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HomeMy WebLinkAbout6B1�' (� (►) SpU T116 Department of Community R R 1865 Investment Memorandum February 14, 2013 TO: Redevelopment Commission FROM: David Relos, Economic Development Planner `v ". SUBJECT: Amendment to Purchase Agreement - Hamilton Towing In May 2012 the Commission entered into a staged Purchase Agreement to acquire the three properties owned by Richard Hamilton and Hamilton Body Shop, 802, 910, and 917 S. Lafayette. In June 2012, closings were held on 802 and 910 S. Lafayette, with a date of possession for 910 S. Lafayette to be March 31 of this year. Hamilton plans to auction unneeded equipment from their operations, and would like to stage the auction at 910 S. Lafayette. With uncertainty as to how the winter and early spring season will unfold, Hamilton would like an extra month to accommodate their sale and empty the building. Staff is currently working on demo specs, and will eventually bid the job of cleaning and clearing this site. The extra month Hamilton is requesting will not hamper this work, and is in fact more in line with when the work can be completed. Staff requests approval of this Amendment to Purchase Agreement, extending the date of possession for 910 S. Lafayette from March 31 to April 30, 2013. 227 W. JEFFERSON BLVD. SOUTH BEND, IN 46601 1 P: 574 - 235 -9371 1 FAX: 574 - 235 -9021 1 SOUTHBENDIN.GOV AMENDMENT TO PURCHASE AGREEMENT By and Between South Bend Redevelopment Commission Richard C. Hamilton and Hamilton Body Shop, Inc. THIS AMENDMENT TO PURCHASE AGREEMENT, dated as of the day of , 2013, is made and entered into between the South Bend Redevelopment Commission, for and on behalf of the City of South Bend, Department of Redevelopment (the "City ") and Richard C. Hamilton ( "Hamilton ") and Hamilton Body Shop, Inc. ( "Hamilton Body Shop ") (collectively, the "Owner "). RECITALS WHEREAS, the City and the Owner entered into that certain Purchase Agreement dated May 31, 2012, (the "Purchase Agreement ") whereby the City agreed to purchase certain parcels of real estate from Hamilton (the "Hamilton Properties ") and certain parcels of real estate from Hamilton Body Shop (the "Hamilton Body Shop Properties "); and WHEREAS, the Purchase Agreement provided that the "City shall be entitled to possession of the parcels located at 802 S. Lafayette on July 31, 2012, the parcels located at 910 S. Lafayette on March 31, 2013 and the parcels located at 917 S. Lafayette on June 30, 2014 "; and WHEREAS, the Owner wishes to remain in possession of the parcels located at 910 S. Lafayette until April 30, 2013, and the City desires to accommodate the Owners request; and WHEREAS, the Purchase Agreement survives closing by its terms, as stated in Paragraph 12, therein; and WHEREAS, the Parties have agreed to amend the Purchase Agreement to reflect the change in possession of the parcels located at 910 S. Lafayette. NOW, THEREFORE, the Parties hereby agree and represent as follows: 1. Paragraph I.e. of the Purchase Agreement is amended to read as follows: C. The Owner shall continue to own the relevant portions of the Property until Closing Date 1 and Closing Date 2, respectively, and hereby covenants that the Owner will not alter the condition of the Property, except as herein specifically allowed. The City shall be entitled to possession of the parcels located at 802 S. Lafayette on July 31, 2012, the parcels located at 910 S. Lafayette on April 30, 2013 and the parcels located at 917 S. Lafayette on June 30, 2014. Additionally, the Owner may not release any substances, hazardous or otherwise on or near the Property, or accumulate any other materials, goods, refuse or debris on or near the Property. If the Owner takes any action in violation of this subsection (b), at closing the City may withhold a portion of the Purchase Price to pay for any repairs or clean up necessary to restore the Property to its condition as of the date of this Agreement. 2. All other terms and conditions of the Purchase Agreement shall remain in full force and effect. DATED this day of 92013. ATTEST: Printed Name and Title South Bend Redevelopment Commission "CITY" CITY OF SOUTH BEND, DEPARTMENT OF REDEVELOPMENT Signature Printed Name and Title South Bend Redevelopment Commission "OWNER" Richard C. Hamilton Hamilton Body Shop, Inc. Title: