HomeMy WebLinkAbout6B(1) le ( I)
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ti \ % 2. Department of
Community Investment
X865 /
Memorandum
October 30, 2014
j TO: Redevelopment Commission
FROM: Sarah Heintzelman, Business Development
SUBJECT: South Bend Chemical Development Agreement
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This Development Agreement is to invest in a drive approach along South Michigan into
s South Bend Chemical's property. This approach will allow South Bend Chemical's
trucks access to their loading and parking areas. The approach is part of their larger
1 project that includes the repaving, fencing, and overall improvement to their property,
thereby allowing them to expand their business and create two new jobs.
South Bend Chemical is located in a location that has had difficulty retaining businesses
and these improvements would help them to not only remain but expand. This
1 investment helps to increase the viability of their growth in the area.
South Bend Chemical commits to invest $90,000 into the parking and building
1 improvements, as well create two new jobs by December 31, 2016.
Staff requests approval of the Development Agreement and an amount not to exceed
1 $10,000 to complete the project.
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227 W. JEFFERSON BLVD. SOUTH BEND, IN 46601 I P: 574-235-9371 I FAX: 574-235-9021 I SOUTHBENDIN.GOV
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DEVELOPMENT AGREEMENT
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by and between
THE SOUTH BEND REDEVELOPMENT COMMISSION,
and
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SOUTH BEND CHEMICAL COMPANY,INC.
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1 DEVELOPMENT AGREEMENT
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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");
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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;
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WHEREAS, the Parties agree that it is of mutual benefit for the Parties to enter into this
Agreement relating to the Project, the Local Public Improvements and certain other matters
described herein that will include the commitments of each Party with respect thereto;
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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:
SECTION 1. DEFINITIONS.
Certain capitalized terms are used in this Agreement as specifically defined herein.
1 These definitions are set forth or referred below and/or throughout this Agreement:
1.1 Assessed Value. "Assessed Value" shall mean the market value-in-use of a
property, used for property tax assessment purposes as determined by the St. Joseph County
I Assessor.
1.2 Board of Works. "Board of Works" shall mean the Board of Public works of the
1 City, a public body granted the power to award contracts for public works pursuant to IC 36-1-
1 12.
1.3 Funding Amount. "Funding Amount" shall mean an amount not to exceed Ten
Thousand and no/100 Dollars ($10,000.00) of tax increment finance revenues to be used for
paying the costs to construct the Local Public Improvements.
1 1.4 Private Investment. "Private Investment" means the sum of the construction and
improvement costs associated with the Project, including architectural,engineering and any other
1 costs directly related to construction of the Project that are expected to contribute to increases in
the Assessed Value of the improvements comprising the Company Property. The Private
Investment is described on Exhibit B attached hereto and incorporated herein.
SECTION 2. INTERPRETATION,TERM AND RECITALS.
1 2.1 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, Section
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
1 Agreement bearing the letter or number so specified, and (iii) references to this
"Agreement" shall mean this Agreement and any exhibits and attachments hereto.
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, (c) Captions used for or in Sections, Articles and Exhibits of this Agreement
1 are for convenience of reference only and shall not affect the construction of this
Agreement. 1
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(d) The terms"include", "including"and"such as"shall each be construed as
if followed by the phrase"without being limited to".
2.2 Recitals. The Recitals set forth above are a part of this Agreement for all
purposes.
SECTION 3. GRANT OF EASEMENT.
3.1 Giant of Easement. Company shall grant to the Commission a temporary non-
1 exclusive easement on, in, over and across the Company Property to permit the Commission to
fulfill its obligations under this Agreement, including, but not limited to the construction,
equipping and delivery of the Local Public Improvements (the "Easement") in such form as
mutually agreed to between the Parties. The Easement shall (a) run with and burden the
Company Property; (b) inure to the benefit of the Commission and its contractors acting on
behalf of the Commission in connection with the construction, equipping and completion of the
Local Public Improvements; (c) bind the Company (as owner of the Company Property) and its
grantees, successors and assigns; and (d) terminate upon completion of the Local Public
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Improvements.
SECTION 4. COMPANY'S OBLIGATIONS.
