HomeMy WebLinkAbout5B5 Purchase Agreement (Stoic Beverages) - TabledSouth Bend Redevelopment Commission
227 West Jefferson Boulevard, Room 1308, South Bend, Indiana
Redevelopment Commission Agenda Item
DATE : 11/7/2024
FROM: Joseph Molnar, Assistant Director of
Growth & Opportunity
SUBJECT: Stoic Beverages Purchase Agreement
Funding Source* (circle) River West; River East; South Side; Douglas Road; West Washington; RDC General; Riv. East Res.
* Funds are subject to the City Controller's determination of availability; if funds are unavailable, as solely determined by the City Controller, then the
authorization of the expenditure of such funds shall be void and of no effect.
PURPOSE OF REQUEST: Approval of a Purchase Agreement for 410 W Wayne Street Stoic Beverages
SPECIFICS: Attached is a Purchase Agreement (“Agreement”) with Stoic Beverages LLC (“Stoic”) for the purchase
of the former Gates Service Building at 410 W Wayne Street. Stoic submitted a response to the Redevelopment
Commission’s (“RDC ”) Request for Proposal for the property earlier this year and are proposing redeveloping the
property as a full-service distillery with a publicly opened tasting room. The Agreement commits Stoic to the
following terms following closing on the property:
-Purchase price of Twenty Thousand Dollars ($20,000)
-Commence construction within twelve (12) months
-Complete construction within thirty-six (36) months
-Operate a full-service distillery and tasting room
-Minimum Three Hundred Thousand ($300,000) investment in improvements to the property
Stoic Beverages has provided documentation to RDC staff demonstrating financing secured for the project. Staff
believe this project will activate long-vacant property, create new jobs, and bring vitality to downtown South
Bend.
Staff recommends approval.
_________________________Pres/V-Pres
ATTEST: __________________Secretary
Date: ____________________
APPROVED Not Approved
SOUTH BEND REDEVELOPMENT COMMISSION
11-14-2024
IN WITNESS WHEREOF, the Parties hereby execute this Real Estate Purchase
Agreement to be effective as of the Contract Date stated above.
BUYER:
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