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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 : 3/21/25 <br />FROM: Joseph Molnar, Assistant Director <br />of Growth & Opportunity <br />SUBJECT: Penny Hill Development 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: Development Agreement with Penny Hill Homes LLC for the Restoration <br /> of 425 & 435 S. Michigan Street <br />SPECIFICS: The proposed development agreement with Penny Hill Homes LLC (the “Developer”) is for the <br />renovation of 425 & 435 S. Michigan Street. The property, known as the Inwoods Building, has been vacant and <br />dilapidated on the southern edge of downtown South Bend for over two decades. <br />The proposed agreement commits the Developer to expending a minimum of $1.44 million on the restoration of <br />the property and the creation of a minimum of three commercial spaces for rent, each receiving a Certificate of <br />Occupancy from the Building Department. The proposed agreement commits the Redevelopment Commission to <br />expending no more than $350,000 to aiding in the redevelopment of the property including primarily <br />replacement and installation of a new roof. <br />The redevelopment of the property will allow for the activation of a long-vacant building in downtown South <br />Bend. This activation will help the continued redevelopment of the south downtown which has multiple active <br />ongoing redevelopment projects as well as preserving a remaining piece of the historic urban fabric of <br />downtown South Bend. <br /> Staff recommends approval of the agreement. <br />_________________________Pres/V-Pres <br />ATTEST: __________________Secretary <br />Date: ____________________ <br /> APPROVED Not Approved <br />SOUTH BEND REDEVELOPMENT COMMISSION <br />March 27, 2025 <br />