5A2 Agreement to Suspend and Release Easement (Riverwalk Partners LLC) - Signed

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South Bend Redevelopment Commission 227 West Jefferson Boulevard, Room 1308, South Bend, Indiana Redevelopment Commission Agenda Item DAT E : 3/10/25 FROM: Joseph Molnar, Assistant Director of Growth & Opportunity SUBJECT: Agreement to Suspend and Release Easement 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: Approval of the Agreement to Suspend and Release Easement SPECIFICS: On January 9, 2025, the Redevelopment Commission (“RDC”) and JC Hart Company (the “Developer”) approved an Economic Development Agreement (“Agreement”). The Agreement committed both the RDC and the Developer to certain commitments in relation to a transformational project on the western bank of the St. Joseph River in downtown South Bend. The project site is just north of the former River Glen Office Park. The RDC acquired the office park on May 6, 2024, and as the owner is the beneficiary of a non-exclusive ingress and egress easement for pedestrian and vehicular access to and from Wayne Street/Jefferson Boulevard (the “Easement”). In partnership with the Developer’s intention to develop the Riverwalk Project, the RDC has agreed to construct and dedicate certain public roadways, sidewalks, and related improvements paid for substantially through a READI 2.0 grant from the State of Indiana. These roadway improvements once completed will provide access to and from the River Glen Office Park. To accommodate the development, the attached Agreement to Suspend and Release Easement confirms that the RDC, as property owner of former River Glen Office Park, is willing to: (i) suspend all use of the Easement during the development of the Riverwalk Project; and (ii) release and relinquish the Easement upon the Roadway Completion and Opening. The result of the full development will provide substantially improved access to the River Glen Office Park than exists currently in the form of newly built public roadway and sidewalks. Staff recommends approval. _________________________Pres/V-Pres ATTEST: __________________Secretary Date: ____________________ APPROVED Not Approved SOUTH BEND REDEVELOPMENT COMMISSION March 13, 2025 