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<br />South Bend <br />Redevelopment Commission <br />215 S. Dr. Martin Luther King, Jr. Blvd., Room 301, South Bend, Indiana <br /> <br /> <br /> <br />Redevelopment Commission Agenda Item <br /> <br />DATE : 12/3/25 <br /> <br />FROM: Joseph Molnar – Assistant Director of Growth <br />& Opportunity <br /> <br />SUBJECT: First Amendment to Real Estate Purchase <br />Agreement – Property Bros Sherman Ave <br />Project <br /> <br /> <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, <br />then the authorization of the expenditure of such funds shall be void and of no effect. <br /> <br />PURPOSE OF REQUEST: Approve First Amendment to Real Estate Purchase Agreement for Property <br />Bros Sherman Ave Project <br /> <br />SPECIFICS: On June 13, 2024, the RDC and Property Bros LLC entered into a Real Estate Purchase <br />Agreement (the “Agreement”) to transfer property located at 619 & 620 Sherman Ave and 1021 ½ 1023 ½ <br />Lincoln Way West in order to construct new duplexes with six (6) total new residential units. <br /> <br />Property Bros LLC has completed the construction of the housing and was able to construct two (2) new <br />housing structures with a total of six (6) residential units on the property located at 619 & 620 Sherman <br />Ave . Property Bros LLC did not need to use the property located at 1021 ½ 1023 ½ Lincoln Way West to <br />complete their commitments and desires to transfer back to the Commission’s ownership. Staff believe <br />that transferring back this property for redevelopment in the future would be in the best interests of the <br />Commission. <br /> <br /> <br /> Staff requests approval. <br /> <br /> <br /> <br /> <br /> <br /> ______________ ___________Pres/V-Pres <br /> <br /> <br />ATTEST: __________ ________Secretary <br /> <br />Date: _____________ _______ <br /> <br /> APPROVED Not Approved <br />SOUTH BEND REDEVELOPMENT COMMISSION