Laserfiche WebLink
South Bend Redevelopment Commission <br />227 West Jefferson Boulevard, Room 1308, South Bend, Indiana <br />Redevelopment Commission Agenda Item <br />D ATE : 5/19/25 <br />FROM: Erik Glavich, Director, Growth & Opportunity <br />SUBJECT: Amendment to Development Agreement for River <br />Walk L.L.C. (The Pointe residential development <br />project) <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: Amendment Development Agreement for property located at 703 Northside Blvd., South <br />Bend, Indiana 46601 (River Walk L.L.C.) <br />SPECIFICS: On August 22, 2024, the Commission entered into a Development Agreement with River Walk L.L.C., <br />an entity owned by a local developer, for the redevelopment of long-vacant property on Northside Boulevard. <br />west of St. Peter Street. The developer plans to build 13 individual housing units, which continues the activation <br />of properties near Howard Park and within walking distance of downtown South Bend. <br />The original Development Agreement specifies that the Funding Amount provided by Commission will not <br />exceed $500,000 and the private investment commitment by the Developer will be no less than $10,000,000. <br />The Developer also commits to completing the project by December 31, 2027. <br />Due to unique challenges posed by the site, including environmental issues which have added development <br />costs, additional support is necessary to ensure the successful completion of the project. The proposed <br />amendment to the Development Agreement, if adopted, would increase the funding amount to $1,250,000 and <br />the private investment commitment $14,000,000. No other amendments would be made. <br />_________________________Pres/V-Pres <br />ATTEST: __________________Secretary <br />Date: ____________________ <br /> APPROVED Not Approved <br />SOUTH BEND REDEVELOPMENT COMMISSION <br />May 22, 2025 <br />