HomeMy WebLinkAbout5A4 Second Amendment to Development Agreement (Ziker)1
SECOND AMENDMENT TO DEVELOPMENT AGREEMENT
This Second Amendment To Development Agreement (this “Second Amendment”) is
effective as of April 25, 2019 (the “Effective Date”), by and between the City of South Bend,
Department of Redevelopment, acting by and through its governing body, the South Bend
Redevelopment Commission (the “Commission”), and Ziker Sample Street, LLC, an Indiana
limited liability company (the “Developer”) (each, a “Party,” and collectively, the “Parties”).
RECITALS
A. The Parties entered into that certain Development Agreement dated November 20,
2017, as amended on May 24, 2018 by a First Amendment to Development Agreement (together,
the “Development Agreement”) concerning the Developer’s undertaking of the Project; and
B. The Parties now desire to amend the terms of the Development Agreement as set
forth in this Second Amendment.
NOW, THEREFORE, in consideration of the mutual promises and obligations stated in the
Development Agreement and this Second Amendment, the adequacy of which is hereby
acknowledged, the Parties agree as follows:
1. Section 1.3 of the Development Agreement shall be deleted in its entirety and
replaced with the following:
Funding Amount. “Funding Amount” means an amount not to exceed Three Hundred
Thousand Dollars ($300,000.00) of tax increment finance revenues to be used for paying
the costs associated with the construction, equipping, inspection, and delivery of the Local
Public Improvements, specifically as set forth on Exhibit C.
2. The following paragraph shall be added to Exhibit C of the Development
Agreement:
C. Two Hundred Thousand Dollars ($200,000) of the Funding Amount (“Dedicated
Funds”) shall be dedicated to the replacement of the Developer Property’s roof.
The Dedicated Funds shall not be used to pay for any other Local Public
Improvements related to the Project.
3. The Parties hereby expressly reaffirm their obligations under the Development
Agreement, and, unless expressly modified by this Second Amendment, the terms and provisions
of the Development Agreement remain in full force and effect.
4. Capitalized terms used in this Second Amendment will have the meanings set forth
in the Development Agreement unless otherwise stated herein.
5. This Second Amendment will be governed and construed in accordance with the
laws of the State of Indiana.
2
6. This Second Amendment may be executed in separate counterparts, each of which
when so executed shall be an original, but all of which together shall constitute one and the same
instrument. Any electronically transmitted version of a manually executed original shall be deemed
a manually executed original.
IN WITNESS WHEREOF, the Parties hereby execute this Second Amendment to be
effective as of the Effective Date stated above.
SOUTH BEND REDEVELOPMENT
COMMISSION
______________________________
Marcia I. Jones, President
ATTEST:
______________________________
Quentin Phillips, Secretary
ZIKER SAMPLE STREET, LLC,
an Indiana limited liability company
______________________________
David Ziker, Sole Member
Dated: