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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 : June 23, 2026 <br /> <br />FROM: Erik Glavich, <br /> Director of Growth & Opportunity <br /> <br />SUBJECT: Notice to Commence (Great Lakes Capital <br />Madison Lifestyle) <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: Notice to Commence Agreement with Great Lakes Capital (GLC) to begin <br />construction of Phase 1 of the Madison Lifestyle District project <br /> <br />SPECIFICS: On March 28, 2024, the Redevelopment Commission approved a Development Agreement <br />with GLC for the Madison Lifestyle District. At the time, several key elements of the project were yet to be <br />fully determined, so the Development Agreement contemplated that the Commission and GLC would <br />enter into a Mutual Project Diligence period, after which a separate Notice to Commence would be <br />required before construction by GLC would occur. The Agreement was subsequently amended to extend <br />the Mutual Project Diligence period to June 28, 2026, by which date GLC and the Commission must issue <br />a Notice to Commence for construction to proceed. The recent establishment of the Innovation <br />Development District (IDD) has also informed and modified the analysis related to City/RDC support of <br />the project since the original Development Agreement was executed. <br /> <br />DCI Staff has been negotiating with GLC to set forth the terms of the Notice to Commence Agreement <br />between the Commission and GLC, which authorizes commencement of construction of Phase 1 of the <br />project, confirms the status of certain conditions and updates various obligations of the parties, and <br />memorializes the Parties’ mutual agreement regarding further process for Phase 2 planning of the project. <br /> <br />• Authorization to Commence Construction: Through adoption of this Agreement, the Commission <br />and GLC confirm that the conditions to Notice to Commence set forth in the Development <br />Agreement are satisfied or otherwise waived. GLC further agrees that any outstanding items will <br />not delay commencement of Phase 1 construction. <br /> <br />• Phase 1 Project Plan: Since adoption of the Development Agreement in March 2024, the scope of <br />Phase 1 has evolved. This Notice amends the Project Plan to reflect the updated scope, including: <br />o Increase in multifamily units to approximately 190 units (from 150 units). <br />o Increase in hotel scale to approximately 119 keys (from 105 beds). <br /> <br />• Commitment to Complete Remaining Obligations: Section 4 of the Notice outlines the <br />commitment of both the Commission and GLC to continue working in good faith to complete <br /> <br /> <br /> ______________ ___________Pres/V-Pres <br /> <br /> <br />ATTEST: __________ ________Secretary <br /> <br />Date: _____________ _______ <br /> <br /> APPROVED Not Approved <br />SOUTH BEND REDEVELOPMENT COMMISSION