HomeMy WebLinkAbout5A5 Third Amendment to Development Agreement (GLC)1
THIRD AMENDMENT TO DEVELOPMENT AGREEMENT
THIS THIRD AMENDMENT TO DEVELOPMENT AGREEMENT (this “Third
Amendment”) is made on April 25, 2019, by and between the South Bend Redevelopment
Commission, the governing body of the City of South Bend Department of Redevelopment (the
“Commission”), and Great Lakes Capital Development LLC, an Indiana limited liability company
(the “Developer”) (each a “Party,” and collectively the “Parties”).
RECITALS
A. The Commission and the Developer entered into that certain Development
Agreement dated April ___, 2014, as amended by a First Amendment to Development Agreement
dated September 15, 2016 and the Second Amendment to Development Agreement dated June 28,
2018 (together, the “Development Agreement”), for the development of the Projects in the area
commonly known as Ignition Park.
B. As set forth in the Development Agreement, the Commission committed to the
Funding Amount for the Projects.
C. The Parties now desire to modify the Funding Amount as set forth herein.
NOW, THEREFORE, in consideration of the mutual promises and obligations stated in the
Development Agreement and this Third Amendment, the adequacy of which is hereby
acknowledged, the Parties agree as follows:
1. Section 1.4 shall be deleted in its entirety and replaced with the following:
1.4 Funding Amount. Funding Amount means a per Project amount not to
exceed Nine Hundred Thousand Dollars ($900,000.00) of tax increment
finance revenues to be used to pay the costs of constructing the Local Public
Improvements related to each of the Projects. The Funding Amount used
per Project shall not exceed 15% of costs which are expected to be up to Six
Million Dollars ($6,000,000.00) per Project. Collectively, the Funding
Amount shall not exceed Two Million Seven Hundred Thousand Dollars
($2,700,000.00). If the Developer requires additional funds, the
Commission agrees to assist Developer in identifying potential funding
sources.
2. The Developer hereby expressly reaffirms its obligations under the Development
Agreement, and, unless expressly modified by this Third Amendment, the terms and provisions of
the Development Agreement remain in full force and effect.
3. Capitalized terms used in this Third Amendment will have the meanings set forth
in the Development Agreement unless otherwise stated herein.
4. The recitals set forth above are hereby incorporated into the operative provisions of
this Third Amendment.
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5. This Third Amendment will be governed and construed in accordance with the laws
of the State of Indiana.
6. This Third 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 Third Amendment to
Development Agreement as of the first date stated above.
COMMISSION:
SOUTH BEND REDEVELOPMENT
COMMISSION
By:____________________________________
Marcia I. Jones, President
ATTEST:
By:____________________________________
Quentin Phillips, Secretary
DEVELOPER:
Great Lakes Capital Development LLC
By:___________________________________
Printed Name:
Title: