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1 <br />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 ID2 LLC, an Indiana Limited Liability Company, with <br />registered offices at 1251 N. Eddy Street, Suite 200, South Bend, Indiana 46617 (the “Developer”) <br />(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 Developer is a housing developer based in the City with a goal to provide <br />quality housing; and <br />WHEREAS, the Developer and the Commission entered into a Real Estate Purchase <br />Agreement on April 9, 2026 (the “Purchase Agreement”), for certain vacant and inactive real <br />property described in Exhibit A, together with all improvements thereon and all easements, rights, <br />licenses, and other interests appurtenant thereto (for purposes of this Agreement, referred to as the <br />“Developer Property”); and <br />WHEREAS, in exchange for the discounted price for the Developer Property, the Purchase <br />Agreement contains certain post-closing development obligations the Developer must meet; and <br />WHEREAS, the Developer currently has private financing and desires to construct, <br />renovate, or otherwise rehabilitate certain elements of the Developer Property (the “Project”) in <br />accordance with the project plan (the “Project Plan”) attached hereto as Exhibit B; and <br />WHEREAS, the Developer Property is located within the corporate boundaries of the City, <br />within the River West Development Area or areas serving the Development Area (the “Area”); <br />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 City is committed to support the development of new housing in South <br />Bend; and <br />WHEREAS, the Project will create fifteen (15) housing units with the Developer <br />committing to sell no fewer than four (4) properties to households with incomes at or below one <br />hundred percent (100%) of the Area Median Income (AMI) and no fewer than three (3) additional <br />properties to households with incomes at or below one hundred twenty percent (120%) AMI; and