HomeMy WebLinkAbout5A7 Second Amendment (112 West Jefferson)SECOND AMENDMENT TO DEVELOPMENT AGREEMENT
THIS SECOND AMENDMENT TO DEVELOPMENT AGREEMENT (this "Second
Amendment") is made on June 25, 2020, by and between the South Bend Redevelopment
Commission, the governing body of the City of South Bend Department of Redevelopment (the
"Commission"), and 112 West Jeff LLC (the "Developer") (each a "Party," and collectively the
"Parties").
RECITALS
A. The Commission and the Developer entered into a Development Agreement dated
September 13, 2018, as amended by a First Amendment to Development Agreement, dated
January 9, 2020 (together, the "Development Agreement"), pertaining to certain local public
improvements to a parking garage adjacent to and serving Robertson's Senior Apartments in the
River West Development Area (the "Projeot").
B. As set forth in the Development Agreement, the Commission agreed to expend no
more than Five Hundred Thousand Dollars ($500,000.00) of tax increment finance revenues (the
"Funding Amount") to complete the Local Public Improvements in support of the Developer's
construction related to the Project, including but not limited to architectural design services related
to the Project; repairs to the elevator, tower, and/or roof; and/or renovations to the fagade, lighting,
and/or paint (the "LPI").
C. Upon the completion of the LPI, the total expenditure by the Commission is
expected to exceed the Funding Amount by Four Thousand Nine Hundred Seven Dollars and
66/100 ($4,907.66), and the Commission desires to increase the Funding Amount to address the
overage.
NOW, THEREFORE, in consideration of the mutual promises and obligations stated in the
Development Agreement and this Second Amendment, the adequacy of which is hereby
acknowledged, the Parties agree as follows:
1. Section 1. 3, Funding Amount, shall be deleted in its entirety and replaced with the
following:
1.3 Funding Amount. "Funding Amount" means an amount not to exceed Five Hundred
Four Thousand Nine Hundred Seven Dollars ($504,907.66) 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 Second Amendment, the terms and provisions
of the Development Agreement remain in full force and effect.
3. Capitalized terms used in this Second Amendment will have the meanings set forth
in the Development Agreement unless otherwise stated herein.
1
4. The recitals set forth above are hereby incorporated into the operative provisions of
this Second Amendment.
5. This Second Amendment will be governed and construed in accordance with the
laws of the State of Indiana.
6, This Second 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
2
IN WITNESS WHEREOF, the Parties hereby execute this Second Amendment to
Development Agreement as of the first date stated above.
SOUTH BEND REDEVELOPMENT
COMMISSION
Marcia I. Jones, President
ATTEST:
I�
Quentin M. Phillips, Secretary
112 WEST JEFF LLC