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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 : 11/20/2024 <br /> <br />FROM: Joseph Molnar – Assistant Director of Growth & <br />Opportunity <br /> <br />SUBJECT: Third Amendment to Real Estate Purchase <br />Agreement for The Monreaux <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: Extending Time Frame for former Fat Daddy’s Site Purchase Agreement <br /> <br />SPECIFICS: This Third Amendment Agreement extends the closing date and contingency date for the former Fat <br />Daddy’s site Purchase Agreement. On July 14, 2022, the Commission approved a Purchase Agreement with <br />Devereaux Peters for the sale of the site for a Low-Income Housing Tax Credit Project. The project was awarded <br />tax credits as part of the fall 2023 period. Devereaux Peters applied for the READI Grant as a part of this project <br />and the announcement for that grant has been delayed. <br /> <br />The amendment takes into consideration that time difference delay and extends the deadline for closing to June <br />30th, 2024. All commitments remain the same. The planned project is a sixty (60) unit apartment building, forty- <br />eight (48) affordable income restricted apartments with a total investment of at least $16 million. <br /> <br />Staff requests approval of this Amendment. <br /> <br /> <br /> <br /> _________________________Pres/V-Pres <br /> <br />ATTEST: __________________Secretary <br /> <br />Date: ____________________ <br /> <br /> APPROVED Not Approved <br />SOUTH BEND REDEVELOPMENT COMMISSION