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ECONOMIC DEVELOPMENT THIS ECONOMIC DEVELOI (this "MOU ") is made and entered into SOUTH BEND REDEVELOPMENT Department of Redevelopment (the "Co (the "Company "). WI WHEREAS, the Commission exis Section 36 -7 -14, as amended from time to WHEREAS, the Commission desire within the City of South Bend, Indiana (the WHEREAS, the Company op engineering and fabricating steel struct markets and presently has manufacturii Indiana, and corporate offices located in WHEREAS, the Company has al construct and equip a manufacturing fac consolidate therein the Company's pr Company's manufacturing resources (the WHEREAS, the Company will lc attached hereto and incorporated herein Economic Development Area in the City the Commission as an economic develop for purposes of tax increment finance ( "T WHEREAS, the Company also pi . in the City within ten (10) years of the corporate offices or through the construct the City; and WHEREAS, the Company expects phase consisting of a manufacturing facili result in a building investment of al Improvements"); and WHEREAS, the Company also pl within ten (10) years from the date hereof Real Estate or by making an addition to US.54209507.06 6a t� C) OF UNDERSTANDING MEMORANDUM OF UNDERSTANDING 20th day of June, 2014, by and between the SSION, the governing body of the South Bend "), and: NELLO INC., an Indiana corporation ESSETH: rid operates under the provisions of Indiana Code (the "Act "); and foster redevelopment and economic development Y`T and in the steel fabrication industry by designing, r the telecommunication, utility and wind energy lities located in Fort Worth, Texas, and Bremen, :v: and .hed the City regarding the Company's desire to cared in the City of a type and size necessary to manufacturing operations and to increase the ;ct "); and the Project on real property described at Exhibit A "Real Estate ") which is located within the Airport "Area') which Area was previously designated by area pursuant to the Act and as an allocation area and :o increase the size of its corporate offices located hereof either through expansion of its existing or acquisition of new corporate offices located in to the Project in two (2) phases with the first in one or more buildings that is expected to ;ly $14,500,000 (the "Phase I Building to expand the Phase I Building Improvements - ecting an additional building or buildings on the Phase I Building Improvements (the "Phase II