HomeMy WebLinkAboutResolution No 3336 Approving Amendment with NelloRESOLUTION NO. 3336
A RESOLUTION OF THE SOUTH BEND REDEVELOPMENT COMMISSION
APPROVING AMENDMENTS TO AGREEMENTS WITH NELLO INC. AND
CONVEYANCE OF CERTAIN EQUIPMENT TO NELLO INC.
WHEREAS, the South Bend Redevelopment Commission (the "Commission ") exists and
operates pursuant to I.C. 36 -7 -14; and
WHEREAS, on June 20, 2014, the Commission and Nello Inc. ( "Nello ") entered into that
certain Economic Development Memorandum of Understanding (the "Development
Agreement "), and on July 21, 2014, the Commission and Nello entered into that certain
Equipment Lease Agreement (the "Lease ") (collectively, the "Project Agreements "); and
WHEREAS, pursuant to the provisions of the Project Agreements, the Commission
procured certain equipment for Nello in exchange for Nello's satisfaction of certain development
and job creation requirements; and
WHEREAS, in accordance with the provisions of the Project Agreements, the
Commission and Nello desire to amend the Project Agreements by specifying the Year 1
Equipment and the Year 2 Equipment (as respectively defined in the Project Agreements)
procured by the Commission after the date of the Project Agreements; and
WHEREAS, Nello has presented evidence of satisfying Section 3.07, subparts (i) and (ii),
of the Development Agreement and Section 9, subparts (a) and (b), of the Lease, such that Nello
is now entitled to exercise its option to purchase the Year 1 Equipment pursuant to the terms of
the Project Agreements; and
WHEREAS, Nello has exercised its option to purchase the Year 1 Equipment, and the
Commission desires to take all necessary action to convey the Year 1 Equipment to Nello in
recognition of Nello's satisfaction of the above - referenced obligations under the Project
Agreements.
NOW, THEREFORE, BE IT RESOLVED BY THE SOUTH BEND
REDEVELOPMENT COMMISSION AS FOLLOWS:
1. The Commission hereby approves, and will execute simultaneously with this
Resolution, the First Amendment to Economic Development Memorandum of Understanding
attached hereto as Exhibit 1 and the First Amendment to Equipment Lease Agreement attached
hereto as Exhibit 2 (together, the "Amendments ").
2. The Commission hereby approves, and will execute simultaneously with this
Resolution, the Bill of Sale attached hereto as Exhibit 3 (the "Bill of Sale ") conveying ownership
of the Year 1 Equipment to Nello.
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3. The Commission hereby authorizes and instructs David Relos or Aaron Kobb,
each of the City of South Bend Department of Community Investment, to deliver the
Amendments and the Bill of Sale to Nello and to take on behalf of the Commission all necessary
administrative actions to accomplish the purposes of this Resolution, including without limitation
the termination of any Uniform Commercial Code financing statement or fixture filing with
respect to the Year 1 Equipment conveyed to Nello under the Bill of Sale.
4. This Resolution will be in full force and effect upon its adoption by the
Commission.
ADOPTED at a regular meeting of the South Bend Redevelopment Commission held
on April 14, 2016, at 1308 County -City Building, 227 West Jefferson Boulevard, South Bend,
Indiana 46601.
AT
E. T:
9nald E Inks, Secretary
4000.0000050 42580859.001
SOUTH BEND REDEVELOPMENT
COMMISSION
Marcia I. Jones, FWsident
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