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South Bend <br />Redevelopment Commission <br />215 S. Dr. Martin Luther King, Jr. Blvd., Room 301, South Bend, Indiana <br />Redevelopment Commission Agenda Item <br />D ATE : March 24, 2026 <br />F ROM: Erik Glavich, <br />Director of Growth & Opportunity <br />SUBJECT: Third Amendment to Development Agreement <br />(Great Lakes Capital Madison Lifestyle) <br />Funding Source* (circle) River West; River East; South Side; Douglas Road; West Washington; RDC General; Riv. East Res. <br />* Funds are subject to the City Controller's determination of availability; if funds are unavailable, as solely determined by the City Controller, <br />then the authorization of the expenditure of such funds shall be void and of no effect. <br />PURPOSE OF REQUEST: Third Amendment to the Development Agreement with GLC, extending the <br />Mutual Project Diligence period for 2 additional months <br />SPECIFICS: On March 28, 2024, the Redevelopment Commission approved a Development Agreement <br />with Great Lakes Capital for the Madison Lifestyle District. The First Amendment (August 22, 2024) <br />corrected an omitted parcel, and the Second Amendment (September 25, 2025) extended the Mutual <br />Project Diligence period from 18 to 24 months. <br />This Third Amendment further extends the Mutual Project Diligence period from 24 months to 26 <br />months (to the end of May) due to circumstances requiring additional planning, coordination, and <br />evaluation. Having moved to the new parking lot at the location of the former South Bend Medical <br />Foundation building, all Beacon staff have recently vacated the project site. Design is largely complete, <br />and the City contractor is preparing to begin work in April. <br />GLC and City staff have worked closely to finalize all considerations related to this complex project of a <br />new parking garage, apartment building, and hotel. This 2-month extension of the Mutal Project Diligence <br />period allows GLC and City staff time to finalize the Notice to Commence. <br />______________ ___________Pres/V-Pres <br />ATTEST: __________ ________Secretary <br />Date: _____________ _______ <br /> APPROVED Not Approved <br />SOUTH BEND REDEVELOPMENT COMMISSION <br />March 26, 2026 <br />