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CITY OF SOUTH BEND REDEVELOPMENT COMMISSION REGULAR MEETING – June 25, 2026 <br /> <br />Page | 6 <br /> <br /> <br />Commissioner Shaw asked for clarification on the approval process. Mr. <br />Molnar confirmed that the current action approves the initial lease <br />structure, with final approval anticipated in July following required <br />steps. Individual projects and associated funding allocations will return <br />to the Redevelopment Commission for separate approval. In response to <br />a follow-up question, Mr. Molnar noted that specific dollar amounts are <br />not yet assigned. Project budgets will be developed and presented as <br />designs advance and funding needs are finalized. <br /> <br />Motion was made by Ophelia Gooden-Rodgers to approve Resolution No. <br />3674 and the Lease Agreement, second by Gillian Shaw. <br /> <br />On the motion: <br />• David Relos, President: YEA <br />• Karen White, Vice President: YEA <br />• Gillian Shaw, Commissioner: YEA <br />• Ophelia Gooden-Rodgers, Commissioner: YEA <br /> <br />The motion carried; the Commission approved Resolution No. 3674 and <br />Agreement on June 25, 2026. <br /> <br />2. Notice to Commence Agreement (Madison Lifestyle, Great Lakes <br />Capital) <br />Erik Glavich, Director of Growth & Opportunity, presented the next <br />milestone for the Madison Lifestyle District project: approval of a Notice <br />to Commence with Great Lakes Capital. Following prior extensions of <br />the due diligence period, Mr. Glavich reported the project is ready to <br />proceed. The Notice to Commence, required under the development <br />agreement, authorizes the developer to begin construction and confirms <br />that key conditions have been met. <br /> <br />Mr. Glavich described the project’s scale and complexity are significant, <br />with substantial City investment already underway, including site <br />preparation, demolition, and utility work. The agreement also clarifies <br />and reconfirms the City’s local public improvements, including expanded <br />infrastructure commitments. <br /> <br />The Notice to Commence applies to Phase I only. Phase II remains in a <br />due diligence stage, with a deadline of October 2027 to issue a second <br />Notice to Commence. If not issued, the City may re-acquire ownership of <br />Phase II parcels. Mr. Glavich concluded by noting the project will <br />introduce a new hotel and mixed-use development, serving as a major