HomeMy WebLinkAboutHOGAN SECOND AMENDMENT TO DEVELOPMENT AGREEMENT
THIS SECOND AMENDMENT TO DEVELOPMENT AGREEMENT (this "Amendment") is made
effective as of the day of June, 2018 (the "Effective Date"), by and between HOGAN PROPERTY
DEVELOPMENT CO., a Kentucky corporation ("Developer"), and THE CITY OF JEFFERSONVILLE
REDEVELOPMENT COMMISSION, a municipal body politic of Indiana ("Commission").
RECITALS
A. Commission and Developer entered into that certain Development Agreement dated
June 28, 2017, as amended by that certain First Amendment to Development Agreement dated December
19, 2017 (collectively, the "Agreement"), for Developer's purchase of certain real property located in the
City of Jeffersonville, County of Clark, State of Indiana, as more particularly described in the Agreement
(the "Property"), which Developer plans to develop as a mixed-use commercial real estate development
project that may include hotel, office, restaurant, retail, and other commercial improvements and uses (the
"Project")
B. As Developer has moved through its due diligence on the Property and both parties have
worked to fulfill their obligations under the Agreement, the parties have determined that some of the time
periods and deadlines must be adjusted; and
C. To accomplish such adjustments, Commission and Developer agree that it is of mutual
benefit for the parties to revise the Agreement as hereinafter provided .
NOW THEREFORE, in consideration of the foregoing and for other valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties agree as follows:
1. Defined Terms. All capitalized terms used but not defined herein shall have the meaning assigned to
such term in the Agreement.
2. Project Plans. The parties hereby acknowledge and agree that the date by which Developer must
deliver the Project Plans under Section 4.2 of the Agreement is extended until July 31, 2018.
3. Exhibit N. To accommodate the above amendment to Section 4.2, Exhibit N to the Agreement is
hereby deleted in its entirety, and the Exhibit N attached hereto is substituted in lieu thereof.
4. Reaffirmation. All terms, covenants and conditions of the Agreement not modified by this Amendment
are hereby ratified by the parties. In the event of any inconsistency between the terms of the
Agreement and the terms of this Amendment, the terms of this Amendment shall control.
5. Applicable Law. This Amendment shall be governed by, and construed and enforced in accordance
with, the Applicable Laws of the State of Indiana.
6. Binding Effect. All of the representations, warranties, covenants, obligations, terms, and conditions of
this Amendment shall inure to the benefit of, and be binding upon, the parties hereto and their
respective successors and permitted assigns.
7. Counterparts. All terms, covenants and conditions of the Agreement not modified by this Amendment
are hereby ratified by the parties. In the event of any inconsistency between the terms of the
Agreement and the terms of this Amendment, the terms of this Amendment shall control.
[SIGNATURES ON FOLLOWING PAGE(S)]
IN WITNESS WHEREOF, the parties have executed this Amendment effective as of the date first
written above.
COMMISSION:
JEFFERSONVILLE REDEVELOPMENT COMMISSION,
an entity established pursuant to IC 36-7-14
By "filY-
Name:
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Title /%s� &j
DEVELOPER:
HOGAN PROPERTY DEVELOPMENT CO
By it
Name Li). Glen /Is •
Title: So le 0 , '(e r
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EXHIBIT N
Dates for Satisfaction of
Developer Closing Conditions
(Section 6.4)
(a) Representations and Warranties As of the Closing Date
(b) Commission Closing Documents As of the Closing Date
(c) Project Plan Approval Sixty (60) days after initial submission date of
proposed Project Plans as provided in and
subject to the terms of Section 4.2
(d) Project Funding Fifteen (15) days prior to the Closing Date
(e) Project Permits As of the Closing Date
(f) Stormwater System As of the Closing Date
(g) INDOT Commitments The Discretionary Termination Date
(h) Street Improvements Plans The Discretionary Termination Date
(i) Street Improvements Permits The Discretionary Termination Date
(j) Street Improvements Funding The Discretionary Termination Date
(k) INDOT Ingress/Egress Approval The Discretionary Termination Date
(I) Utilities Improvements Five (5) months after the Discretionary
Termination Date
(m) Utility Easement Area Five (5) months after the Discretionary
Termination Date
(n) [Intentionally Omitted]
(o) Environmental Assessment (A) Completed
(B) Seven (7) months after the Discretionary
Termination Date
(C) Thirty (30) days prior to the Closing Date
(D) Seven (7) months after the Discretionary
Termination Date
(p) [Not Applicable]
(q) IDEM Comfort Letters Thirty(30) days prior to the Closing Date
(r) Remediation Plan Seven (7) months after the Discretionary
Termination Date
(s) New Hazardous Materials As of the Closing Date
(t) Title Policy Coverage As of the Closing Date
(u) Commission Performance As of the Closing Date
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