HomeMy WebLinkAbout6A3 Second Amendment to Purchase Agreement Lafayette Building_signedRedevelopment Commission Agenda Item
DATE: 05/06/2024
FROM: Joseph Molnar
SUBJECT: 2nd Amendment Real Estate Purchase Agreement
Lafayette Building
Which TIF? (circle one) River West; River East; South Side; Douglas Road; West Washington
PURPOSE OF REQUEST: 2nd Amendment Purchase Agreement for the Lafayette Building and 117/119
Lafayette for the purpose of restoration and redevelopment.
Specifics:
On September 28, 2023 the RDC and Lafayette OpCo LLC entered into a Purchase Agreement
for the Lafayette Building and adjacent parking lot. Since then, Lafayette OpCo has been doing
due diligence on the building including extensive architectural review, building conditions
reports, and environmental review. The due diligence period was extended during the 1st
Amendment to the Purchase Agreement on January 11th 2024.
Lafeyette OpCo has requested the due diligence period be extended an additional 90 days
which would continue the due diligence period through July 24, 2024 in order to finalize all
analysis of the building. other changes are being made to the original purchase agreement.
Staff requests approval of this Agreement.
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
May 9, 2024
DMS 42892473.1
SECOND AMENDMENT TO REAL ESTATE PURCHASE AGREEMENT
This Second Amendment to Real Estate Purchase Agreement (this “Amendment”) is made
and effective as of May 9, 2024 (“Effective Date”), by and between the City of South Bend,
Indiana, Department of Redevelopment, acting by and through its governing body, the South Bend
Redevelopment Commission (“Seller”) and Lafayette OpCo LLC, an Indiana limited liability
company (“Buyer”) (each a “Party” and together the “Parties”).
RECITALS
A. Seller and Buyer are parties to that certain Real Estate Purchase Agreement dated
September 28, 2023, as amended by that certain First Amendment to Real Estate Purchase
Agreement, dated effective January 11, 2024 (the “Purchase Agreement”).
B. Seller and Buyer desire to further amend the Agreement on the terms hereinafter
provided.
THEREFORE, for good and valuable consideration, the receipt and sufficiency of which
is hereby acknowledged, Seller and Buyer do hereby promise, covenant and agree as follows:
1. Capitalized terms used in this Amendment but not otherwise defined herein shall
have the meanings assigned to such terms in the Purchase Agreement.
2. Seller and Buyer hereby agree to extend the Due Diligence Period by an additional
ninety (90) days. The term “Due Diligence Period” means the period commencing
on the Contract Date and continuing through July 24, 2024.
3. The Agreement shall continue in full force and effect, unmodified except to the
extent provided by this Amendment, and the Seller and Buyer hereby RATIFY and
AFFIRM the same.
[Signature Page Follows]
DMS 42892473.1
IN WITNESS WHEREOF, the Parties hereby execute this Amendment effective as of the
Effective Date
BUYER:
LAFAYETTE OPCO LLC
BY: LAFAYETTE PARENTCO LLC
ITS: MANAGER
By:
Rachel Brandenberger, Manager
Date:
SELLER:
SOUTH BEND REDEVELOPMENT COMMISSION
President
ATTEST:
Secretary
April 29, 2024