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<br />South Bend Redevelopment Commission <br />227 West Jefferson Boulevard, Room 1308, South Bend, Indiana <br /> <br /> <br /> <br />Redevelopment Commission Agenda Item <br /> <br />DATE : 12/12/2024 <br /> <br />FROM: Joseph Molnar – Assistant Director of Growth & <br />Opportunity <br /> <br />SUBJECT: Second Amendment Purchase Agreement - <br />Advantix <br /> <br /> <br />Funding Source* (circle) River West; River East; South Side; Douglas Road; West Washington; RDC General; Riv. East Res. <br />* Funds are subject to the City Controller's determination of availability; if funds are unavailable, as solely determined by the City Controller, then the <br />authorization of the expenditure of such funds shall be void and of no effect. <br /> <br />PURPOSE OF REQUEST: Second Amendment of the Advantix Purchase Agreement to extend closing deadline <br /> <br />SPECIFICS: On July 13th 2023, the RDC approved a Purchase Agreement with Advantix Development Corporation <br />for land at Lincoln Way West and Marion for the development of affordable housing. Advantix has been awarded <br />Low Income Housing Tax Credits and is currently in the process of marketing those credits which has taken longer <br />than anticipated. <br /> <br />In this agreement a Contingency Date of December 31, 2024 is specified and the Contingency Date shall also be <br />the Closing Date. Advantix has requested that the Contingency Date be extended to June 30, 2025. <br /> <br />There are no other substantive changes to this agreement in the proposed Second Amendment. <br /> <br />Staff requests approval. <br /> <br /> <br /> <br /> <br /> _________________________Pres/V-Pres <br /> <br />ATTEST: __________________Secretary <br /> <br />Date: ____________________ <br /> <br /> APPROVED Not Approved <br />SOUTH BEND REDEVELOPMENT COMMISSION