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South Bend Redevelopment Commission <br />227 West Jefferson Boulevard, Room 1308, South Bend, Indiana <br />Redevelopment Commission Agenda Item <br />D ATE : 11/15/2024 <br />FROM: Joseph Molnar – Assistant Director of Growth & <br />Opportunity <br />SUBJECT: Sixth Amendment to Real America Purchase <br />Agreement <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 />PURPOSE OF REQUEST: Separation of LIHTC and Market Rate Closing Dates <br />SPECIFICS: In 2021, Real America and the RDC approved an agreement to sell RDC owned real <br />estate at the northwestern corner of South St. and Lafayette Blvd. for the construction of <br />affordable income restricted and market rate apartment units. <br />The fifth amendment approved by the RDC on February 5, 2024, separates out the market rate <br />and LIHTC parcels for separate closing dates. <br />This sixth amendment extends the closing for the market rate parcel only for no later than <br />March 31, 2025.This is due to the environmental abatement for the market rate parcel being <br />projected to be completed no later than January 2025 with final reporting being provided in <br />March 2025. <br />Staff requests approval. <br />_________________________Pres/V-Pres <br />ATTEST: __________________Secretary <br />Date: ____________________ <br /> APPROVED Not Approved <br />SOUTH BEND REDEVELOPMENT COMMISSION <br />11-25-2024 <br />