5D1 3rd Amendment to Development Agreement (Wharf Partners LLC) - Fully Executed

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South Bend Redevelopment Commission 227 West Jefferson Boulevard, Room 1308, South Bend, Indiana Redevelopment Commission Agenda Item D ATE : 3/23/2026 FROM: Joseph Molnar, Deputy Director, Community Investment SUBJECT: Third Amendment Cascade (Wharf) Development Agreement Funding Source* (circle) River West; River East; South Side; Douglas Road; West Washington; RDC General; Riv. East Res. * Funds are subject to the City Controller's determination of availability; if funds are unavailable, as solely determined by the City Controller, then the authorization of the expenditure of such funds shall be void and of no effect. PURPOSE OF REQUEST: Third Amendment to the Development Agreement with Wharf Partners, LLC, for completion of the Cascade development SPECIFICS: The Redevelopment Commission (RDC) entered into a Development Agreement with Wharf Partners LLC (the “Developer”) effective February 22, 2018, amended in 2018 and 2025. (collectively, the “Agreement”). The Agreement provides support for a two-phase project for the complete redevelopment of the property located just northwest of Seitz Park along the eastern bank of the St. Joseph River. Phase I was completed on December 23, 2019, with the completion of the seven-story tower and underground parking garage. The Developer’s commercial tenant opened a ground floor restaurant open to the public on August 15, 2024, and the jobs created by Phase 1 are more than double the number required by the Agreement. Through Phase I, the Developer significantly exceeded the required private investment. After delays Seitz Park finished allowing access to the Phase II site, the Second Amendment was approved which increased the project scope of Phase II, RDC commitment, and the private investment commitment. Since the Second Amendment was approved in 2025, the Developer has refined the designs of the Phase II while the City has clarified timelines and design on upcoming Colfax Ave Streetscape improvements. During that time, cost estimates have exceeded expectations in 2025, and staff have worked with the Developer to address the complicated scheduling of the City improvements to Colfax Ave while Phase II begins construction. Thus the following terms are proposed. •Increase the Funding Amount for Phase I & Phase II to $10,737,000 (up from $9,737,000) •Increase the Private Investment Commitment to $65,000,000 (up from $63,000,000 in the Second Amendment and $38,500,000 originally) •Update the Local Public Improvements to clarify that a portion of the Funding Amount will be expended during the Colfax Ave Streetscape installing water/sewer laterals _________________________Pres/V-Pres ATTEST: __________________Secretary Date: ____________________ APPROVED Not Approved SOUTH BEND REDEVELOPMENT COMMISSION March 26, 2026 