5A3 Development Agreement (Tri-Day Development) - Fully Executed

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2 NOW, THEREFORE, in consideration of the mutual promises and obligations stated in this Agreement, the adequacy of which is hereby acknowledged, the Parties agree as follows: SECTION 1. DEFINITIONS. Unless otherwise defined in this Agreement, capitalized terms used in this Agreement have the following meanings: 1.1 Assessed Value. “Assessed Value” means the market value-in-use of a property, used for property tax assessment purposes as determined by the St. Joseph County Assessor. 1.2 Board of Works. “Board of Works” means the Board of Public Works of the City, a public body granted the power to award contracts for public works pursuant to I.C. 36-1-12. 1.3 Funding Amount. “Funding Amount” means an amount equal to the actual documented costs incurred by or on behalf of the Commission for the construction, equipping, inspection, and delivery of the Local Public Improvements, payable from tax increment finance revenues, in an amount not to exceed Four Million Six Hundred Thousand Dollars ($4,600,000.00). Nothing herein shall be construed to require the Commission to expend the full Funding Amount, and the Commission’s financial obligation shall be limited to the actual costs of the Local Public Improvements approved and incurred in accordance with this Agreement. The Funding Amount is subject to the conditions set forth in Section 5.1, including the availability of financing and any required public approvals related thereto. 1.4 Private Investment. “Private Investment” means an amount no less than Thirteen Million Seven Hundred Thousand Dollars ($13,700,000.00) to be expended by the Developer for the costs associated with constructing the improvements set forth in the Project Plan, including architectural, engineering, and any other costs directly related to completion of the Project that are expected to contribute to increases in the Assessed Value of the Property, excluding the Funding Amount. SECTION 2. INTERPRETATION, TERMS, AND RECITALS. 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 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.