4.1 Generally. The Parties acknowledge and agree that the Commission's agreements
g to perform and abide by the covenants and obligations set forth in this Agreement are material
consideration of Company's commitment to perform and abide by the covenants and obligations
1 of Company contained in this Agreement.
4.2 The Project.
(a) Company shall complete the improvements to the Company Property set
i forth on Exhibit B attached to this Agreement and made a part hereof which
Iimprovement shall comply with all zoning and land use laws and ordinances.
(b) Company shall construct or cause to be constructed each portion of the
improvements being funded by the Private Investment by the date or dates set forth on
Exhibit B corresponding to such portion of the improvements.
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I4.3 Private Investment. Company agrees to a Private Investment Commitment for the
Project of Ninety Thousand and 00/100 Dollars ($90,000.00) and other valuable consideration,
as more particularly described in Exhibit B which amount Company shall use commercially
reasonable efforts to invest in the development and construction of the Project, whether through
equity, debt, and/or third-party investment.
4.4 Cooperation. Company and Commission each agree to endorse and support the
j other party's efforts to expedite the Project through the required planning, design, permitting,
1 waiver, and related regulatory processes.
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4.5 Obtain Necessary Easements. Company agrees to obtain any all easements from
the Indiana Department of Transportation and any other third parties that the Commission deems
necessary or advisable in order to complete the Local Public Improvement and the obtaining of
such easements is a prerequisite to the Commission's obligations hereunder.
1 4.6 Timeframe for Completion. Company hereby agrees to complete the construction
of the Project and any other obligations the Company may have in conjunction and in accordance
with this Agreement by March 15,2017(the"Mandatory Completion Date").
4.7 Company's Employment Obligations. The Company shall create 2 new jobs by
December 31, 2016, with expected average hourly wages of no less than Twelve Dollars ($12)
per hour at an minimum of Thirty (30) hour per week for each employee. Any failure of the
Company to provide the stated number of jobs at the stated hourly rates shall be considered a
default under this Agreement.
I 4.8 Reporting Obligations.
I (a) Upon the letting of contracts for substantial portions of the Project and
u again upon substantial completion of the Project, Company hereby agrees to report to the
Commission the number of local contractors and local laborers involved in the Project,
Ithe amount of bid awards for each contract related to the Project, and information
regarding which contractor is awarded each contract with respect to the Project.
(b) On or before April 15, June 30, September 30 and December 31 of each
year until substantial completion of the Project, Company shall submit to the
Commission a report demonstrating Company's good-faith compliance with the terms of
jthis Agreement. This 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,
and(iii)an itemized accounting generally identifying the Private Investment to date.
(c) On or before April 15 of the year that is one year after substantial
completion of the Project and on each April 15 thereafter until April 15 of the year which
is five years after substantial completion of the Project, Company shall submit to the
Commission a report with the following information: (i) the number of jobs created as a
3 result of the Project and wage and benefit information for the jobs created; and (ii) a
detailed description of the of the job and wage details for the number of people employed
by the Project.
4.9 Submission of Plans and Specifications. Upon completion of plans and
Ispecifications for the Project,Company shall deliver a complete set thereof to the Commission.
4.10 Costs and Expenses of Construction of Project. Company hereby agrees to pay,
j or cause to be paid, all costs and expenses of construction for the Project (including legal fees,
architectural and engineering fees), exclusive of the Local Public Improvements, which shall be
I paid for by the Commission by and through the Funding Amount.
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4.11 Non-Interference. Company hereby agrees to use commercially reasonable
efforts to minimize disruption for those living and working near the Company Property during
construction of the Project.
4.12 Grant of Easement. Company agrees to take all actions necessary to grant the
Easement to the Commission, as provided for in Section 3.1 of this Agreement.
1 4.13 Insurance; Indemnity. Company shall purchase and maintain, or cause to be
purchased and maintained, Comprehensive General Liability Insurance as is appropriate for the
work being performed with respect to the Project. Company shall provide proof of such
, adequate insurance to the Commission and shall notify the City and the Commission of any
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change in or termination of such insurance. During the period of construction or provision of
services regarding any Local Public Improvements, the City shall be named as an additional ;'
insured for the minimum amounts or greater when required by law as described in Exhibit D
attached hereto and incorporated herein (but not on any worker's compensation policies). The
I Company agrees to indemnify, defend and hold harmless the Commission from and against any
third party claims suffered by the Commission resulting from or incurred in connection with the
Local Public Improvements.
