HomeMy WebLinkAbout5A8 Fifth Amendment to Purchase Agreement (The Monreaux) - SignedSouth Bend Redevelopment Commission
227 West Jefferson Boulevard, Room 1308, South Bend, Indiana
Redevelopment Commission Agenda Item
D ATE : 9/22/25
FROM: Joseph Molnar, Assistant Director of Growth &
Opportunity
SUBJECT: Fifth 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 the Timeframe for former Fat Daddy’s Site Purchase Agreement
SPECIFICS: This Fifth Amendment to the Real Estate Purchase Agreement between the Redevelopment
Commission and The Monreaux, LLC would extend the contingency date to November 30, 2025. 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. The
agreement has been amended several times to extend the contingency date.
In preparation for closing The Monreaux, LLC has been finalizing the overall financing for the project. The
anticipated financial closing date is set for mid-October 2025. This Fifth Amendment would take into
consideration the additional time needed for the financial closing, which would be the last step needed to close
on the property and transfer ownership from the RDC.
The Fifth Amendment also updates the Default language in the Agreement, placing the stipulation that if the
Buyer does not close on all financing necessary for the construction of the full project, the RDC shall have the
right to reenter and take possession of the Property.
Staff requests approval of this Amendment.
_________________________Pres/V-Pres
ATTEST: __________________Secretary
Date: ____________________
APPROVED Not Approved
SOUTH BEND REDEVELOPMENT COMMISSION
September 25, 2025