HomeMy WebLinkAbout5A4 Sixth Amendment to Purchase Agreement (Diamond View Real America) - SignedSouth Bend Redevelopment Commission
227 West Jefferson Boulevard, Room 1308, South Bend, Indiana
Redevelopment Commission Agenda Item
D ATE : 11/15/2024
FROM: Joseph Molnar – Assistant Director of Growth &
Opportunity
SUBJECT: Sixth Amendment to Real America Purchase
Agreement
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: Separation of LIHTC and Market Rate Closing Dates
SPECIFICS: In 2021, Real America and the RDC approved an agreement to sell RDC owned real
estate at the northwestern corner of South St. and Lafayette Blvd. for the construction of
affordable income restricted and market rate apartment units.
The fifth amendment approved by the RDC on February 5, 2024, separates out the market rate
and LIHTC parcels for separate closing dates.
This sixth amendment extends the closing for the market rate parcel only for no later than
March 31, 2025.This is due to the environmental abatement for the market rate parcel being
projected to be completed no later than January 2025 with final reporting being provided in
March 2025.
Staff requests approval.
_________________________Pres/V-Pres
ATTEST: __________________Secretary
Date: ____________________
APPROVED Not Approved
SOUTH BEND REDEVELOPMENT COMMISSION
11-25-2024
SIXTH AMENDMENT TO
REAL ESTATE PURCHASE AGREEMENT
This SIXTH AMENDMENT TO REAL ESTATE PURCHASE AGREEMENT (this
“Sixth Amendment”) is made and entered into to be effective as of November 25, 2024,
by and between South Bend Redevelopment Commission (“Seller”), as Seller, and
RealAmerica Development, LLC, an Indiana limited liability company (“Buyer”), as Buyer.
RECITALS
A.Seller and Buyer entered into that certain Real Estate Purchase Agreement,
dated effective as of July 22, 2021, as amended by the First Amendment to Real Estate
Purchase Agreement, dated effective as of May 26, 2022, as further amended by the
Second Amendment to the Real Estate Purchase Agreement, dated effective as of
November 21, 2022, as further amended by the Third Amendment to the Real Estate
Purchase Agreement, dated effective as of May 25, 2023, as further amended by the
Fourth Amendment to the Real Estate Purchase Agreement, dated effective as of
December 14th 2023, and as further amended by the Fifth Amendment to the Real Estate
Purchase Agreement, dated effective as of February 8, 2024 (collectively, the
“Agreement”) for the purchase and sale of certain real property located in the in St.
Joseph County, City of South Bend, State of Indiana as more particularly described in
Exhibit A of the Agreement (the “Property”). All capitalized terms used but not otherwise
defined herein shall have the meanings ascribed to such terms in the Agreement.
B.Seller and Buyer now desire to amend the Agreement in order to provide
for an extension of the date of the Second Closing for the Market Rate Units Parcel, all
as set forth hereunder.
AGREEMENT
NOW, THEREFORE, in consideration of these premises, and the mutual
covenants and promises contained herein and other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, Buyer and Seller hereby
agree as follows:
1.Recitals. The recitals set forth above, including each and every recital
contained therein, are incorporated into and made a part of this Sixth
Amendment as though fully set forth herein.
2.Amendments. The Agreement is hereby amended as follows:
a)The third sentence of Section 7(a) shall be amended to replace
references to “December 31, 2024” with “March 31, 2025” and will now
read as follows:
The second closing date will pertain to Lot 1 of the Diamond View Minor
Subdivision (the “Market Rate Units Parcel”) and shall occur on March 31,
2
2025, or such earlier or later date as may be agreed to in writing by Seller
and Buyer (“Second Closing).”
3.Entire Agreement; Conflict. Except as otherwise stated herein, all other
terms, conditions and agreements contained in the Agreement remain unmodified and in
full force and effect. To the extent a conflict exists between the terms of this Sixth
Amendment and the Agreement, the terms of this Sixth Amendment shall control.
4.Counterparts; Electronic or Facsimile Transmission. This Sixth
Amendment may be executed in counterparts which, when combined, shall constitute one
instrument. The electronic or facsimile transmission of a signed counterpart of this Sixth
Amendment shall be binding upon the party whose signature is contained on the
transmitted copy.
[Signature Page Follows.]
IN WITNESS WHEREOF, Buyer and Seller have executed this Sixth Amendment
to Real Property Purchase Agreement to be effective as of the date set forth above.
“BUYER”:
RealAmerica Development, LLC
By:
Ronda Shrewsbury, President
“SELLER”:
South Bend Redevelopment Commission
By:
Troy Warner, President
Attest:
Vivian Sallie, Secretary