5A8 & 9 Assignment - Confirmation Agreements (Great Lakes Capital) - Signed

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South Bend Redevelopment Commission 227 West Jefferson Boulevard, Room 1308, South Bend, Indiana Redevelopment Commission Agenda Item D ATE : 11/21/2024 FROM: Erik Glavich, Director of Growth & Opportunity SUBJECT: Assignment Agreement & Confirmation Agreement (Great Lakes Capital) Funding Source* (circle) River West; River East; South Side; Douglas Road; West Washington; RDC General; Riv. East Res. * Funds are subject to the City Controller's determination of availability; if funds are unavailable, as solely determined by the City Controller, then the authorization of the expenditure of such funds shall be void and of no effect. PURPOSE OF REQUEST: Assignment Agreement and Confirmation Agreement together enable the READI grant proceeds from the Northern Indiana Regional Development Authority (RDA) for the Madison Lifestyle District project to be directed to the Redevelopment Commission SPECIFICS: Great Lakes Capital and the RDA have entered into an agreement in which the RDA has agreed to provide $11,780,000 in support of the Madison Lifestyle District project. Adoption of the Assignment Agreement (with consent of the RDA) will allow the RDA to reimburse the Redevelopment Commission directly for costs incurred throughout the project. The Assignment Agreement is necessary for the Redevelopment Commission to receive the READI grant proceeds awarded to the project. The Confirmation Agreement between the Redevelopment Commission and Great Lakes Capital serves to set forth certain obligations of the Commission with respect to any portion of the READI grant funds received by the Commission and clarify certain aspects regarding the scope and advancement of the Madison Lifestyle District project. _________________________Pres/V-Pres ATTEST: __________________Secretary Date: ____________________ APPROVED Not Approved SOUTH BEND REDEVELOPMENT COMMISSION 11-25-2024 