HomeMy WebLinkAbout5-C-2 First Amendment Greater Lowell HoldingsFIRST AMENDMENT TO DEVELOPMENT AGREEMENT
THIS FIRST AMENDMENT TO DEVELOPMENT AGREEMENT (this "First
Amendment") is made on June 13, 2019, by and between the South Bend Redevelopment
Commission, the governing body of the City of South Bend Department of Redevelopment (the
"Commission"), and Greater Lowell Holdings LLC, an Indiana limited liability company (the
"Developer") (each a "Party," and collectively the "Parties").
RECITALS
A. The Commission and the Developer entered into a Development Agreement dated
effective December 14, 2017 (the "Development Agreement"), for the development of a Project
in the River East Development Area.
B. The Commission agreed to expend the Funding Amount to complete the Local
Public Improvements ("LPI") in support of the Project in accordance with the Project Plan, as the
same LPI are set forth on Exhibit C to the Development Agreement.
C. The Parties desire to amend the Funding Amount and the Project Plan to reflect an
additional contribution of tax increment finance revenues for the infrastructure cost of water taps
for the sprinkler system of the Colfax Property.
NOW, THEREFORE, in consideration of the mutual promises and obligations stated in the
Development Agreement and this First 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:
1.3 Funding Amount. "Funding Amount" means an amount not to exceed Four
Hundred Fifty Thousand Dollars ($450,000.00) 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 in support of the Project (inclusive of the
Developer's improvements to both the LaSalle Property and the Colfax Property). The
Parties acknowledge and agree that Developer shall expend Four Hundred Thousand
Dollars ($400,000.00) on Local Public Improvements in accordance with Exhibit C, and
an amount not to exceed Fifty Thousand Dollars ($50,000.00) is specifically to be applied
to the infrastructure cost of water taps for the sprinkler system of the Colfax Property
("Sprinkler Funds"). Any remaining monies from the Sprinkler Funds shall not be used by
the Developer for any other purpose.
2. The Developer hereby expressly reaffirms its obligations under the Development
Agreement, and, unless expressly modified by this First Amendment, the terms and provisions of
the Development Agreement remain in full force and effect.
3. Capitalized terms used in this First Amendment will have the meanings set forth in
the Development Agreement unless otherwise stated herein.
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4. The recitals set forth above are hereby incorporated into the operative provisions of
this First Amendment.
5. This First Amendment will be governed and construed in accordance with the laws
of the State of Indiana.
6. This First 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.
Signature Page Follows
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IN WITNESS WHEREOF, the Parties hereby execute this First Amendment to
Development Agreement as of the first date stated above.
COMMISSION:
SOUTH BEND REDEVELOPMENT
COMMISSION
LOW
Marcia I. Jones, President
ATTEST:
By:
Quentin Phillips, Secretary
DEVELOPER:
GREATER LOWELL HOLDINGS LLC
Frank Perri, Manager
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