Laserfiche WebLink
1 <br />SECOND AMENDMENT TO DEVELOPMENT AGREEMENT <br />This SECOND AMENDMENT TO DEVELOPMENT AGREEMENT (this “Second <br />Amendment”) is made and entered into to be effective as of August 28, 2025 (the “Effective <br />Date”), by and between the South Bend Redevelopment Commission (the “Commission”), and <br />Wharf Partners, LLC, an Indiana limited liability company with its registered address at P.O. Box <br />148, South Bend, Indiana 46624 (the “Developer”) (each a “Party,” and collectively the “Parties”). <br />RECITALS <br />A. The Commission and the Developer entered into a certain Development Agreement <br />dated effective February 22, 2018, as amended by a First Amendment to Development Agreement <br />dated December 13, 2018 (collectively the “Development Agreement,” attached hereto as Exhibit <br />A), pertaining to certain Local Public Improvements (“LPI”) to renovate, rehabilitate, and activate <br />the Developer Property, as defined in the Development Agreement, which is located in the River <br />East Development Area (the “Project”). <br />B. Section 4.5 of the Development Agreement established commencement and <br />completion deadlines for each of the two phases of the Project (“Phase I” and “Phase II”). <br />C. The Developer completed Phase I of the Project, with the residential units having <br />been issued a Certificate of Occupancy on December 23, 2019, the private underground parking <br />garage issued a Certificate of Occupancy on December 23, 2019. <br />D. The Developer’s commercial tenant opened a ground floor restaurant opening to <br />the public on August 15, 2024, and met the required Job Creation Requirements. <br />E. The Development Agreement defined the Funding Amount to be an amount not to <br />exceed Five Million Two Hundred Thirty-Seven Thousand Dollars ($5,237,000.00) of tax <br />increment finance revenues to be used for paying the costs associated with the construction, <br />equipping, inspection, and delivery of the LPI, with a minimum Private Investment amount of not <br />less than Thirty Eight Million Five Hundred Thousand Dollars ($38,500,000) for the costs <br />associated with completing the improvements set forth in the Project Plan (inclusive of Phase I <br />and Phase II , Parts 1 and 2), including architectural, engineering, and any other costs directly <br />related to completion of the Project that are expected to contribute to increases in the Assessed <br />Value of the Developer Property. <br />F. Through the completion of Phase I, the Commission has expended Two Million <br />Seven Hundred Thirty-Seven Thousand Dollars ($2,737,000.00) of the Funding Amount. <br />G. Through the completion of Phase I, the Developer has expended Twenty-Four <br />Million Five Hundred Thousand ($24,500,000) of the Private Investment. <br />H. Under the Development Agreement, the Developer had an obligation to <br />accommodate the needs of the City’s parks and trails projects, the project commonly known as the <br />Notre Dame hydroelectric project and reconstruction of Seitz Park, and any other construction or <br />improvement projects in the vicinity of the Project to avoid disruption to such projects.