Laserfiche WebLink
South Bend <br />Redevelopment Commission <br />215 S. Dr. Martin Luther King, Jr. Blvd., Room 301, South Bend, Indiana <br />Redevelopment Commission Agenda Item <br />D ATE : 12/3/25 <br />FROM: Joseph Molnar – Assistant Director of Growth <br />& Opportunity <br />SUBJECT: Resolution No. 3660 Approving Certificate of <br />Completion for Property Bros LLC and <br />Authorizing Related Acts <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 />PURPOSE OF REQUEST: Approving Resolution No. 3660 Approving Certificate of Completion for <br />Property Bros LLC and Authorizing Related Acts <br />SPECIFICS: On June 13, 2024, the RDC and Property Bros LLC entered into a Real Estate Purchase <br />Agreement, as further amended by the first amendment dated December 11, 2025, if approved by the <br />Commission, (the “Agreement”) for property located at 619 & 620 Sherman Ave in order to construct new <br />duplexes with six (6) total new residential units. <br />Property Bros LLC has completed the construction of all required housing units and has performed all of <br />the Buyer’s Post-Closing Development Obligations as required under the Agreement and provided the <br />appropriate documentation. <br />-Within Thirty-Six (36) Months after Closing expend no less than $1,575,000.00 on improvements <br />to the site <br />o Property Bros LLC expended greater than $1,575,000 on improvements to the site <br />-Commence Construction within Twelve (12) Months of Closing Date <br />o Property Bros LLC began construction within Twelve (12) months of Closing Date <br />-Complete Construction within Thirty-Six (36) Months of Closing Date <br />o Property Bros LLC completed construction within Thirty-Six months of Closing Date <br />-Construct Six (6) new residential units on site <br />o Property Bros LLC has constructed the required six (6) new residential units at this site <br />and Certificates of Occupancy have been issued. <br />o Property Bros LLC was able to complete these new residential units utilizing only two of <br />the three parcels that were transferred to their ownership. <br />______________ ___________Pres/V-Pres <br />ATTEST: __________ ________Secretary <br />Date: _____________ _______ <br /> APPROVED Not Approved <br />SOUTH BEND REDEVELOPMENT COMMISSION <br />December 11, 2025 <br />