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<br />South Bend Redevelopment Commission <br />227 West Jefferson Boulevard, Room 1308, South Bend, Indiana <br /> <br /> <br /> <br />Redevelopment Commission Agenda Item <br /> <br />DATE : 11/7/2024 <br /> <br />FROM: Joseph Molnar, Assistant Director of <br />Growth & Opportunity <br /> <br />SUBJECT: Stoic Beverages Purchase Agreement <br /> <br /> <br />Funding Source* (circle) River West; River East; South Side; Douglas Road; West Washington; RDC General; Riv. East Res. <br />* Funds are subject to the City Controller's determination of availability; if funds are unavailable, as solely determined by the City Controller, then the <br />authorization of the expenditure of such funds shall be void and of no effect. <br /> <br />PURPOSE OF REQUEST: Approval of a Purchase Agreement for 410 W Wayne Street Stoic Beverages <br /> <br />SPECIFICS: Attached is a Purchase Agreement (“Agreement”) with Stoic Beverages LLC (“Stoic Beverages”) for the <br />purchase of the former Gates Service Building at 410 W Wayne Street (the “Property”). Below is a timeline of <br />410 W Wayne since reacquisition by the Redevelopment Commission (“RDC”) of the Property. <br /> <br />- March 7, 2024, Deed recorded reconvening property back to RDC after a defaulted Development <br />Agreement. The RDC never lost title rights to the Property. <br />- June 27, 2024, the RDC approved a comprehensive Request for Proposal (“RFP”) for the Property. <br />The RFP set out how the submitted bids would be reviewed by RDC and RDC Staff. The RFP was <br />shared extensively with potential developers and interested parties with a substantial period for <br />potential submitters to comply with the requirements of the RFP. <br />- August 22, 2024, the RDC opened bids for the RFP of which there were four (4) total submitted. <br />- September 26, 2024, RDC Staff requested two (2) additional weeks to continue reviewing submitted <br />bids and discuss with potential developers. <br />o RDC Staff had direct conversations with developers at this time. <br />- October 10, 2024, RDC Staff presented recommendations on the submitted bids. Recommendation <br />was approved by RDC to enter into direct negotiations with Stoic Beverages as the bid which most <br />closely met the RFP evaluation criteria and requirements. <br />- November 14, 2024, RDC Staff presented the Agreement with Stoic Beverages which RDC tabled <br />until November 25, 2024. <br /> <br />In total, it has been approximately five (5) months since the RFP for the Property was publicly released. RDC Staff <br />have submitted Stoic Beverages for the Agreement as their bid has met the stated evaluation criteria set out in <br />the RFP better than other submissions including the following specific criteria: <br /> <br />- Experience. Stoic Beverages partners each have a decade plus experience in both the renovation of <br />older buildings and owning/operating a distillery. One partner owns a renovation/construction <br /> <br /> <br /> _________________________Pres/V-Pres <br /> <br />ATTEST: __________________Secretary <br /> <br />Date: ____________________ <br /> <br /> APPROVED Not Approved <br />SOUTH BEND REDEVELOPMENT COMMISSION