4.14 Information. Company agrees to provide any and all due diligence items with
respect to the Project reasonably requested by the Commission.
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SECTION 5. COMMISSION'S OBLIGATIONS.
i 5.1 Generally. The Parties acknowledge and agree that Company's agreement to
perform and abide by the covenants and obligations set forth in this Agreement is material
consideration for the Commission's commitment to perform and abide by the covenants and
I obligations of the Commission contained in the Agreement.
5.2 Completion of Local Public Improvements.
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(a) The Commission hereby agrees to complete (or cause to be completed)the
Local Public Improvements on a schedule to be reasonably determined and agreed to by
the Commission and Company, as may be modified due to unforeseen circumstances and
delays.
J (b) Notwithstanding anything contained herein to the contrary, in the event
the costs to construct the Local Public Improvements are in excess of the Funding
I Amount, Company, at its sole option, may determine to pay to the Commission the
amount of the excess costs to permit timely completion of the Local Public
Improvements by the Commission, or an agent of the Commission, which amounts shall
3 be applied for such purpose. If Company chooses not to pay any such excess costs of the
Local Public Improvements (above the Funding Amount), the Commission may reduce
the scope of the Local Public Improvements to the amount which may be funded with the
! Funding Amount.
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5.3 Cooperation. Consistent with City policy, the Commission hereby agrees to
endorse and support Company's efforts to expedite the Project through the required planning,
design,permitting, waiver and related regulatory processes; provided,however, the Commission
shall not be required to expend any money in connection therewith. The Commission further
agrees to permit Company, or its agents, access to the Company Property through the use of the
public roads surrounding the Company Property necessary to accomplish the actions
contemplated by this Agreement.
5.4 Costs and Expenses. The Commission hereby agrees to bear its own costs and
expenses related to this Agreement (including legal fees) not directly related to the design and
construction of the Local Public Improvements (such costs to be paid from the Funding
Amount).
5.5 Public Announcements, Press Releases and Marketing Materials. The
Commission hereby agrees to coordinate all public announcements and press releases relating to
the Project with Company.
SECTION 6. COOPERATION IN THE EVENT OF LEGAL CHALLENGE.
1 6.1 Cooperation. In the event of any administrative, legal or equitable action or other
fl proceeding instituted by any person not a party to this Agreement challenging the validity of any
1 provision of this Agreement, the Parties shall cooperate in defending such action or proceeding
I to settlement or final judgment including all appeals. Each Party shall select its own legal
counsel and retain such counsel at its own expense, and in no event shall the Commission be
required to bear the fees and costs of Company's attorneys nor shall Company be required to
bear the fees and costs of the Commission's attorneys. The Parties agree that this Section 6.1
shall constitute a separate agreement entered into concurrently with this Agreement, and that if
any other provision of this Agreement, or this Agreement as a whole, is invalidated, rendered
null, or set aside by a court of competent jurisdiction, the Parties agree to be bound by the terms
of this Section 6.1,which shall survive such invalidation,nullification,or setting aside.
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SECTION 7. DEFAULT.
7.1 Default. Any failure by either Party to perform any term or provision of this
Agreement, which failure continues uncured for a period of 30 days following written notice of
such failure from the other Party shall constitute a default under this Agreement. Any notice
given pursuant to the preceding sentence shall specify the nature of the alleged failure and, where
appropriate, the manner in which said failure satisfactorily may be cured. If the nature of the
alleged failure is such that it cannot reasonably be cured within such 30-day period, then the
commencement of the cure within such time period, and the diligent prosecution to completion
of the cure thereafter, shall be deemed to be a cure within such 30-day period. Upon the
occurrence of a default under this Agreement, the non-defaulting Party may institute legal
proceedings at law or in equity (including any action to compel specific performance); provided,
that in no event shall any Party have the right to terminate this Agreement. If the default is
cured, then no default shall exist and the noticing Party shall take no further action. If Company
provides the Commission with notice of the contact information for Company's Project lender,
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then such lender shall be provided any notice of default of Company hereunder and the
1 opportunity to cure such default.
