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

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Bo�ok: 4558 P�ag�.4�7 WHEREAS,in exohange for a release of the mortgage on the premises,the Developer agrees to expend an addirioaal$302,000 to fund public infrastructure upgades aad more than$2 million in the redevelopmeat, rehabilitation and removal of significant environmental concems for properties along South Churcb Street, West Main Street and West Wood S�, a praject more fully described in Exhibit B attached hereto and made a part hereof("The Prvject"} and for which the Developer has already expended more than $560,000 for improvements, effectiveiy extending the downtown boundary west from the t00 block of South Main Street to the 100 Block af South Church Street; AND, WHEREAS, the Developer agre�s to redevetop and to eradicate environmental concerns where necessary on an adjacent idenrified brownfield site where a Phase II environmental study iden6fzed recogniz�d soil and groundwater environmcntal concems (REC's) that exceeded recognized standards due in part to the historica! use of tiansformers and industrial cteaning operations that occurred on site.The study,attached as E�chibit C,indicates that identified hazardnus chemicals have tbe potential to negatively impact underlying soiI and groundwater through the release of volatile arganic compounds(VOC's);AND WHEREAS,the City is willi,ng to enter into an agreement with the Deveioper to assure that said develapment and improvements occur and without this Agreernent the Developer would not undertake these improvements and said improvements wouId not be possible. NOW THEREFORE,in consideration of the pmmises and mutual covenants and obligations of the parties contained herein, and other goad and valuable considezation,the receipt and sufficiency whereof are hereby acknowledged,tt►e parties hereto,intending to be legally bound,bereby covenant aud agree as follows: 1. No later than December 3I, 20i7 the Devcloper shall construct, at its own ra�pensc, new public sidewalks and angled garldng in the l0Q Block of South Church Street between Main and Wood Streets and shall repave the alley in the middle of the bloak as per plans appr�ved by ttze City as shown in Exhibit B.III.A attached hereto and incorporated herein.The estimated cost for this work is$177,000. 2.No later than December 31,2417 the Developer shall repair the retaining wall located in the public right of way to the west of the praperty located at 1S1 W. Wood St at an estimated cost of $125,OflQ. 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 thau 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 eonsisting of a minimum of 5 residential units. 5. No later than December 31, 20I7, the Developer shall ether complete remediation of idenrified environmental eoncems idetttified in the Phase II enviroamental study performed by Fehr Page 182 of 290