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CITY OF SOUTH BEND REDEVELOPMENT COMMISSION REGULAR MEETING – March 27, 2025 <br /> <br />6 <br /> <br /> <br />Upon a motion by Eli Wax for approval, seconded by Ophelia Gooden- <br />Rodgers, the motion carried unanimously; the Commission approved <br />the Development Agreement as presented on March 27, 2025. <br /> <br />3. Development Agreement (Penny Hill Homes LLC) <br /> <br />Joseph Molnar, Assistant Director of Growth and Opportunity, <br />presented the agreement for restoration of 425 & 435 S. Michigan St. <br />(property known as the Inwoods building). The proposed agreement <br />commits the Developer to expending a minimum of $1.44 million on the <br />restoration of the property and the creation of a minimum of three <br />commercial spaces for rent, each receiving a Certificate of Occupancy <br />from the Building Department. The proposed agreement commits the <br />Redevelopment Commission to expending no more than $350,000 to <br />aiding in the redevelopment of the property including primarily <br />replacement and installation of a new roof. Mr. Molnar states that this <br />project is part of a broader READI 2.0 award for South downtown with <br />Milkweed Commons and The Monreaux. Vice President Relos asked if <br />this would cover the Inwoods building only and Mr. Molnar confirmed <br />that both buildings need new roof work. <br /> <br />Sarah Hill from Penny Hill Homes LLC explained that the interior <br />damage was caused by a water leak from the third floor during <br />restoration work for a brewery project. She mentioned that the water <br />was left on for several days, resulting in water damage throughout the <br />building. Consequently, the third floor is in better condition compared <br />to the first and second floors, as well as the basement. <br /> <br />Upon a motion by Gillian Shaw for approval, seconded by Eli Wax, the <br />motion carried unanimously; the Commission approved the <br />Development Agreement as presented on March 27, 2025. <br /> <br />4. Budget Request (Main/Wayne Elevator) <br /> <br />Joseph Molnar, Assistant Director of Growth and Opportunity, <br />presented a request for $550,000 for the consultation, design, and <br />replacement of the elevator at 119 W. Wayne St. Staff from both <br />Venues Parks and Arts and the RDC have been preparing the garage <br />for public parking. This preparation includes updating signage, <br />computer systems, and internet connectivity, as well as installing new <br />gate equipment. The goal is for the garage to operate similarly to the <br />other three downtown public parking garages, offering the same rates, <br />including free 2-hour parking, and free parking on nights and <br />weekends. The South Bend Bike Garage, which leases the retail space <br />on the ground floor, has also been making improvements. There will be