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CITY OF SOUTH BEND REDEVELOPMENT COMMISSION REGULAR MEETING –November 25, 2024 <br /> <br />6 <br /> <br />Amendment to the Purchase Agreement as presented on November <br />25, 2024. <br /> <br />6. Opening of Bids (Lot 2 Bendix Dr. Minor Subdivision) <br /> <br />Joseph Molnar, Assistant Director of Growth and Opportunity, stated <br />that no bids were submitted, and the team will be reaching out to <br />developers. <br /> <br />7. Real Estate Purchase Agreement (415 E. Madison St.) <br /> <br />Joseph Molnar, Assistant Director of Growth and Opportunity, <br />presented a request for the real estate purchase of $300,000 for 415 <br />E. Madison St. The building was built in 1868 by Singer Sewing Co. <br />and currently has a daycare located on the ground floor. The total <br />property is 3.36 acres along the St. Joseph River with 60,000 square <br />feet of usable space. The acquisition would allow the city to guide the <br />redevelopment along the riverwalk. The purchase agreement does <br />lead to a longer due diligence period of 120 days and the RDC may <br />terminate at any time during that period if unable or unwilling to <br />terminate a shared parking easement on the property. Mr. Molnar <br />noted a correction to the agenda will be this agreement will come out <br />of the River East TIF district. <br /> <br />Commissioner Wax asked what is the level of confidence that the <br />building can be renovated and not demolished. Mr. Molnar stated that <br />it’s been maintained and is a four-story building with views of the river <br />and is a very attractive 150-year-old building. Mr. Molnar explained that <br />this could be a residential conversion and/or ground floor retail space. <br />He believes that the daycare has a yearly automatic renewal. <br />President Troy Warner requested a 120-day update and Mr. Molnar <br />stated we could get back to the Commission in January. <br /> <br />Upon a motion by David Relos for approval, seconded by Vivian Sallie, <br />the motion carried unanimously; the Commission approved the Real <br />Estate Purchase Agreement as presented with the funding coming <br />from the River East TIF district on November 25, 2024. <br /> <br />8. Assignment Agreement (Great Lakes Capital) <br /> <br />Caleb Bauer, Executive Director of Community Investment, presented <br />items 5A8 and 5A9 together, a pair of agreements related to the overall <br />development agreement with Great Lakes Capital that was approved <br />by the Commission earlier this year for the Madison Lifestyle District. <br />