HomeMy WebLinkAboutNo. 2159 acknowledging changes to schedule for completion of Erskine Commons project and authorizing staff revised project scheduleRESOLUTION 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.
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2. The Commission hereby directs and authorizes staff and legal counsel to
negotiate and prepare documentation consistent with and necessary to accomplish the
Project including, but not limited to, the preparation of an Amended and Restated
Agreement in a form that is acceptable to legal counsel.
3. This Resolution shall be in full force and effect upon its adoption by the
South Bend Redevelopment Commission.
ADOPTED at a meeting of the South Bend Redevelopment Commission held on April 1,
2005, at 1.308 County-City Building, 227 West Jefferson Boulevard, South Bend, Indiana 46601.
SOUTH BEND REDEVELOPMENT COMMISSION
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Its: President
0 ATTEST:
By:
Its: ' Secretary
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HAWPDATA\PR0JECTS\SSDA\ANCH0R PROJECARF-SOLIJTIONS\AUTHORIZINGREVISEDAGREEMENT.DOC