HomeMy WebLinkAbout5A6 2nd. Amendment to Development Agreement (GLC Development, LLC) - SignedSouth Bend Redevelopment Commission
227 West Jefferson Boulevard, Room 1308, South Bend, Indiana
Redevelopment Commission Agenda Item
DATE : 9/22/25
FROM: Erik Glavich, Director, Growth & Opportunity
SUBJECT: 2nd Amendment, Development Agreement (Great
Lakes Capital)
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: Second Amendment to Development Agreement with Great Lakes Capital for the
Madison Lifestyle District development project.
SPECIFICS: On March 28, 2024, the Redevelopment Commission approved a Development Agreement with Great
Lakes Capital for a large redevelopment project in downtown immediately south of Memorial Hospital. The
project, known as the Madison Lifestyle District, is a historic and transformative development that requires
significant coordination by the City, the Developer, and others involved the project.
The Development Agreement established an 18-month period (the “Mutual Project Diligence” period) for the
City and the Developer to work together through planning and other due diligence items. Through this Second
Amendment to Development Agreement, t he City and the Developer both desire to extend the Mutual Project
Diligence period to 24 months to March 28, 2026. (Note that the first amendment on August 22, 2024, corrected
an inadvertent omission of a single parcel from references to the Project Property in certain portions of the
Development Agreement.)
_________________________Pres/V-Pres
ATTEST: __________________Secretary
Date: ____________________
APPROVED Not Approved
SOUTH BEND REDEVELOPMENT COMMISSION
September 25, 2025
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SECOND AMENDMENT TO DEVELOPMENT AGREEMENT
This SECOND AMENDMENT TO DEVELOPMENT AGREEMENT (this “Second
Amendment”) is made and entered into to be effective as of September 25, 2025 (the “Effective
Date”), by and between the City of South Bend, Department of Redevelopment, acting by and
through its governing body, the South Bend Redevelopment Commission (the “Commission”),
and Great Lakes Capital Development, LLC, an Indiana Limited Liability Company, with offices
at 7410 Aspect Drive, Suite 100, Granger, IN 46530 (the "Developer") (each, a "Party," and
collectively, the "Parties").
RECITALS
A.The Parties entered into that certain Development Agreement dated effective March
28, 2024, as amended by a First Amendment to Development Agreement dated August 22, 2024
(collectively the “Development Agreement”), pertaining to certain local public improvements to
renovate, rehabilitate, and activate the Project Property.
B.Section 3.1(a) of the Development Agreement established that the Parties would
cooperate in good faith to prepare, evaluate, and agree on a planning schedule regarding various
aspects of the Project and established a Mutual Project Diligence period of eighteen (18) months.
C.The Parties continue to engage in Mutual Project Diligence and believe that
extending the Mutual Project Diligence period to twenty-four (24) months is necessary and in the
best interests of both Parties due to unforeseen circumstances.
D.The Parties now desire to amend the Development Agreement as set forth herein.
AGREEMENT
NOW, THEREFORE, in consideration of these premises, and the mutual covenants and
promises contained herein and other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the Developer and the Commission hereby agree as follows:
1.Recitals. The recitals set forth above, including each and every recital contained
therein, are incorporated into and made a part of this Second Amendment as though fully set forth
herein.
2.Amendment. The Development Agreement is hereby amended as follows:
In Section 3.1(a), the second sentence, which states:
“The Mutual Project Diligence shall be completed no later than
eighteen (18) months from the Effective Date.”
shall be deleted in its entirety and replaced with the following:
“The Mutual Project Diligence shall be completed no later than
twenty-four (24) months from the Effective Date.”
Docusign Envelope ID: BCAEB94D-EB92-4F17-BE86-8975C79266F2
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3.Entire Agreement; Conflict. Except as otherwise stated herein, all other terms,
conditions and agreements contained in the Development Agreement remain unmodified and in full
force and effect. To the extent a conflict exists between the terms of this Second Amendment and
the Development Agreement, the terms of this Second Amendment shall control. Capitalized terms
used in this Second Amendment will have the meanings set forth in the Development Agreement
unless otherwise stated herein.
4.Counterparts; Electronic or Facsimile Transmission. This Second Amendment
may be executed in counterparts which, when combined, shall constitute one instrument. The
electronic or facsimile transmission of a signed counterpart of this Second Amendment shall be
binding upon the party whose signature is contained on the transmitted copy.
Signature Page Follows
Docusign Envelope ID: BCAEB94D-EB92-4F17-BE86-8975C79266F2
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IN WITNESS WHEREOF, the Parties have executed this Second Amendment to
Development Agreement to be effective as of the Effective Date set forth above.
SOUTH BEND REDEVELOPMENT
COMMISSION
______________________________
Troy Warner, President
ATTEST:
______________________________
Eli Wax, Secretary
GREAT LAKES CAPITAL DEVELOPMENT LLC
______________________________
Bradley J. Toothaker, Manager
Docusign Envelope ID: BCAEB94D-EB92-4F17-BE86-8975C79266F2