HomeMy WebLinkAbout5B1 First Amendment to Develop,emt Agreement (Indiana Landmarks)FIRST AMENDMENT TO DEVELOPMENT AGREEMENT
THIS EMT AMENDMENT TO DEVELOPMENT AGREEMENT (this "First
Amendment) is made on November 14, 2019, by and between the South Bend Redevelopment
Commission, the governing body of the City of South Bend Department of Redevelopment (the
"Commission"), and Historic Landmarks Foundation of Indiana fire, d/b/a Indiana Landmarks (the
"Developer") (each a "Party;" and collectively the "Panics").
RECITALS
A. The Commission and the Developer entered into a Development Agreement limed
effective Febroary, 14, 2019 (the "Development Agreement"), for the development of a Project in
the West Washington -Chapin Development Area.
B. As set tooth in the Development Agreement, the Commission agreed to expend no
ore than Two Hundred Thousand Dollars ($200,000.00) of tax increment bounce revenues to
complete the Local Pubhc Improvements in support of The Developer's construction on the
Developer's Property, specifically the rehabilitation or replacement of windows and the
installation of mmm windows (the "LPI")
C. In accordance with Section 5.2(c) of the Development Agreement, bids were
received for the LPI by the City of South Bend Board of Public Works (the "Board"), as the
Commission's agent, and the winning bid exceeded the Funding Amount.
D. In order to award the contract to the whoring bidder life "LPI Contract"), the Board
requires an increase of the Funding Amount by Eighteen Thousand Eight Hundred Dollars
($18,800.00) (the "Funding Amount Increase").
E. In consideration of the Commission's willingness to increase the Funding Amount,
and thereby in permit the Board's award of the LPI Contract, the Developer has agreed in pay the
Funding Amount Increase in the manner set forth in this Firs[ Amendment.
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 he deleted in its entirety and replaced with the following:
1.3 Funding Amount. "Funding Amount" means an amount not to exceed Two
Hundred Eighteen Thousand Eight Hundred Dollars ($218,800.00) of tax increment
finance revenues to be used for paying the costs associated with the construction, cgoipping,
inspection, and delivery of the Local Public Improvements.
2. The Developer hereby expressly reaffirms its obligation coder Section 5.2(d)ofthe
Development Agreement to pay all costs of completing the LPI, including any necessary change
orders to the LPI Curare[, 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 obligation under Section 5.2(d) of the
Development Agreement in pay all costs of inspecting the LPI.
3. Notwilhsson ng any provision to the contrary, the Commission's obligations to
complete the LPI will be satisfied in full upon the completion of the LPI Contract, irrespective of
the foal amount of the LPI Contract.
4. As an inducement for the Concussion's increase of the Funding Amount under this
First Amendment and as a further assurance m the Commission Forecast to Section 9.13 of the
Development Agreement, within ten (10) days after the Ef active Date of this First Amendment,
the Developer (or the Developer's designee) will submit to the Commission funds in the amount of
Eighteen Thousand Eight Hundred Usellam ($18,800.00), which funds will be applied at an
appropriate time to the LPI Contract in accordance with the Hoard's ordinary payment practices
and applicable laws.
S. The Developer hereby expressly reaffirms its obligations under the Development
Agreement, and, unless expressly modified by this That Amendment, the terms and provisions of
the Development Agreement remain in full tome and effect.
6. Capimlized terms used in this That Amendment will have the meanings set forth in
the Development Agreement unless otherwise stated herein.
]. The recitals set forth above me hereby incorporated into the operative provisions of
this First Amendment.
8. This First Amendment will be governed and construed in accordance with the laws
of de, Sone ofhrdmia.
9. This Fest Amendment may be executed in separate cowterperts, each of which
when so executed shall be an original, but all of which together shall conetima one and the same
inmoment, Any electronically transmitted version ofa normally executed original shall be deemed
a manually executed original.
,UGNA 7 VIW, PAGE FOLLOWS
M WITNESS WHEREOF, the Panics hereby execute this First Amendment to
Development Agreement as of the first date stated above.
1033TIUMVIC5
SOUTH BEND REDEVELOPMENT
COMMISSION
By:
Marcia I. ]ones, President
ATTEST:
By:
Qn®fin Phillips, Secretary
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HISTORIC LANDMARKS FOUNDATION OF INDIANA INC.
D/B/A INDIANA LANDMARKS
By: C"
Marsh Davis, President