HomeMy WebLinkAbout6A6 Fourth Amendment to Development Agreement (Ziker)1
FOURTH AMENDMENT TO DEVELOPMENT AGREEMENT
This Fourth Amendment To Development Agreement (this “Fourth Amendment”) is
effective as of December 12, 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, further
amended on April 25, 2019 by a Second Amendment to Development Agreement, and on
September 26, 2019 by a Third 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 Thirty-
Five Thousand One Hundred Dollars ($235,100) of tax increment finance revenues solely for the
replacement of the Developer Property's roof (the "Roof Replacement Dedicated Funds"); and
C. The Board of Public Works, acting as the Commission's agent, awarded the roof
replacement contract to the winning bidder (the "LPI Contract"), who, in the course of performing
the LPI Contract uncovered issues requiring immediate attention, the cost of which exceeds the
amount of the Roof Replacement Dedicated Funds;
D. In order to approve the change order (the "Change Order") and fund the additional
work, the Board requires an increase of the Roof Replacement Dedicated Funds amount by
Twenty-One Thousand Two Hundred Eighty-Eight and10/100 Dollars ($21,288.10) (the "Funding
Amount Increase"); and
E. In consideration of the Commission's willingness to approve the Funding Amount
and thereby permit the Board's approval of the Change Order, the Developer will pay the Funding
Amount Increase in the manner set forth in this Fourth Amendment.
NOW, THEREFORE, in consideration of the mutual promises and obligations stated in the
Development Agreement and this Fourth 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
Thousand Dollars ($300,000.00) of tax increment finance revenues, plus Fifty-Six
Thousand Three Hundred Eighty-Eight and 10/100 Dollars ($56,388.10) of funds provided
by the Developer, 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.
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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 approve the Change Order.
The Funding Amount Increase will be applied at the appropriate time to the Change Order 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 other 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 Fifty-Six Thousand Three Hundred Eighty-Eight and 10/100 Dollars
($256,388.10) 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 Fourth Amendment, the terms and provisions
of the Development Agreement remain in full force and effect.
5. Capitalized terms used in this Fourth Amendment will have the meanings set forth
in the Development Agreement unless otherwise stated herein.
6. This Fourth Amendment will be governed and construed in accordance with the
laws of the State of Indiana.
6. This Fourth 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 Fourth 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 M. Phillips, Secretary