HomeMy WebLinkAbout5C1 2nd Amendment to Purchase Agreemenet (Fire Station 9) - SignedSouth Bend Redevelopment Commission
227 West Jefferson Boulevard, Room 1308, South Bend, Indiana
Redevelopment Commission Agenda Item
D ATE : 11/7/2024
FROM: Joseph Molnar, Assistant Director of
Growth & Opportunity
SUBJECT: 2nd Amendment to Purchase Agreement for
former Firehouse #9
Funding Source* (circle) River West; River East; South Side; Douglas Road; West Washington; RDC General; Riv. East Res.
* Funds are subject to the City Controller's determination of availability; if funds are unavailable, as solely determined by the City Controller, then the
authorization of the expenditure of such funds shall be void and of no effect.
PURPOSE OF REQUEST: Resolution Authorizing Staff to Bid on Acquisition List Properties at Sheriff’s Sale
SPECIFICS: The Commission on June 9th, 2022, entered into a purchase agreement with Fire Station No 9 for the
purchase of former Firehouse #9. The Buyer has requested an extension for their Post-Closing Development
Obligations of twelve (12) months to finish construction.
Staff believes this request is valid as the Buyer has invested $150,000 of the total $250,000 required per the
Purchase Agreement for renovations to the property included but not limited to demo of old fire operations
equipment, new roof, new insulation, new air conditioning, new electrical and rough plumbing on second floor.
There are no other substantive changes to this agreement.
Staff recommends approval.
_________________________Pres/V-Pres
ATTEST: __________________Secretary
Date: ____________________
APPROVED Not Approved
SOUTH BEND REDEVELOPMENT COMMISSION
11-14-2024
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SECOND AMENDMENT TO REAL ESTATE PURCHASE AGREEMENT
This Second Amendment To Real Estate Purchase Agreement (this “First Amendment”) is
made on November 14, 2024 (the “Effective Date”), by and between the South Bend
Redevelopment Commission, the governing body of the City of South Bend Department of
Redevelopment (“Seller”), and Fire Station No 9 LLC, a foreign limited liability company
authorized to transact business in the State of Indiana, with its registered office at 424 S. Michigan
Street, Unit 913, South Bend, IN 46624 (“Buyer”) (each a “Party,” and collectively the “Parties”).
RECITALS
A.Seller and Buyer entered into that certain Real Estate Purchase Agreement dated
June 9, 2022, as amended by that certain First Amendment to Real Estate Purchase Agreement,
dated effective August 25, 2022, and as assigned and assumed by that certain Assignment and
Assumption Agreement dated effective October 27, 2022 (collectively, the “Purchase
Agreement”), for the purchase and sale of the Property (as defined in the Purchase Agreement)
located in the City of South Bend.
B.Buyer is continuing its construction of improvements of the Property pursuant to
Section 12 of the Purchase Agreement and has requested an extension of the Buyer’s Post-Closing
Development Obligations Period.
C.Seller desires to grant the requested extension as stated in this Second Amendment.
NOW, THEREFORE, in consideration of the mutual promises and obligations in this
Second Amendment and the Purchase Agreement, the adequacy of which consideration is hereby
acknowledged, the Parties agree as follows:
1.Section 12.A. of the Purchase Agreement shall be revised to replace the term
“Twenty-Four (24) months” with the term “Thirty-Six (36) months” and shall read as follows:
A.Property Improvements; Proof of Investment. Within Thirty-Six (36) months
after the Closing Date, the Buyer will expend an amount not less than Two
Hundred and Fifty Thousand Dollars ($250,000.00) on improvements to the
site, as well as the cost of equipment, needed to redevelop the Property for the
uses set forth herein (“Property Improvements”). Promptly upon completing
the Property Improvements, Buyer will submit to Seller satisfactory records, as
determined in Seller’s sole discretion, proving the above required expenditures
and will permit Seller (or its designee) to inspect the Property to ensure that
Buyer’s Property Improvements were completed satisfactorily.
2.Section 12.B.(ii) shall be revised to replace the term “24 months” with the term “36
months” and shall read as follows:
(ii) Complete construction of the project within 36 months of the
Closing Date;
3.Unless expressly modified by this Second Amendment, the terms and provisions of
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the Purchase Agreement remain in full force and effect.
4.Capitalized terms used in this Second Amendment will have the meanings set forth
in the Purchase Agreement unless otherwise stated herein.
[Signature page follows.]
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IN WITNESS WHEREOF, the Parties hereby execute this Second Amendment to
Real Estate Purchase Agreement to be effective on the Effective Date stated above.
BUYER:
Fire House No 9 LLC
a foreign limited liability company authorized
to transact business in the State of Indiana
By:_____________________________________
Printed: _________________________________
Its: _____________________________________
Dated:___________________________________
SELLER:
City of South Bend, Department of Redevelopment,
by and through its governing body, the South Bend
Redevelopment Commission
Troy Warner, President
ATTEST:
Vivian G. Sallie, Secretary