HomeMy WebLinkAbout5A5 First Amendment to Development Agreement (SBCC Development Corp)1
FIRST AMENDMENT TO DEVELOPMENT AGREEMENT
THIS FIRST AMENDMENT TO DEVELOPMENT AGREEMENT (this “First
Amendment”) is made on October 13, 2022, by and between the South Bend Redevelopment
Commission, the governing body of the City of South Bend Department of Redevelopment (the
“Commission”), and SBCC Development Corp. (the “Developer”) (each a “Party,” and
collectively the “Parties”).
RECITALS
A. The Commission and the Developer entered into a Development Agreement dated
effective December 19, 2019 (the “Development Agreement”), pertaining to certain local public
improvements ("LPI") for the improvement of the Developer Property, which is located in the
River West Development Area (the "Project").
B. As set forth in the Development Agreement, the Mandatory Project Completion
Date is December 21, 2023.
C. Developer has requested additional time to complete the Project.
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 4.5, entitled “Timeframe for Completion,” shall be modified to delete the
phrase “December 31, 2023” and replace it with “June 30, 2024.”
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.
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.
Signature Page Follows
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IN WITNESS WHEREOF, the Parties hereby execute this First Amendment to
Development Agreement as of the first date stated above.
SOUTH BEND REDEVELOPMENT
COMMISSION
By:____________________________________
Marcia I. Jones, President
ATTEST:
By:____________________________________
Troy D. Warner, Secretary
SBCC DEVELOPMENT CORP.
By: _____________________________________
Mark A. Tarner, President