5A1 First Amendment to Economic Development Agreement (J.C. Hart Co.) - Fully Executed

Home Browse Search

FIRST AMENDMENT TO ECONOMIC DEVELOPMENT AGREEMENT This FIRST AMENDMENT TO ECONOMIC DEVELOPMENT AGREEMENT (this "First Amendment"), is made effective as of the 13th day of March, 2025, by and among the CITY OF SOUTH BEND, INDIANA, a political subdivision and municipal corporation of the State of Indiana (the "City"), the CITY OF SOUTH BEND DEPARTMENT OF REDEVELOPMENT acting by and through its governing body, the SOUTH BEND REDEVELOPMENT COMMISSION (the "Redevelopment Commission" and together with the City, the "City Bodies"), and J.C. HART COMPANY, INC., an Indiana corporation ("Developer"). RECITALS: A. The City Bodies and Developer are parties to a certain Economic Development Agreement dated as of January 9, 2025 (the "Original Agreement"). B. The City Bodies and Developer desire to modify and amend the terms of the Original Agreement to clarify the scope of the City Bodies' obligations with respect to the construction of supporting public infrastructure and the relocation of utilities, all as set forth herein. NOW, THEREFORE, in consideration of the mutual promises set forth herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows: 1. Incolporation of Recitals- Definitions. The foregoing recitals are incorporated herein. Capitalized terms not otherwise defined herein shall have the meanings given such terms in the Original Agreement. 2. Supporting Public Infrastructure. The City Bodies and Developer agree that Exhibit H to the Original Agreement is hereby deleted in its entirety and replaced with Exhibit H and Exhibit H-1 attached hereto and that Section 5.02 of the Original Agreement is hereby deleted in its entirety and replaced with the following: 5.02 Sunoorting Public Infrastructure. The City Bodies shall cause the construction of public infrastructure improvements to support the Project, including streets, sidewalks and utilities as described at Exhibit H (the "Work"), which shall be funded either by READI 2.0 funding or alternatively from TIF Revenues available to the Redevelopment Commission from Allocation No. 1. The Work shall consist of Roadway and Infrastructure Improvements (as defined in Section 1 of Exhibit H), Utility Relocations (as defined in Section 2 of Exhibit H) and Easement Releases (as defined in Section 3 of Exhibit H). The City Bodies shall cause the Work to be performed in accordance with the following requirements: (a) Construction Standards. The City Bodies shall cause the Work to be performed and completed: (i) in a good and workmanlike manner, in compliance with this Agreement and all federal, state and local laws, ordinances, regulations, rules 1