992, AS INSTRUMENT NO. 9201978 IN THE OFFICE OF THE RECORDER OF ST. JOSEPH COUNTY, INDIANA. Containing 1.61 acres, more or less, and SUBJECT TO ALL COVENANTS, restricitions, RIGHTS-OF-WAY, AND EASEMENTS OF RECORD. JOB NO.: 24-1389 C-1 EXHIBIT C SITE PLAN D-1 EXHIBIT D PROJECT DESIGN RENDERINGS E-1 EXHIBIT E PROJECT ALLOCATION AREA E-2 E-3 E-4 MAP OF THE PROJECT ALLOCATION AREA F-1 EXHIBIT F DEVELOPER INSURANCE REQUIREMENTS A. Worker’s Compensation 1. State Statutory 2. Applicable Federal Statutory 3. Employer’s Liability $100,000.00 B. Comprehensive General Liability 1. Bodily Injury a. $5,000,000.00 Each Occurrence b. $5,000,000.00 Annual Aggregate Products and Completed Operation 2. Property Damage a. $5,000,000.00 Each Occurrence b. $5,000,000.00 Annual Aggregate C. Comprehensive Automobile Liability 1. Bodily Injury a. $500,000.00 Each Person b. $500,000.00 Each Accident 2. Property Damage a. $500,000.00 Each Occurrence G-1 EXHIBIT G Form of Report to the Redevelopment Commission (See Attached) DMS 49697798v10 G-2 City of South Bend Department of Community Investment Development Agreement Review Answer the below questions and return to the Department of Community Investment. Project Information Project Name: __________________________________________________________ Address: _______________________________________________________________ Construction Completed to Date: Project Schedule Update: Itemized Accounting of Private Investment to Date: Number of Jobs Created: Name: _______________________________________ Address: _______________________________________ _______________________________________ Position: _______________________________________ Email: _______________________________________ Signature: ___________________________________ Date: ___________________