HomeMy WebLinkAbout5A4 First Amendment to Development Agreement (Bald Mountain)1
FIRST AMENDMENT TO DEVELOPMENT AGREEMENT
THIS FIRST AMENDMENT TO DEVELOPMENT AGREEMENT (this “First
Amendment”) is made on September 26, 2019, by and between the South Bend Redevelopment
Commission, the governing body of the City of South Bend Department of Redevelopment (the
“Commission”), and Bald Mountain, 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 January 24, 2019 (the “Development Agreement”), for the development of a Project in
the River West Development Area.
B. The Commission agreed to expend an amount not to exceed Three Hundred Fifty
Thousand Dollars ($350,000) of tax increment finance revenues to complete the Local Public
Improvements (“LPI”) in support of the Project in accordance with the Project Plan.
C. In accordance with Section 5.2(d) of the Development Agreement, bids were
received and a contract awarded for the LPI by the City of South Bend Board of Public Works, as
the Commission’s agent.
D. During the course of performing the contract for the LPI, the Commission's LPI
contractor uncovered existing foundations, which required the Developer's architect to adjust the
overall building plans.
E. The City has agreed to pay a portion of the costs of the adjustment to the overall
building plans, thereby requiring an increase in the Funding Amount of Ten Thousand Dollars
($10,000) (the “Funding Amount Increase”).
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 shall be deleted in its entirety and replaced with the following:
1.3 Funding Amount. "Funding Amount" means an amount not to exceed Three
Hundred Sixty Thousand Dollars ($360,000.00) 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.
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.
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
By:____________________________________
Marcia I. Jones, President
ATTEST:
By:____________________________________
Quentin Phillips, Secretary
DEVELOPER:
BALD MOUNTAIN, LLC
By: _____________________________________
E. Lewis Hansell, Manager