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6gC,_) ECONOMIC DEVELOPMENT AGREEMENT THIS ECONOMIC DEVELOPMENT AGREEMENT (this "Agreement") is made and entered into as of the a8 day of J U'4 , 2014, by and between the SOUTH BEND REDEVELOPMENT COMMISSI (the "Commission"), organized and existing under Indiana Code Section 36-7-14, and NORRES NORTH AMERICA INC., a Delaware corporation with permission to operate in Indiana("NORRES"). WITNESSETH: WHEREAS, the Commission, the governing body of the City of South Bend, Indiana, Redevelopment District and the City of South Bend, Indiana, Department of Redevelopment, exists and operates under the provisions of Indiana Code Section 36-7-14, as amended from time to time (the "Act"); and WHEREAS, the Commission desires to foster redevelopment and economic development within the City of South Bend, Indiana(the "City"); and WHEREAS, NORRES is a leading German producer of technical hoses, hose systems and system accessories and wishes to expand its market to North America; and WHEREAS, NORRES is in need of a production facility and centralized warehouse to furnish the North American market (the "South Bend Production Facility and Warehouse"); and WHEREAS, the South Bend Production Facility and Warehouse proposed by NORRES would include substantial capital expenditures activities, as well as employment opportunities associated with the South Bend Production Facility and Warehouse; and WHEREAS, NORRES has submitted a Petition for Incentives pledging to create 6 new jobs during 2014 and a minimum of 25 new jobs by 2018 with hourly wages averaging $14.86 per hour for laborers, $37.05 per hour for technical staff, $34.35 per hour for Managerial staff and $15.83 for administrative staff and in addition, NORRES commits to investing $1,866,000.00 in South Bend for capital improvements to the production and warehouse facility; and WHEREAS, in order to fully develop the South Bend Production Facility and Warehouse, NORRES requires certain equipment, more particularly described in the attached Exhibit A (the "Equipment"), to be used in connection with the South Bend Production Facility and Warehouse; and WHEREAS, NORRES has requested that the Commission provide a financial incentive in order to assist with the funding of a portion of the cost of the Equipment; and WHEREAS, in order to facilitate the acquisition of the Equipment by NORRES, the Commission has agreed to take certain actions as described herein to pay for a portion of the