1 7.2 Reimbursement Obligation. In the event that on or before the Mandatory
Completion Date (i) Company fails to complete construction of the Project, (ii) the Company
i fails to make a Private Investment of at least $90,000.00, or (iii) Company fails to hire the
I number of employees specified in Section 4.7, then upon request of the Commission, Company
shall repay the Commission One Hundred Fifty Percent (150%) of the Funding Amount
expended by the Commission in furtherance of the Project.
SECTION S. NO AGENCY,JOINT VENTURE OR PARTNERSHIP: CONFLICT OF
INTEREST,INDEMNITY.
8.1 No Agency, Joint Venture or Partnership. It is specifically understood and agreed
to by and between the Parties that:
(a) The Project is a private development;
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1 (b) Neither the Commission, the Board of Public Works nor Company have
1 any interest or responsibilities for, or due to, third parties concerning any improvements
until such time, and only until such time, that the Commission, the Board of Public
Works and/or Company accepts the same pursuant to the provisions of this Agreement;
and
(c) The Commission, the Board of Public Works and Company hereby
renounce the existence of any form of agency relationship, joint venture or partnership
between the Commission, the Board of Public Works and Company and agree that
1 nothing contained herein or in any document executed in connection herewith shall be
construed as creating any such relationship between the Commission, the Board of Public
i Works and Company.
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j 8.2 Conflict of Interest; Commission Representatives Not Individually Liable. No
member, official, or employee of the Commission shall have any personal interest, direct or
indirect, in this Agreement, nor shall any such member, official, or employee participate in any
l decision relating to this Agreement which affects his personal interests or the interests of any
corporation, partnership, or association in which he/she is, directly or indirectly, interested. No
member, official, or employee of the Commission shall be personally liable to Company, 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 Company or successor or assign or on any obligations under the terms
of the Agreement. No partner, employee or agent of Company or successors of them shall be
personally liable to the Commission under this Agreement.
j 8.3 Indemnity. Company agrees to indemnify, defend and hold the Commission
s harmless from and against any third party claims suffered by the Commission as a result of a
i negligent act or omission of Company relating to the completion of the Project and/or the Local
3 Public Improvements unless such claims arise by reason of the negligent act or omission of the
1 Commission.
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SECTION 9. MISCELLANEOUS.
9.1 Severability. If any term or provision of this Agreement, or the application of any
term or provision of this Agreement to a particular situation, is held by a court of competent
jurisdiction to be invalid, void or unenforceable, the remaining terms and provisions of this
Agreement, or the application of this Agreement to other situations, shall continue in full force
and effect unless amended or modified by mutual consent of the parties.
9.2 Other Necessary Acts. Each Party shall execute and deliver to the other all such
other further instruments and documents as may be reasonably necessary to accomplish the
Project contemplated by this Agreement and to provide and secure to the other Parties the full
and complete enjoyment of its rights and privileges hereunder. Notwithstanding the foregoing,
the Parties understand and agree that certain actions contemplated by this Agreement may be
required to be undertaken by persons, agencies or entities that are not a party to this Agreement,
including, but not limited to certain permits, consents and/or approvals (to the extent they have
not yet been obtained and completed), and that any action by such third parties shall require
1 independent approval by the respective person, agency,entity or governing body thereof.
9.3 Waiver of Jury Trial. The parties acknowledge that disputes arising under this
Agreement are likely to be complex and they desire to streamline and minimize the cost of
resolving such disputes. In any legal proceeding, each party irrevocably waives the right to trial
by jury in any action, counterclaim, dispute or proceeding based upon, or related to the subject
matter of this Agreement. This waiver applies to all claims against all parties to such actions and
proceedings. This waiver is knowingly, intentionally and voluntarily made by both parties.
1 9.4 Attorneys' Fees. In the event of any litigation, mediation or arbitration between
1 the Parties regarding an alleged breach of this Agreement, none of the Parties shall be entitled to
j any award of attorney's fees.
