No. 2159 acknowledging changes to schedule for completion of Erskine Commons project and authorizing staff revised project schedule

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RESOLUTION NO. 2159 A RESOLUTION OF THE SOUTH BEND REDEVELOPMENT COMMISSION ACKNOWLEDGING CHANGES TO THE SCHEDULE FOR COMPLETION OF THE ERSKINE COMMONS PROJECT AND AUTHORIZING STAFF TO PREPARE A REVISED AND RESTATED AGREEMENT BY AND BETWEEN THE SOUTH BEND REDEVELOPMENT COMMISSION AND ANCHOR ACQUISITIONS, LTD. TO REFLECT THE REVISED PROJECT SCHEDULE (South Side Development Area) WHEREAS, the South Bend Redevelopment Commission ( "Commission ") has heretofore determined that developing certain real property within the South Side Development Area as a 430,000± square foot retail development known as "Erskine Commons" ( "Project ") is in the best interests of the City and its citizens; and WHEREAS, the Commission and Anchor Acquisitions, Ltd. ( "Developer ") have entered into a development agreement dated April 8, 2004 entitled "Agreement By and Between the South Bend Redevelopment Commission and Anchor Acquisitions, Ltd." ( "Agreement ") setting forth the respective obligations of the parties and the times for accomplishing certain actions in order to complete the Project; and WHEREAS, the Commission understands and agrees that, in order to reflect certain changed conditions and changes in the Project schedule, it is necessary to amend the existing Agreement by executing an Amended and Restated Agreement; and WHEREAS, it is anticipated that the Agreement, as Amended and Restated, will contain certain dates that are unknown or uncertain at the time of the adoption of this Resolution; and WHEREAS, the Commission recognizes that time is of the essence in order to accomplish certain actions relating to the Project. NOW, THEREFORE, BE IT RESOLVED BY THE SOUTH BEND REDEVELOPMENT COMMISSION AS FOLLOWS: 1. The Commission hereby acknowledges and agrees that certain changes to the Project schedule are necessary to reflect the current status of the Project and further acknowledges and agrees that it is necessary to amend and restate the Agreement By and Between the South Bend Redevelopment Commission and Anchor Acquisitions, Ltd. to reflect said changes.