HomeMy WebLinkAbout5A2 Second Amendment Development Agreement (Greenleaf Holdco)
Redevelopment Commission Agenda Item
DATE: 10/11/22
FROM: Erik Glavich
SUBJECT: Greenleaf Holdco, LLC Development
Agreement
Which TIF? (circle one) River West; River East; South Side; Douglas Road; West Washington
PURPOSE OF REQUEST: Second Amendment to Development Agreement for property located at 3820
West Calvert Street, South Bend, Indiana 46613
SPECIFICS: The Commission will consider a Second Amendment to the Development
Agreement with Greenleaf Holdco, LLC. The Commission on October 22, 2020, entered into an
Agreement that specified that (1) the Funding Amount provided by Commission would be no
more than $500,000 and (2) the Private Investment by the Developer would be no less than
$15.5 million. On October 14, 2021, the agreement was amended to lengthen the Time of
Completion for the project to 24 months from 12 months.
This new Second Amendment would update the Agreement to specify that (1) the Funding
Amount provided by the Commission is increased to $657,000 from $500,000, (2) the
Developer is increasing its investment in the property to $25 million from $15.5 million, and (3)
the Time of Completion for the project is now 36 months.
Staff recommends approval of this Second Amendment.
INTERNAL USE ONLY: Project Code: _______________________________________________;
Total Amount new/change (inc/dec) in budget: _______________; Break down:
Costs: Engineering Amt: ______________________; Other Prof Serv Amt_________________;
Acquisition of Land/Bldg (circle one) Amt: ___________; Street Const Amt ________________;
Building Imp Amt_________; Sewers Amt_________; Other (specify) Amt: ________________
___________________________________________. Going to BPW for Contracting? Y/N
Is this item ready to encumber now? ____ Existing PO#__________ Inc/Dec $_____________
_________________________Pres/V-Pres
ATTEST: __________________Secretary
Date: ____________________
Approved Not Approved
SOUTH BEND REDEVELOPMENT COMMISSION
October 13, 2022