9.5 Equal Employment Opportunity. Company, for itself and its successors and
assigns,agrees that during the construction of the Project:
(a) Company will not discriminate against any employee or applicant for
S employment because of race, color, religion, sex, or national origin. Company agrees to
1 post in conspicuous places, available to employees and applicants for employment,
notices setting forth the provisions of this nondiscrimination clause;and
(b) Company will state, in all solicitations or advertisements for employees
placed by or on behalf of Company, that all qualified applicants will receive
consideration for employment without regard to race, color, religion, sex, or national
origin.
9.6 Titles of Articles and Sections. Any titles of the several parts, sections, and
paragraphs of this Agreement are inserted for convenience or reference only and shall be
I disregarded in construing or interpreting any of its provisions.
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1 9.7 Counterparts. This Agreement may be executed in counterparts, all of which shall
j be deemed originals.
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9.8 Notices and Demands. A notice, demand, or other communication under this
Agreement by either party to the other shall be sufficiently given or delivered if it is dispatched
by registered or certified mail, postage prepaid, return receipt requested, or delivered personally,
and
(a) in the case of the Company, is addressed to or delivered personally to:
Company: South Bend Chemical Company,Inc.
732 S.Michigan
1 South Bend,Indiana 46601
4 Attn: Thomas Pennino
(b) in the case of the Commission is addressed to or delivered personally to:
Commission: The South Bend
Redevelopment Commission
227 W. Jefferson Blvd., Suite 14005
South Bend,IN 46601
Attn: Chris Fielding
With a copy to: Office of the Corporation Counsel
227 W. Jefferson Blvd, Suite 1200S
1 South Bend, IN 46601
1 Attn: Cristal Brisco,Esq.
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or at such other address with respect to such Party as that Party may from time to time designate
1 in writing and forward to the other as provided in this Section.
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9.9 Governing Law. This Agreement shall be interpreted and enforced according to
1 the laws of the State of Indiana.
9.10 Authority. The undersigned persons executing and delivering this Agreement on
behalf of each of the Parties represent and certify that they are the duly authorized officers of
I such Party and have been fully empowered to execute and deliver this Agreement on behalf of
1 such Party and that all necessary action to execute and deliver this Agreement has been taken by
1 such Party.
9.11 No Third-Party Beneficiaries. Nothing in this Agreement, express or implied, is
intended or shall be construed to confer upon any person, firm, or corporation other than the
1 parties hereto and their respective successors or assigns, any remedy or claim under or by reason
of this Agreement or any term, covenant, or condition hereof, as third-party beneficiaries or
otherwise, and all of the terms, covenants, and conditions hereof shall be for the sole and
exclusive benefit of the Parties herein.
I 9.12 Assignment. Company's rights under this Agreement shall be personal to
Company and shall not run with the land. Upon written consent of the Commission, Company
i may assign its rights and obligations under this Agreement to another party. Notwithstanding the
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foregoing, Company shall have the right to assign its rights and obligations under this Agreement
to another entity that is an affiliate of Company without the consent of the Commission if such
entity has the ability to complete the Project and assume all of the obligations and
responsibilities of Company under this Agreement. Additionally, Company's lender for the
Project may receive an assignment of Company's interests in this Agreement, it being
understood, however, that the obligations of the Commission under this Agreement will remain
subject to satisfaction of the obligations of Company as described herein.
9.13 Further Assurances. The Parties agree that they will each undertake in good faith
as permitted by law any action and execute and deliver any document reasonably required to
carry out the intents and purposes of this Agreement.
9.14 Facsimile Signatures. This Agreement may be executed in any number of
counterparts, each of which shall be deemed an original but all of which together shall constitute
one and the same instrument. Any telecopied version of a manually executed original shall be
deemed a manually executed original.
' 9.15 Amendment. This Agreement may be amended from time to time, in whole or in
part,by mutual written consent of the Parties.
1 [SIGNATURE PAGE FOLLOWS]
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IN WITNESS WHEREOF, the Parties hereby execute this Agreement on the date first
written above.
