HomeMy WebLinkAbout5A2 First Amendment to Development Agreement JMS Development LLCSOUTH 8i
Department of
�\ P AVE
Community
1865
Investment
Redevelopment Commission Agenda Item
DATE:
September 15, 2016
FROM:
Aaron Kobb, Director of Economic Resources
SUBJECT:
JMS Development, LLC
PURPOSE OF REQUEST: First Amendment to Development Agreement
Specifics are:
On December 10, 2015, a Development Agreement was executed between the RDC and JMS
Development, LLC. The Agreement, in part, called for a $7.6M private investment towards
the renovation of the downtown JMS Building, resulting in 8 new jobs. Today's action is to
execute the First Amendment to Development Agreement which details the previously
approved $790K Local Public Improvements being procured as set forth in the Development
Agreement.
Staff is requesting the approval and execution of the enclosed Amendment.
INTERNAL USE ONLY: Project Code:_ISSoa 3
Total Amount new /change (inc /dec) in budget:_ ; broken down by:
Acct # Amt: ; Acct # Amt: ;
Acct # Amt: ; Acct # Amt: ;
Going to BPW for Contracting ?ON Is this item ready to encumber now?
Existing PO# Inc /Dec $
227 W. JEFFERSON BLVD. SOUTH BEND, IN 46601 1 P: 574 - 235 -9371 1 FAX: 574 - 235 -9021 1 SOUTHBENDIN.GOV
FIRST AMENDMENT TO DEVELOPMENT AGREEMENT
This First Amendment to Development Agreement (this "First Amendment ") is made effective as
of September 15, 2016 (the "Effective Date "), by and between JMS Development, LLC (the
"Developer "), and the South Bend Redevelopment Commission, the governing body of the City of South
Bend Department of Redevelopment (the "Commission ").
10:[]IrII_ &I
A. The Developer and the Commission are parties to that certain Development Agreement
dated effective December 10, 2015 (the "Development Agreement "). Capitalized terms used but not
defined herein shall have the meanings ascribed to such terms in the Development Agreement.
B. Pursuant to the Development Agreement, the Commission agreed to complete certain
Local Public Improvements relating to the Developer Property, which were to be determined and
approved by the parties through an amendment to the Development Agreement.
C. The Parties have agreed on the Local Public Improvements to be completed by the
Commission and desire to amend the Development Agreement to reflect such agreement and to make
certain additional modifications to the Development Agreement.
NOW, THEREFORE, in consideration of the mutual promises and obligations in this First
Amendment and the Development Agreement, the adequacy of which consideration is hereby
acknowledged, the Developer and the Commission agree as follows:
1. Exhibit C of the Development Agreement is hereby deleted and replaced in its entirety
with the "Exhibit C" attached hereto and incorporated herein.
2. This First Amendment may be executed in any number of counterparts, and each
counterpart shall constitute an original instrument, but all such separate counterparts shall constitute one
and the same agreement. The signature page to this First Amendment may be delivered by facsimile or
other electronic transmission and the signatures thereon shall be deemed effective upon receipt by the
intended receiving party.
3. To the extent that any of the provisions of this First Amendment are inconsistent with the
provisions in the Development Agreement, the provisions of this First Amendment shall control. To the
extent not inconsistent with the provisions in this First Amendment, the Development Agreement shall
remain unchanged, unaltered and in full force and effect.
[Signature Page Follows]
IN WITNESS WHEREOF, the Parties hereby execute this First Amendment to Development
Agreement to be effective on the Effective Date stated above.
COMMISSION: DEVELOPER:
City of South Bend, Department of
Redevelopment
Marcia I. Jones, President
ATTEST:
Donald E. Inks, Secretary
4000.0000059 38992660.002
4
JMS Development, LLC
By: Great Lakes Capital Management, LLC
Its: Manager /
By:
Ryan C. � I'?anaging Member
EXHIBIT C
Description of Local Public Improvements
The Commission will complete, or cause to be completed, the following work in accordance with
the terms and conditions of this Agreement and in compliance with all applicable laws and regulations:
1. Annex roofing improvements on the Developer Property, including tear -off and rebuilding of the
roof and providing all roofing materials and roof deck.
2. Storefront fagade improvements to the Developer Property.
3. Exterior stair tower of the Developer Property, including exterior insulation and finishing
(E.I.F.S.), masonry and engineering/installation of exterior emergency egress /stair structure.
Subject to the terms and conditions of this Agreement (including, but not limited to, Section 5.2(d)), the
Commission will complete these Local Public Improvements in accordance with the plans and
specifications provided by the Developer and approved by the Engineering Department in accordance
with Sections 4.10 and 5.2(b).