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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 : April 1st, 2026 <br />FROM: Joseph Molnar, Deputy Director of Community <br />Investment <br />SUBJECT: The Row at Ward Real Estate Purchase <br />Agreement for Sale of Real Property <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: Approval of The Row at Ward Real Estate Purchase Agreement for Sale of Real <br />Property <br />SPECIFICS: The Redevelopment Commission (“RDC”) currently owns seven (7) vacant parcels on Portage <br />Ave that were acquired by the Board of Public Works in 2008. These parcels were then transferred to the <br />RDC in 2020 to better be able to redevelop these properties. <br />ID2, LLC is an entity created and run by Jordan Richardson of Property Bros, LLC who is a local housing <br />developer who has completed many renovations and new builds in the City of South Bend. The proposed <br />Purchase Agreement (the “Agreement”) would be for the sale of these seven (7) vacant parcels on Portage <br />to ID2, LLC to construct a new housing development just south of the recently opened Portage Place <br />project (formerly Ward Bakery). <br />The agreement commits ID2, LLC to the following terms: <br />-Purchase Price: $1,000 <br />-Due Diligence Period: 12 months <br />o The extended due diligence period allows for time for on the ground site research <br />necessary for this project <br />-Closing Deadline: 90 days <br />-Minimum Investment: $2,100,000.00 <br />-Unit Count: 14 total units, 7 of which are to be sold at 100% AMI <br />-Construction Start Deadline: 12 months after closing date <br />-Construction Completion Deadline: 24 months after closing date <br />The sale of these vacant parcels will provide mixed income housing units to the Near Northwest <br />Neighborhood which has seen significant revitalization and redevelopment. <br />Staff recommends approval of this agreement. <br />______________ ___________Pres/V-Pres <br />ATTEST: __________ ________Secretary <br />Date: _____________ _______ <br /> APPROVED Not Approved <br />SOUTH BEND REDEVELOPMENT COMMISSION