HomeMy WebLinkAbout5A5 First Amendment to Purchase Agreement (Lafayette Building)_signedCITY OF SOUTHBEND
REDEVELOPMENT COMMISSION
Redevelopment Commission Agenda Item r . Pres/V-Pres
ATTEST:U g2,, Secretary
DATE: 01/05/2023
Date: _January 11, 2024
FROM: Joseph Molnar �j
APPROVED 1 Not Approved
SUBJECT: 15t Amendment Real Estate Purchase Agreement SOUTH BEND REDEVELOPMENT
Lafayette Building COMMISSION
Which TIF? (circle one)afiver West; River East; South Side; Dou las Road; West Washin ton
PURPOSE OF REQUEST: I" 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.
Lafeyette OpCo has requested the due diligence period be extended an additional 120 days
which would continue the due diligence period through April 25, 2024 in order to finalize all
analysis of the building. Lafyette OpCo has also agreed to send all generated reports to the RDC
staff as well. No 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 Sery 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 $
EXCELLENCE' ACCOUNTABILITY INNOVATION INCLUSION EMPOWERMENT
1400S County -City Building 227 W. Jefferson Blvd. i South Bend, Indiana 46601 p 574.235.9371 f 574.235.9021 www.southbendin.gov
FIRST AMENDMENT TO REAL ESTATE PURCHASE AGREEMENT
This First Amendment to Real Estate Purchase Agreement (this "Amendment") is made
and effective as of January 11, 2023 ("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 (the "Purchase Agreement").
B. Seller and Buyer desire to 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
one hundred twenty (120) days. The term "Due Diligence Period" means the period
commencing on the Contract Date and continuing through April 25, 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 41208124.2
IN WITNESS WHEREOF, the Parties hereby execute this First Amendment to Real Estate
Purchase Agreement effective as of the Effective Date
BUYER:
LAFAYETTE OPCO LLC
BY: LAFAYETTE PARENTCO LLC
ITS: MANAGER
Rachel Brandenberger, Manager
Date:
January 05, 2024
SELLER:
SOUTH BEND REDEVELOPMENT COMMISSION
"t -Ml 'p ) 1,
Marcia I. Jones, Presid
ATTEST:
Vivian Sallie, Secretary
DMS 41208124.2