AMENDMENT TO DOWNTOWN FINANCIAL INCENTIVE PROGRAM AGREEEMENT CALMAIN, LLC.
A Limited Liability Company
This Amendment (the “AMENDMENT”) is entered as of ______________________, between CALMAIN, LLC (the “OWNER”) and the City of Stockton, a municipal corporation, (the “GRANTOR”).
RECITALS
A. On January 26, 2021, the GRANTOR passed a Resolution authorizing a Downtown Financial Incentive Program (“DFIP”) Grant Agreement (the “AGREEMENT”) of $94,242 to OWNER, for the property located at 500 East Main Street, Stockton, CA 95202 (the “PROJECT”), APN 149-150-16; B. On September 27, 2021, OWNER, executed an AGREEMENT, contract number 422000270 (attached as Exhibit 2), for reimbursement of eligible fees related to tenant improvements and rehabilitation to the PROJECT of $94,242 from the GRANTOR; and C. The CITY now requests to execute an AMENDMENT to amend Article 2.5.d. in the current AGREEMENT to authorize an extension to the tenant improvement completion date.
AMENDMENT
The AGREEMENT is hereby amended as follows:
Article 2.5 DISBURSEMENT, item “d) Tenant Improvements must be completed within 180 days of permit issuance with final building inspection completed and a Certificate of Occupancy is issued”, shall be amended to allow for tenant improvements to be completed within 360 days of permit issuance, which will extend the current due date of January 9, 2022 to an amended due date of July 8, 2022.
IN WHITNESS WHEREOF, the GRANTOR and OWNER have executed this AMENDMENT as of the date first above written.
CALMAIN, LLC
By: ________________________ Thomas A. Romeo, Assignee ATEST: CITY OF STOCKTON, A municipal corporation
By: ________________________ By: ________________________ Eliza R. Garza, CMC, City Clerk Harry Black, City Manager APPROVED AS TO FORM:
By: ________________________
John M. Luebberke, City Attorney
ATTACHMENT C