R2019-81 Resolution Authorizing Third Amendment to Agreement Between The City of Decatur and MDA Properties LLC

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THIRD AMENDMENT THIS AMENDMENT("Amendment") is entered into this �� day of , 2019 between the CITY OF DECATUR, an Illinois municipal corporation(hereinafter referre 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 which was amended on December 4, 2017, and amended on July 16,2018 regarding praperty in Decatur, Illinois as more particularly described in the Agreement attached and hereta and marked E�ibit A; and WHEREAS,The Developer completed the majority of the projects as are required by April 30, 2019 as is stipulated in the amended agreement and only needs to complete environmental remediation and the paving of an alley to satisfy the agreement; and WHEREAS,the Developer expects to complete remediation in 2019 but the timing will delay necessary construction of a retaining wall and potentially delay alley construction until after the close of the 2019 construction season; and WHEREAS,the deveioper 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 period to satisfy or waive the conditions described in Paragraphs 1 and 5 of the agreement is extended so that they shall now expire on May 31, 2020. 2. As modified above, all of the remainder of the Agreement dated April 17,2017, 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 By �.�� , L1�'L- J ' Moore Wolfe,Mayor- City f Decatur AT EST: Kim Althoff, City Clerk Page 179 of 290