HomeMy WebLinkAbout5A2 Purchase Agreement (3315 William Richardson Ct.) - SignedSouth Bend Redevelopment Commission
227 West Jefferson Boulevard, Room 1308, South Bend, Indiana
Redevelopment Commission Agenda Item
D ATE : 10/2/2025
FROM: Joseph Molnar – Assistant Director of Growth &
Opportunity
SUBJECT: Purchase Agreement – Michigan Motorsports –
3315 William Richardson Court
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 Purchase Agreement with 4Boys4 Investments LLC for 3315 William
Richardson Court
SPECIFICS: The proposed Purchase Agreement (the “Agreement”) is for a property owned by the Redevelopment
Commission (“RDC”) located at 3315 William Richardson Court. The RDC acquired this property from the
Industrial Revolving Fund (“IRF”) on June 25th 2019 and per the Memorandum of Understanding dated
December 13, 2018 between the RDC and IRF this transfer was solely to permit the RDC to market and sell the
property to a third party and the proceeds of the sale will be transferred to IRF.
4Boys4 Investments LLC is an entity of Michigan Motorsports who wish to move their business to the City of
South Bend from Niles, MI. Michigan Motorsports is a family-owned business that provides high-quality,
affordable performance parts for various automotive engines.
The Agreement commits Michigan Motorsports to the following terms:
-Purchase Price: $50,000.00
-Due Diligence Period: 90 days
-Closing Deadline: 30 days after due diligence period
-Minimum Investment: $4,000,000.00
-Construction Start Deadline: 12 months after closing
-Construction Completion Deadline: 36 months after closing
-Certificate of Completion issued by the RDC once construction is complete
-Job Creation Requirement: 20 full-time jobs and maintain for 5 years after Construction Completion Date
-Reporting must be submitted to RDC on June 30th and December 31st of each year until substantial
completion of construction and on April 15th of each year after completion of construction
The sale of this property will bring currently vacant land to productive use, while bringing a successful business
to the City of South Bend. Staff recommends approval.
_________________________Pres/V-Pres
ATTEST: __________________Secretary
Date: ____________________
APPROVED Not Approved
SOUTH BEND REDEVELOPMENT COMMISSION
October 9, 2025