HomeMy WebLinkAbout5A5 Third Amendment to Purchase Agreement (The Monreaux, LLC) - SignedSouth Bend Redevelopment Commission
227 West Jefferson Boulevard, Room 1308, South Bend, Indiana
Redevelopment Commission Agenda Item
D ATE : 11/20/2024
FROM: Joseph Molnar – Assistant Director of Growth &
Opportunity
SUBJECT: Third Amendment to Real Estate Purchase
Agreement for The Monreaux
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: Extending Time Frame for former Fat Daddy’s Site Purchase Agreement
SPECIFICS: This Third Amendment Agreement extends the closing date and contingency date for the former Fat
Daddy’s site Purchase Agreement. On July 14, 2022, the Commission approved a Purchase Agreement with
Devereaux Peters for the sale of the site for a Low-Income Housing Tax Credit Project. The project was awarded
tax credits as part of the fall 2023 period. Devereaux Peters applied for the READI Grant as a part of this project
and the announcement for that grant has been delayed.
The amendment takes into consideration that time difference delay and extends the deadline for closing to June
30th, 2024. All commitments remain the same. The planned project is a sixty (60) unit apartment building, forty-
eight (48) affordable income restricted apartments with a total investment of at least $16 million.
Staff requests approval of this Amendment.
_________________________Pres/V-Pres
ATTEST: __________________Secretary
Date: ____________________
APPROVED Not Approved
SOUTH BEND REDEVELOPMENT COMMISSION
11-25-2024