HomeMy WebLinkAbout5A2 Development Agreement (Revs Development LLC) - SignedSouth Bend Redevelopment Commission
227 West Jefferson Boulevard, Room 1308, South Bend, Indiana
Redevelopment Commission Agenda Item
D ATE : 11.21.24
FROM: Joseph Molnar, Assistant Director of
Growth & Opportunity
SUBJECT: Revs Development LLC 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 Development Agreement with Revs Development LLC
SPECIFICS: Revs Development LLC (“Developer”) has recently acquired property located at the intersection of
Orange Street and Johnson Street consisting of six (6) parcels in total (the “Property”). On the Property is a
church that suffered a fire while under previous ownership. The church is beyond repair and needs to be
demolished.
The proposed Development Agreement (“Agreement”) commits the Redevelopment Commission to expending
not to exceed $150,000 on the deconstruction of the existing church structure and removal of the dilapidated
existing parking lot. The Agreement then commits the Developer to expending not less than $400,000 on
constructing improvements on the Property including the construction of a minimum of two (2) housing units on
the Property as well as reconstructing the sidewalks. Furthermore, the Agreement commits the Developer
agrees to grant the RDC an exclusive option to purchase the Property. The Option Agreement shall be triggered
only if the Developer fails to complete the project improvements or expend the full amount of private
investment by December 31, 2028.
The Property resides in the Kennedy Park neighborhood which has not seen the construction of new housing in
decades and has seen large scale population decline. Demolition of a currently blighted and hazardous building
while also committing to the construction of two new housing units just a few blocks west of the new Dream
Center will help increase the quality of life for all nearby residents.
Staff recommends approval of the Agreement.
_________________________Pres/V-Pres
ATTEST: __________________Secretary
Date: ____________________
APPROVED Not Approved
SOUTH BEND REDEVELOPMENT COMMISSION
11-25-2024