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<br />South Bend Redevelopment Commission <br />227 West Jefferson Boulevard, Room 1308, South Bend, Indiana <br /> <br /> <br /> <br />company while the second partner has experience as the head distiller at multiple successful <br />distilleries. <br />- Financial Responsibility. Stoic Beverages has provided documented evidence from a local financial <br />institution that they have full financing secured to complete the project. Stoic Beverages was the <br />only of the four (4) bidders to provide evidence of secured financing. <br />- Purchase Price. Stoic Beverages proposed the largest purchase price of any of the four (4) bidders. <br />Their purchase price, while being the highest, also is only for the Gates Service building and smaller <br />lot accompanied to it and does not include the larger parking lot to the direct south which would still <br />be held by RDC for a potential future development. <br />- Consistence with River West Development Area Plan. The Stoic Beverages proposal met the <br />following Objectives identified by the River West Development Area Plan: Economic Development <br />(including opportunities to promote entrepreneurship); Placemaking and the Built Environment <br />(including creating a vibrant urban downtown core and prioritize projects that preserve and <br />rehabilitee existing buildings over ones of new construction); and Sustainability and Environmental <br />Management (including encouraging reuse of existing properties). <br /> <br />The Agreement commits Stoic Beverages to the following terms following closing on the property: <br /> <br />- Purchase price of Twenty Thousand Dollars ($20,000) <br />- Commence construction within twelve (12) months <br />- Complete construction within thirty-six (36) months <br />- Operate a full-service distillery and tasting room <br />- Minimum Three Hundred Thousand ($300,000) investment in improvements to the property <br />o As one of the partners of Stoic Beverages own a construction company, which work <br />performed would not count towards $300,000 commitment, total project costs are <br />estimated around $550,000. <br /> <br />Staff believe this Agreement will activate long-vacant property, create new jobs, and bring vitality to downtown <br />South Bend while also preserving other nearby owned RDC properties for potential redevelopment projects. <br /> <br />Staff recommends approval. <br /> <br />