HomeMy WebLinkAbout5A3 Third Amendment to Development Agreement (Ziker)1
THIRD AMENDMENT TO DEVELOPMENT AGREEMENT
This Third Amendment To Development Agreement (this “Third Amendment”) is
effective as of September 26, 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, and
amended further on April 25, 2019 by a Second Amendment to Development Agreement (together,
the “Development Agreement”) concerning the Developer’s undertaking of the Project; and
B.The Commission agreed to expend an amount not to exceed Two Hundred
Thousand Dollars ($200,000) of tax increment finance revenues solely for the replacement of the
Developer Property's roof (the "Roof Replacement"); and
C.In accordance with Section 5.2(c) of the Development Agreement, bids were
received for the Roof Replacement by the City of South Bend Board of Public Works (the
"Board"), as the Commission agent, and the lowest responsive bid from a responsible bidder
exceeded the Dedicated Funds; and
D.On September 24, 2019, the Board awarded the contract to the winning bidder (the
"LPI Contract") subject to an increase in the Dedicated Funds by Thirty-Five Thousand One
Hundred Dollars ($35,100) (the "Funding Amount Increase"); and
E.In consideration of the Commission's willingness to approve the Funding Amount
Increase and thereby permit the Board's award of the LPI Contract, the Developer has agreed to
pay the Funding Amount Increase in the manner set forth in this Third Amendment.
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 1.3 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
Thirty-Five Thousand One Hundred Dollars ($335,100) 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 Developer shall pay the Funding Amount Increase to the Commission in
certified or immediately available funds no later than five (5) days after the date hereof, upon the
confirmed receipt of which, the Commission will authorize the Board to enter into the LPI Contract.
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The Funding Amount Increase will be applied at the appropriate time to the LPI Contract in
accordance with the Board's ordinary payment practices and applicable law. Further, the Developer
hereby expressly reaffirms its obligation under Section 5.2(e) of the Development Agreement to
pay all costs of completing the LPI, including any necessary change orders to the LPI Contract, in
excess of the Funding Amount, as such amount is hereby amended. The Developer hereby
acknowledges that the Developer or the Developer's designee may inspect the LPI upon completion
and hereby expressly reaffirms its obligations under Section 5.2(e) of the Development Agreement
to pay all costs of inspecting the LPI.
3.Paragraph C of Exhibit C of the Development Agreement shall be deleted in its
entirety and replaced with the following:
C. Two Hundred Thirty-Five Thousand One Hundred Dollars ($235,100) 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.
4.The Parties hereby expressly reaffirm their 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.
5.Capitalized terms used in this Third Amendment will have the meanings set forth
in the Development Agreement unless otherwise stated herein.
6.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 be
effective as of the Effective Date stated above.
SOUTH BEND REDEVELOPMENT ZIKER SAMPLE STREET, LLC
COMMISSION
______________________________ ______________________________
Marcia I. Jones, President David Ziker, Sole Member
Dated:
ATTEST:
______________________________
Quentin Phillips, Secretary