HomeMy WebLinkAbout5B1 Second Amendment to Development Agreement (J.C. Hart Co., Inc) - SignedSouth Bend
Redevelopment Commission
215 S. Dr. Martin Luther King, Jr. Blvd., Room 301, South Bend, Indiana
Redevelopment Commission Agenda Item
DAT E : 12/8/25
FROM: Erik Glavich, Director of Growth &
Opportunity
SUBJECT: Second Amendment to Economic
Development Agreement (J.C. Hart)
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: Approval of a Second Amendment to JC Hart Development Agreement
SPECIFICS: This Second Amendment to the JC Hart development agreement simply extends the
completion date, and other associated end dates, by one year to accommodate delays due to efforts to
relocate utilities on and around the project site. Demolition of the existing building is ongoing and the
City’s utility work is proceeding.
This Second Amendment would make the following amendments to the development agreement:
•Project Completion: The date by which JC Hart commits to have completed the project is changed
to December 31, 2029, from December 31, 2028.
•Closing with Respect to the Bonds: The date by which the closing with respect to the bonds must
take place is updated to December 31, 2026, from December 31, 2025.
As background, on January 9, 2025, the Commission entered into an economic development agreement
with J.C. Hart Company in support of the transformational project taking place on the western bank of the
St. Joseph River in downtown South Bend. The Developer commitments included the demolition of an
existing office building, construction of two (2) new multi-family residential buildings with a minimum of
two hundred and ninety-one (291) units, and a three hundred and ninety-eight (398) parking space
garage. The minimum Developer investment is $61.5 million. The City committed to undertaking the
construction of public infrastructure improvements to support the project, including those necessary to
re-establish a street grid and utility network at the project site, including construction of new streets,
curbs and sidewalks, installation of lighting, relocation of existing or building of new utilities serving the
project site, and other improvements in support of the project as agreed upon between the parties. The
agreement was amended on March 13, 2025 (the First Amendment) to better clarify the Local Public
Improvements to which the City committed to complete.
______________ ___________Pres/V-Pres
ATTEST: __________ ________Secretary
Date: _____________ _______
APPROVED Not Approved
SOUTH BEND REDEVELOPMENT COMMISSION
December 11, 2025
1
SECOND AMENDMENT TO
ECONOMIC DEVELOPMENT AGREEMENT
This SECOND AMENDMENT TO ECONOMIC DEVELOPMENT AGREEMENT (this
“Second Amendment”), is made effective as of the _____ day of ___________________, 2025,
by and among the CITY OF SOUTH BEND, INDIANA, a political subdivision and municipal
corporation of the State of Indiana (the “City”), the CITY OF SOUTH BEND DEPARTMENT
OF REDEVELOPMENT acting by and through its governing body, the SOUTH BEND
REDEVELOPMENT COMMISSION (the “Redevelopment Commission” and together with the
City, the “City Bodies”), and J.C. HART COMPANY, INC., an Indiana corporation
(“Developer”).
R E C I T A L S:
A.The City Bodies and Developer are parties to a certain Economic Development
Agreement dated as of January 9, 2025, as amended by that certain First Amendment to Economic
Development Agreement made effective March 13, 2025 (as amended, the “Original Agreement”).
B.The City Bodies and Developer desire to further modify and amend the terms of
the Original Agreement to extend certain deadlines contained in the Original Agreement, all as set
forth herein.
NOW, THEREFORE, in consideration of the mutual promises set forth herein, and for
other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto, intending to be legally bound, hereby agree as follo ws:
1.Incorporation of Recitals; Definitions. The foregoing recitals are incorporated
herein. Capitalized terms not otherwise defined herein shall have the meanings given such terms
in the Original Agreement.
2.Extension of Deadlines. The City Bodies and Developer agree to extend certain
deadlines under the Original Agreement as follows:
a.Completion Date. The City Bodies and Developer agree to extend the Completion
Date by one (1) year. Accordingly, the date “December 31, 2028” located in the
definition of Completion Date in Article I of the Original Agreement is hereby
deleted and replaced with “December 31, 2029”. The date “December 31, 2028”
located in Section 4.01 and Section 4.03 of the Original Agreement is hereby
deleted and replaced with “December 31, 2029”.
b.Costs. The City Bodies and Developer agree to extend the date by which Closing
must occur to avoid triggering an obligation to pay certain costs and fees of the City
Bodies by one (1) year. Accordingly, the date “December 31, 2025” located in
Section 8.04 is hereby deleted and replaced with “December 31, 2026”.
Docusign Envelope ID: 8FFF8F72-BEE0-4955-8960-3225BB960D2F
11th. December
2
c.Termination. The City Bodies and Developer agree to extend the date by which
Closing must occur to avoid triggering a right to terminate the Original Agreement
in favor of the City Bodies by one (1) year. Accordingly, the date “December 31,
2025” located in Section 8.06 is hereby deleted and replaced with “December 31,
2026”.
3.Continuing Effect. Except as expressly set forth herein, the Original Agreement
remains unmodified and in full force and effect. To the extent of any inconsistency between the
terms and provisions of this Second Amendment and the Original Agreement, the terms and
provisions of this Second Amendment shall control.
4. Miscellaneous. This Second Amendment may be executed in multiple
counterparts, each of which shall be deemed an original, but together shall constitute one and the
same instrument. Each party has the right to rely upon a facsimile or e-mail counterpart of this
Second Amendment signed by the other party to the same extent as if such party received an
original counterpart. This Second Amendment shall extend to, be binding upon and inure to the
benefit of the respective heirs, devisees, legal representatives, successors, permitted assigns and
beneficiaries of the parties hereto.
[SIGNATURES ON THE FOLLOWING PAGE(S)]
Docusign Envelope ID: 8FFF8F72-BEE0-4955-8960-3225BB960D2F
3
IN WITNESS WHEREOF, the City Bodies and Developer have executed this Second
Amendment to be effective as of the date set forth above.
CITY:
CITY OF SOUTH BEND, INDIANA
By:
James Mueller, Mayor
REDEVELOPMENT COMMISSION:
SOUTH BEND REDEVELOPMENT
COMMISSION
By:
Printed: ___________________________________
Title: _____________________________________
ATTEST:
By:
Printed: ___________________________________
Title: _____________________________________
[signatures continue on the following page]
Docusign Envelope ID: 8FFF8F72-BEE0-4955-8960-3225BB960D2F
Troy Warner
President
Eli Wax
Secretary
4
DEVELOPER:
J.C. HART COMPANY, INC.,
an Indiana corporation
By: ________________________________
John C. Hart, Jr., Chairman
Docusign Envelope ID: 8FFF8F72-BEE0-4955-8960-3225BB960D2F