HomeMy WebLinkAbout5A1 Development Agreement (MarMain)
Redevelopment Commission Agenda Item
DATE: 10/11/22
FROM: Erik Glavich
SUBJECT: MarMain (JV), LLC Development Agreement
Which TIF? (circle one) River West; River East; South Side; Douglas Road; West Washington
PURPOSE OF REQUEST: Development Agreement for property located at 125 West Marion Street, South
Bend, Indiana 46613
SPECIFICS: The Commission will consider a Development Agreement with MarMain, LLC, which
is the owner of an apartment building at the northeast corner of North Main and West Marion
Streets. MarMain will remodel the building, and this Agreement specifies that (1) the Funding
Amount provided by Redevelopment Commission will not exceed $550,000 and (2) the Private
Investment by the Developer will be no less than $4.5 million. The Developer also agrees to
complete the project by the end of 2024.
Through a Memorandum of Understanding with the South Bend Housing Authority on
September 15, 2022, MarMain agreed to set aside 40% of the units—at least 48 total units—for
use by qualified Section 8 Housing Choice Voucher Holders. This is double the commitment of
20% that MarMain had previously made in April 2022.
Staff recommends approval of this Development Agreement.
INTERNAL USE ONLY: Project Code: _______________________________________________;
Total Amount new/change (inc/dec) in budget: _______________; Break down:
Costs: Engineering Amt: ______________________; Other Prof Serv Amt_________________;
Acquisition of Land/Bldg (circle one) Amt: ___________; Street Const Amt ________________;
Building Imp Amt_________; Sewers Amt_________; Other (specify) Amt: ________________
___________________________________________. Going to BPW for Contracting? Y/N
Is this item ready to encumber now? ____ Existing PO#__________ Inc/Dec $_____________
_________________________Pres/V-Pres
ATTEST: __________________Secretary
Date: ____________________
Approved Not Approved
SOUTH BEND REDEVELOPMENT COMMISSION
September 13
Redevelopment Commission Agenda Item
DATE: 10/11/22
FROM: Erik Glavich
SUBJECT: MarMain (JV), LLC Development Agreement
Which TIF? (circle one) River West; River East; South Side; Douglas Road; West Washington
PURPOSE OF REQUEST: Development Agreement for property located at 125 West Marion Street, South
Bend, Indiana 46613
SPECIFICS: The Commission will consider a Development Agreement with MarMain, LLC, which
is the owner of an apartment building at the northeast corner of North Main and West Marion
Streets. MarMain will remodel the building, and this Agreement specifies that (1) the Funding
Amount provided by Redevelopment Commission will not exceed $550,000 and (2) the Private
Investment by the Developer will be no less than $4.5 million. The Developer also agrees to
complete the project by the end of 2024.
Through a Memorandum of Understanding with the South Bend Housing Authority on
September 15, 2022, MarMain agreed to set aside 40% of the units—at least 48 total units—for
use by qualified Section 8 Housing Choice Voucher Holders. This is double the commitment of
20% that MarMain had previously made in April 2022.
Staff recommends approval of this Development Agreement.
INTERNAL USE ONLY: Project Code: _______________________________________________;
Total Amount new/change (inc/dec) in budget: _______________; Break down:
Costs: Engineering Amt: ______________________; Other Prof Serv Amt_________________;
Acquisition of Land/Bldg (circle one) Amt: ___________; Street Const Amt ________________;
Building Imp Amt_________; Sewers Amt_________; Other (specify) Amt: ________________
___________________________________________. Going to BPW for Contracting? Y/N
Is this item ready to encumber now? ____ Existing PO#__________ Inc/Dec $_____________
_________________________Pres/V-Pres
ATTEST: __________________Secretary
Date: ____________________
Approved Not Approved
SOUTH BEND REDEVELOPMENT COMMISSION