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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 /> <br />DATE : June 9, 2026 <br /> <br />FROM: Joseph Molnar, Deputy Director of Community <br />Investment <br /> <br />SUBJECT: Purchase Agreement for Sale of 126 N Niles <br />Ave <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: Real Estate Purchase Agreement for Sale of 126 N. Niles Avenue <br /> <br />SPECIFICS: The Commission owns the real property at 126 N. Niles Avenue, which was the former East <br />Race Headquarters. This property was put through disposition in September 2017 with 4 bids received on <br />September 28, 2017. The RDC approved the rejection of those bids on October 26, 2017. <br /> <br />Greater Lowell Holdings LLC has inquired about purchasing the building and would redevelop it into an <br />active retail use. The Commission will consider a purchase agreement with Greater Lowell Holdings LLC <br />with the following terms: <br /> <br />• Purchase Price: $83,000, which is the market rate value of parcel <br />• Due Diligence Period: 90 days <br />• Closing Deadline: 90 days after conclusion of due diligence <br />• Mandatory Property Improvements: Installation of new roof, HVAC system, doors and windows; <br />Buyer also commits to have an active retail use for 1 year after construction completion <br />• Construction Start Deadline: 12 months after closing <br />• Construction Completion Deadline: 24 months after closing <br /> <br />The sale of this property would bring a currently vacant building back to productive use, while bringing <br />new business to the River East Development Area. <br /> <br /> <br /> <br /> ______________ ___________Pres/V-Pres <br /> <br /> <br />ATTEST: __________ _______ _ <br /> <br />Date: _____________ _______ <br /> <br /> APPROVED Not Approved <br />SOUTH BEND REDEVELOPMENT COMMISSION