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DEVELOPMENT AGREEMENT
<br />This Development Agreement (this “Agreement”), is effective as of _______________,
<br />2026 (the “Effective Date”), by and between the City of South Bend, Department of
<br />Redevelopment, acting by and through its governing body, the South Bend Redevelopment
<br />Commission (the “Commission”), and South Bend Heritage Foundation, Inc., an Indiana non-
<br />profit corporation, with its registered address being 803 Lincoln Way West, South Bend, Indiana
<br />46616 (the “Developer”) (each, a “Party,” and collectively, the “Parties”).
<br />RECITALS
<br />WHEREAS, the Commission exists and operates under the provisions of the
<br />Redevelopment of Cities and Towns Act of 1953, as amended (I.C. 36-7-14 et seq., the “Act”);
<br />and
<br />WHEREAS, the Act provides that the clearance, replanning, and redevelopment of
<br />redevelopment areas are public uses and purposes for which public money may be spent; and
<br />WHEREAS, the Commission currently owns certain vacant and inactive real property
<br />described in Exhibit A (the “Property”), which the Commission agreed to sell to Developer
<br />through a certain Real Estate Purchase Agreement dated effective July 24, 2025 (the “Purchase
<br />Agreement”), inclusive of the vacant lot and all fixtures, easements, appurtenances, hereditaments,
<br />rights, powers, privileges, and other improvements thereon and/or appurtenant thereto, with
<br />closing expressly contingent upon, among other things, the award and closing of low-income
<br />housing tax credits; and
<br />WHEREAS, the Developer applied for and was awarded low-income housing tax credits
<br />to construct a multi-family building (the “Project”) in accordance with the project plan (the
<br />“Project Plan”) attached hereto as Exhibit B, but the closing of such tax credits has not yet
<br />occurred and, accordingly, title to the Property has not yet transferred; and
<br />WHEREAS, in exchange for the discounted purchase price for the Property, the Purchase
<br />Agreement contains certain post-closing development obligations that the Developer must meet
<br />with respect to the Project; and
<br />WHEREAS, the Property is located within the corporate boundaries of the City within the
<br />River West Development Area (the “Area”); and
<br />WHEREAS, the Commission has adopted (and subsequently amended, from time to time)
<br />a development plan, which contemplates development of the Area consistent with the Project; and
<br />WHEREAS, the Commission believes that accomplishing the Project as described herein
<br />is in the best interests of the health, safety, and welfare of the City and its residents; and
<br />WHEREAS, the Commission desires to facilitate and assist the Project, subject to and
<br />conditioned upon the closing of the Purchase Agreement, by undertaking the local public
<br />improvements stated in Exhibit C (the “Local Public Improvements”) and the financing thereof,
<br />subject to the terms and conditions of this Agreement and in accordance with the Act.
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