I COMMISSION:
CITY OF SOUTH BEND,
DEPARTMENT OF REDEVELOPMENT
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Signature
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Printed Name and Title
South Bend Redevelopment Commission
ATTEST:
Signature
Printed Name and Tide
South Bend Redevelopment Commission
STATE OF INDIANA )
) SS:
COUNTY OF ST. JOSEPH )
Before me, the undersigned, a Notary Public for and in said County and State this day
of , 2014, personally appeared and
1 , the and
of the South Bend Redevelopment Commission, and
acknowledged execution of the foregoing Development Agreement for and on behalf of South
Bend Redevelopment Commission for the use and purposes contained therein.
j IN WITNESS WHEREOF, I have hereunto subscribed my name and affixed my official
seal.
(SEAL)
1 ,Notary Public
Commission expires: Resident of County,
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DEVELOPER:
South Bend ompany,Inc.
By: ^
Thomas Pennino,Chief Executive Officer
STATE OF INDIANA )
) SS:
1 COUNTY OF ST. JOSEPH )
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1 Before me, a Notary Public in and for said County and State, personally appeared Thomas
t Pennino, Chief Executive Officer of South Bend Chemical Company, Inc. and acknowledged the
execution of the foregoing Development Agreement for and on behalf of South Bend Chemical
Company, Inc. for the use and purposes contained therein.
IIN WITNESS WHEREOF, I have hereunto subscribed my name and affixed my official
seal.
- 6in 4 R
{SEAL) ��G( C
f 3 �� ,Notary9ublic..
Commission expires: I / Resident of "J aQfe1p it County,J(74(6 vt dv
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KELLI A.MICHAEL
1 NOTARY PUBLIC
+ SEAL
STATE OF INDIANA
My Comm.Expires February 23,2017
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1 (Signature Page to Development Agreement)
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This Instrument prepared by Timothy A.Emerick,Barnes&Thornburg LLP, 100 N.Michigan Street,Suite 700,
Indiana 46601.
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I affirm,under the penalties for perjury,that I have taken reasonable care to redact each Social Security number in
this document,unless required by law. Timothy A.Emerick
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EXHIBIT A
The Company Property
Legal Description
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Atata pate of lend B5%test m wart.Nath and Souh,titan drat anthem tieentirelengthdtM Sault*hp cif Lot
Numbered Ten(10)as shown on the nsapdsd Pled dtlasan'a Sunny In the Gy a SouthBrn4 a surveyed by M.W.
t Stokes,Cosy Suemor,or,Jam♦,IMO End soadadiPM Book I,pewee h the Office of the Recorder dSL
Joseph County,kdlmr.
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EXHIBIT B
Description of Private Investment
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1 All of the following are to be completed for a total investment by Company of no less than
i Ninety Thousand and 00/100 Dollars($90,000.00).
Work to be performed:
A. Repaving of existing asphalt parking(approximately 75' x 30') lot located on the
north side of the Property. To be completed by December 31, 2014 and funded
by cash on hand or line of credit through 1st Source Bank.
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sB. Add security gate for rear lot of Property. To be completed by December 31,
2015 and funded by cash on hand.
1 C. Demolish old garage replace with new 2000 square foot facility cost. To be
completed by December 31, 2016 and funded by cash on hand or financing
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through 1st Source.
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EXHIBIT C
Description of Local Public Improvements
Construction of a curb cut at 732 South Michigan Street with a 25-foot radius, to be a
maximum of 24 feet at the throat and adhere to INDOT standards and be ADA compliant.
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EXHIBIT D
Minimum Insurance Amounts
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A. Worker's Compensation
1 1. State Statutory
2. Applicable Federal Statutory
1 3. Employer's Liability $100,000.00
B. Comprehensive General Liability
1. Bodily Injury
a. $1,000,000.00 Each Occurrence
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1 b. $5,000,000.00 Annual Aggregate Products
1 and Completed Operation
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I 2. Property Damage
a. $1,000,000.00 Each Occurrence
b. $5,000,000.00 Annual Aggregate
C. Comprehensive Automobile Liability
1. Bodily Injury
a. $500,000.00 Each Person
1 b. $500,000.00 Each Accident
1 2. Property Damage
a. $500,000.00 Each Occurrence
D. Comprehensive Liability Insurance
I. Bodily Injury
a. $1,000,000.00 Each Occurrence
b. $5,000,000.00 Annual Aggregate Products
1 and Completed Operation
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1 2. Property Damage
a. $1,000,000.00 Each Occurrence
b. $5,000,000.00 Annual Aggregate
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