6.B.(1) First Amendment to Contract for Sale of Land

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C~ ~~ <<~ yOUT~{ B ~ OF \ I ~ ~7f Community & Economic D e v e l o p m e n t ~r~`~'`aa 1200 County-City Building, 227 West Jefferson, Souih Bend, Indiana 46601-1830 Phone 574/235-9371 Fax 574/235-9021 To: Redevelopment Commission From: Jennifer Laurent Subject: Amendment to Development Agreement & Contract for Sale, Jeffcourt, Inc. (St Joseph & Jefferson St) Date: September 2, 2008 Jeffcourt Inc. entered into a development agreement and contract for sale of land for the St Joseph & Jefferson Street property on June 6, 2008 for the construction of a Courtyard by Marriott and Fairfield Suites hotel. Since that date staff has been working through the necessary steps contemplated in the contract to vacate a portion of DeRue Court and the Hall of Fame parking ]ot to the north, in order to consolidate the disposition parcel with the additional land area required by the development. F;asement releases have been granted by all but one utility, and we are working through that currently with the City Engineer and NIPSCO. A contract amendment is before you today that allows for a little more time (I 50 days) to complete this due diligence phase, and also addresses our concern that public parking be provided until that time that construction begins. fay this amendment, the Commission would be allowed to lease back the property after closing, provided we assume responsibility for the expenses and management of parking, until either the developer begins cacavation work on the site or March 15, 2009. Your approval of the amendment is recommended. To Commission re addendum.doc What We Do Today Makes A Difference!