Laserfiche WebLink
<br />South Bend Redevelopment Commission <br />227 West Jefferson Boulevard, Room 1308, South Bend, Indiana <br /> <br /> <br /> <br />Redevelopment Commission Agenda Item <br /> <br />DATE : 8/22/2025 <br /> <br />FROM: Joseph Molnar, <br /> Assistant Director of Growth & Opportunity <br /> <br />SUBJECT: Purchase Agreement – 1335 Portage Ve <br /> <br /> <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 /> <br />PURPOSE OF REQUEST: Approve the Purchase Agreement for 1335 Portage Ave <br /> <br />SPECIFICS: The Redevelopment Commission acquired the Portage Elwood Shopping Center in December of 2024. <br />The City is currently designing plans for the redevelopment of the Shopping Center as well as the adjacent <br />former Drewrys Brewery property. <br /> <br />The property located at 1335 Portage Ave is a former auto repair shop that is adjacent to the Shopping Center. <br />The auto repair shop is closed and owned by the trust of the former owner who has passed away. The trust had <br />no interest in continuing to operate the property as an auto repair shop. Acquiring the property at 1335 Portage <br />would aid in the design of the redevelopment of the Shopping Center and add property for redevelopment along <br />the Portage Ave corridor. The specifics of the agreement are: <br /> <br />• Purchase Price of $100,850 (average of two appraisals) <br />• 60 day due diligence period <br />• 30 day closing period <br /> <br />Staff recommend approval of the Purchase Agreement which will help in redevelopment efforts of the Portage <br />Ave corridor. <br /> <br /> <br /> <br /> <br /> <br /> <br /> _________________________Pres/V-Pres <br /> <br />ATTEST: __________________Secretary <br /> <br />Date: ____________________ <br /> <br /> APPROVED Not Approved <br />SOUTH BEND REDEVELOPMENT COMMISSION