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

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Book: 4558 Page: 487 WHEREAS,in exchange for a release of the mortgage on the premises, the Developer agrees to expend an additional $302,000 to fund public infrastructure upgrades and more than $2 million in the redevelopment, rehabilitation and removal of significant environmental concerns for properties along South Church Street, West Main Street and West Wood St., a project more fully described in Exhibit B attached hereto and made a part hereof("The Project') and for which the Developer has already expended more than $560,000 for improvements, effectively extending the downtown boundary west from the 100 block of South Main Street to the 100 Block of South Church Street; AND, WHEREAS, the Developer agrees to redevelop and to eradicate environmental concerns where necessary on an adjacent identified brownfield site where a Phase H environmental study identified recognized soil and groundwater environmental concerns (RFC's) that exceeded recognized standards due in part to the historical use of transformers and industrial cleaning operations that occurred on site. The study, attached as Exhibit C,indicates that identified hazardous chemicals have the potential to negatively impact underlying soil and groundwater through the release of volatile organic compounds(VOC's);AND WHEREAS,the City is willing to enter into an agreement with the Developer to assure that said development and improvements occur and without this Agreement the Developer would not undertake these improvements and said improvements would not be possible. NOW THEREFORE,in consideration of the promises and mutual covenants and obligations of the parties contained herein, 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. No later than December 31, 2017 the Developer shall construct, at its own expense, new public sidewalks and angled parking in the 100 Block of South Church Street between Main and Wood Streets and shall repave the alley in the middle of the block as per plans approved by the City as shown in Exhibit B.IH.A attached hereto and incorporated herein. The estimated cost for this work is$177,000. 2.No later than December 31,2017 the Developer shall repair the retaining wall located in the public right of way to the west of the property located at 151 W. Wood St. at an estimated cost of $125,000. 3. No later than December 31, 2017 the Developer shall demolish the east center section of the premises located at 142 W.Wood Street. 4. No later than December 31, 2017, the Developer shall substantially complete re- development of the second floors of the buildings located at 155 W. Main and 150 W. Wood St, to include residential space consisting of a minimum of 5 residential units. 5. No later than December 31, 2017, the Developer shall ether complete remediation of identified environmental concerns identified in the Phase U environmental study performed by Fehr