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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 : 2/9/2025 <br /> <br />FROM: Joseph Molnar, <br /> Assistant Director of Growth & Opportunity <br /> <br />SUBJECT: First Amendment – 321 W Wayne <br />Development Agreement <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: Approval of the First Amendment to the 321 W Wayne Development <br />Agreement <br /> <br />SPECIFICS: Historic Hearthstone LLC, a local development group, has been in the process of redeveloping <br />a century old warehouse building at 321 W Wayne Street in downtown South Bend. The goal of the <br />redevelopment is to fully renovate the building with small offices and a brewery with a family friendly <br />entertainment activity. On November 14, 2024, the RDC entered into a Development Agreement with <br />the developer for the renovation of the space. The developer committed to expending a minimum of <br />$1,500,000 and the RDC committed to expending $70,000 on improvements of the building. <br /> <br />The offices are nearly complete, and the brewery/restaurant opened in December with duckpin bowling <br />at the site. During renovations, unexpected expenses on improving the utility infrastructure to begin <br />brewing at the site were encountered. The attached First Amendment amends the Development <br />Agreement to provide funds to improve the utility infrastructure. The Amendment also nearly doubles the <br />minimum investment commitment by the Developer. The Amendment amends the following <br />commitments: <br /> <br />Original Commitments Amended Commitments <br />Developer $1,500,000 Minimum Investment Developer $2,900,000 Minimum Investment <br />RDC $70,000 Investment RDC $80,000 investment <br /> <br />The Developer is on track to finish the full redevelopment of the property in 2026 and meet all deadlines <br />in the Agreement. No other substantial changes are proposed. <br /> <br />Staff recommends approval. <br /> <br /> <br /> ______________ ___________Pres/V-Pres <br /> <br /> <br />ATTEST: __________ ________Secretary <br /> <br />Date: _____________ _______ <br /> <br /> APPROVED Not Approved <br />SOUTH BEND REDEVELOPMENT COMMISSION