R2018-94 Authorizing 2nd Amendment to Agreement between the City of Decatur and MDA Properties LLC

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Pook: 463.E Page: 134 AMENDMENT THIS AMENDMENT("Amendment')is entered into this day of ,2018 between the CITY OF DECATUR,an Illinois municipal corporation(hereinafter referred to as the"City")and MDA PROPERTIES, LLC,an Illinois Limited Liability Corporation,(herein referred to as the"Developer"). WHEREAS,the City and Developer entered into an agreement dated April 17,2017 and amended December 4, 2017 regarding property in Decatur, Illinois as more particularly described in the agreement;and WHEREAS,The Developer has either completed or will have completed the majority of the projects as are required in the agreement by August 31,2018 as is stipulated in the amended agreement and expects to only need to complete environmental remediation and the paving of an alley to satisfy the agreement;and WHEREAS,the Developer expects to complete remediation in 2018 but the timing will delay necessary construction of a retaining wall and potentially delay alley construction until after the close of the 2018 construction season;and WHEREAS,the developer has clearly shown a good faith effort in completing this project and in order to facilitate the additional development outside of what is required by this agreement,the City and the Developer desire to amend certain terms and conditions in the agreement as provided in this Amendment. NOW,THEREFORE,in consideration of the promises and mutual covenants and obligations of the parties contained in the agreement,and other good and valuable consideration,the receipt and sufficiency whereof are hereby acknowledged,the parties hereto,intending to be legally bound,hereby covenant and agree as follows: 1. The periods to satisfy or waive the conditions described in Paragraphs 1,2,3,4 and 5 are extended so that they shall now expire on May 31,2019. 2. All capitalized terms in this Amendment shall have the meaning given to them in the Contract,unless given a different meaning in this Amendment. 3. As modified above,all of the remainder of the Contract is ratified and confirmed and remains in full force and effect. IN WITNESS WHEREOF,the parties hereto have executed this Agreement and caused their respective seals to be affixed and attested thereto as of the date first above written. CITY OF DECATUR,ILLINOIS, an Illin ' unicipal corporation (tion By: GJU A W/) Ju' oore Wolfe,Mayor-City o tnr ATTEn, Debra Bright,City rk MAIN PLACE PROPERTIES an Illinois Limited Liabil' y C pany By: Its r— Its