HomeMy WebLinkAbout5A2 First Amendment to Development Agreement (Liberty Tower) - SignedSouth Bend
Redevelopment Commission
215 S. Dr. Martin Luther King, Jr. Blvd., Room 301, South Bend, Indiana
Redevelopment Commission Agenda Item
DATE: 12/5/2025
FROM: Joseph Molnar,
Assistant Director of Growth & Opportunity
SUBJECT: First Amendment
Liberty Tower Development 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 First Amendment Liberty Tower Agreement
SPECIFICS: The Commission and the Developer entered into a certain Development Agreement dated
effective April 12, 2023, to renovate, rehabilitate, and activate the top half of Liberty Tower in downtown
South Bend. The Developer committed to converting the top floors into 90 apartment units, repair and
rehabilitate the attached parking garage, create meeting/event spaces, and open a 7th floor commercial
establishment. The Developer ’s minimum investment commitment was $13.1 million for the
improvements.
The Developer has made significant progress towards the completion of the above commitments,
including exceeding the minimum investment amount by several million dollars. While the
improvements to the parking garage and event spaces are complete, the apartments will not be fully
completed by the December 31, 2025, deadline Delays resulting from delayed material deliveries due
to the Tariffs implemented in the spring of 2025 contributed significantly to delaying completion.
Certificate of Occupancy are expected to be issued for all the apartments in the next few months.
The attached First Amendment extends the completion of Phase I of the project to June 30, 2026, and
Phase II of the project which is rehabilitating 4,000 square feet of commercial and/or retail space until
June 30, 2027. The First Amendment also increases the minimum commitment by the Developer to $18
million while not increasing the Commission’s contribution to the project.
Staff recommend approval.
______________ ___________Pres/V-Pres
ATTEST: __________ ________Secretary
Date: _____________ _______
APPROVED Not Approved
SOUTH BEND REDEVELOPMENT COMMISSION
December 11, 2025