HomeMy WebLinkAbout6A1 4th. Amendment to Development Agreement (GLC Madison Lifestyle) -Fully ExecutedMay 28, 2026
1
FOURTH AMENDMENT TO DEVELOPMENT AGREEMENT
This FOURTH AMENDMENT TO DEVELOPMENT AGREEMENT (this “Fourth
Amendment”) is made and entered into to be effective as of May 28, 2026 (the “Effective Date”),
by and between the City of South Bend, Department of Redevelopment, acting by and through its
governing body, the South Bend Redevelopment Commission (the “Commission”), and Great
Lakes Capital Development, LLC, an Indiana Limited Liability Company, with offices at 7410
Aspect Drive, Suite 100, Granger, IN 46530 (the "Developer") (each, a "Party," and collectively,
the "Parties").
RECITALS
A. The Parties entered into that certain Development Agreement dated effective March
28, 2024, as amended by a First Amendment to Development Agreement dated August 22, 2024.
a Second Amendment to Development Agreement dated effective September 25, 2025, and a Third
Amendment to Development Agreement dated effective March 26, 2026 (collectively the
“Development Agreement”), pertaining to certain local public improvements to renovate,
rehabilitate, and activate the Project Property.
B. Section 3.1(a) of the Development Agreement established that the Parties would
cooperate in good faith to prepare, evaluate, and agree on a planning schedule regarding various
aspects of the Project and established a Mutual Project Diligence period of twenty-six (26) months.
C. The Parties continue to engage in Mutual Project Diligence and believe that
extending the Mutual Project Diligence period to twenty-seven (27) months is necessary and in
the best interests of both Parties due to unforeseen circumstances.
D. The Parties now desire to amend the Development Agreement as set forth herein.
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, the Developer and the Commission 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 Fourth Amendment as though fully set forth
herein.
2. Amendment. The Development Agreement is hereby amended as follows:
In Section 3.1(a), the second sentence, which states:
“The Mutual Project Diligence shall be completed no later than
twenty-six (26) months from the Effective Date.”
shall be deleted in its entirety and replaced with the following:
2
“The Mutual Project Diligence shall be completed no later than
twenty-seven (27) months from the Effective Date.”
3. Entire Agreement; Conflict. Except as otherwise stated herein, all other terms,
conditions and agreements contained in the Development Agreement remain unmodified and in full
force and effect. To the extent a conflict exists between the terms of this Fourth Amendment and
the Development Agreement, the terms of this Fourth Amendment shall control. Capitalized terms
used in this Fourth Amendment will have the meanings set forth in the Development Agreement
unless otherwise stated herein.
4. Counterparts; Electronic or Facsimile Transmission. This Fourth Amendment
may be executed in counterparts which, when combined, shall constitute one instrument. The
electronic or facsimile transmission of a signed counterpart of this Fourth Amendment shall be
binding upon the party whose signature is contained on the transmitted copy.
Signature Page Follows
Dave Relos
Eli Wax