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2 <br />WHEREAS, the Project will contribute to the revitalization of the surrounding area and <br />add vibrancy to the neighborhood through construction on currently vacant land; 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. <br />NOW, THEREFORE, in consideration of the mutual promises and obligations stated in <br />this Agreement, the adequacy of which is hereby acknowledged, the Parties agree as follows: <br />SECTION 1. DEFINITIONS. <br />Unless otherwise defined in this Agreement, capitalized terms used in this Agreement have <br />the following meanings: <br />1.1 Assessed Value. “Assessed Value” means the market value-in-use of a property, <br />used for property tax assessment purposes as determined by the St. Joseph County Assessor. <br />1.2 Board of Works. “Board of Works” means the Board of Public Works of the City, <br />a public body granted the power to award contracts for public works pursuant to I.C. 36-1-12. <br />1.3 Funding Amount. “Funding Amount” means an amount not to exceed Nine <br />Hundred Fifty Thousand Dollars ($950,000.00) of tax increment finance revenues to be used for <br />paying the costs associated with the construction, equipping, inspection, and delivery of the Local <br />Public Improvements. <br />1.4 Private Investment. “Private Investment” means an amount no less than Two <br />Million One Hundred Thousand Dollars ($2,100,000.00) to be expended by the Developer for the <br />costs associated with constructing the improvements set forth in the Project Plan, including <br />architectural, engineering, and any other costs directly related to completion of the Project that are <br />expected to contribute to increases in the Assessed Value of the Developer Property. <br />SECTION 2. INTERPRETATION, TERMS, AND RECITALS. <br />2.1 Interpretation. <br />(a)The terms “herein,” “hereto,” “hereunder,” and all terms of similar import <br />shall be deemed to refer to this Agreement as a whole rather than to any Article of, Section <br />of, or Exhibit to this Agreement. <br />(b)Unless otherwise specified, references in this Agreement to (i) “Section” or <br />“Article” shall be deemed to refer to the Section or Article of this Agreement bearing the <br />number so specified, (ii) “Exhibit” shall be deemed to refer to the Exhibit of this Agreement