HomeMy WebLinkAbout5A4 Second Amendment (Monreaux)Redevelopment Commission Agenda Item
DATE: 03/11/2024
FROM: Joseph Molnar
SUBJECT: Second Amendment to Real Estate Purchase Agreement
Which TIF? (circle one) River West; River East; South Side; Douglas Road; West Washington
PURPOSE OF REQUEST: Extending Time Frame for former Fat Daddy’s Site Purchase Agreement
Specifics: This Second Amendment Agreement extends the closing date and contingency date
for the former Fat Daddy’s site Purchase Agreement. On July 14, 2022, the Commission
approved a Purchase Agreement with Devereaux Peters for the sale of the site for a Low-
Income Housing Tax Credit Project. The project was awarded tax credits as part of the fall 2023
period.
The amendment takes into consideration that time difference and extends the deadline for
closing until end of the year 2024. All commitments remain the same. The planned project is a
sixty (60) unit apartment building, forty-eight (48) being affordable income restricted
apartments with a total investment of at least $16 million.
Staff requests approval of this 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: _3-14-24
APPROVED Not Approved
SOUTH BEND REDEVELOPMENT COMMISSION
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