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HomeMy WebLinkAboutRedevelopment Commission Agenda & Packet 05.14.26 RevisedSouth Bend Redevelopment Commission 215 S. Dr. Martin Luther King, Jr. Blvd., Room 301, South Bend, Indiana Agenda Regular Meeting May 14, 2026 – 9:30 a.m. City Hall Council Chambers 3rd Floor or via: https://tinyurl.com/RDC2025-2026-Meetings Meeting Recording Link: https://tinyurl.com/RDC-Meeting-Recordings 1. Roll Call • Troy Warner, President – (Council) March 2024 to December 2027 • Dave Relos, Vice President – (Mayor) December 2025 to December 2026 • Eli Wax, Secretary – (Mayor) February 2025 to December 2027 • Gillian Shaw, Commissioner – (Mayor) November 2024 to January 2026 • Ophelia Gooden-Rodgers, Commissioner – (Council) February 2025 to December 2027 • Marcus Ellison, Non-Voting Advisor – (School Board) February 2025 to December 2026 2. Approval of Minutes A. Minutes of the Regular Meeting of April 23, 2026 3. Approval of Claims A. Claims Allowance May 5, 2026 4. Old Business A. None 5. New Business A. River West Development Area 1. Opening of Bids (821 Portage Ave. & 808 Cushing St.) 2. Purchase Agreement (23931-23977 Brick Rd.) 3. Development Agreement (Tri-Day Development) 4. Purchase Agreement (Scott St. NNN) 5. Assignment of Indemnity Rights (Oliver Park Site, Lot 7) B. Administrative 1. Resolution No. 3669 (Appointing Authorized Representatives To Conduct Certain Administrative Acts Relating To Commission Real Property and Security Interests) 2. Resolution No. 3670 (Setting Procedures For Contracts For Property Related Services) South Bend Redevelopment Commission 215 S. Dr. Martin Luther King, Jr. Blvd., Room 301, South Bend, Indiana Page | 2 6. Progress Reports A. Tax Abatement B. Common Council C. Other 7. Next Commission Meeting Thursday, May 28, 2026, 9:30 a.m. at Council Chambers, Room 301 8. Adjournment NOTICE FOR HEARING AND SIGHT IMPAIRED PERSONS Auxiliary Aid or Other Services are Available upon Request at No Charge. Please Give Reasonable Advance Request when Possible. South Bend Redevelopment Commission 215 S. Dr. Martin Luther King, Jr. Blvd., Room 301, South Bend, Indiana Minutes Regular Meeting April 23, 2026 – 9:30 a.m. City Hall Council Chambers 3rd Floor or via: https://tinyurl.com/RDC2025-2026-Meetings Meeting Recording Link: https://tinyurl.com/RDC-Meeting-Recordings The South Bend Redevelopment Commission was called to order at 9:30 a.m. President Troy Warner presiding. 1. ROLL CALL Members Present: Troy Warner, President Dave Relos, Vice President Eli Wax, Secretary Gillian Shaw, Commissioner Ophelia Gooden-Rodgers, Commissioner Marcus Ellison, Non-Voting Advisor Legal Counsel: Danielle Campbell Weiss, Senior Asst. City Attorney Redevelopment Staff: Darryl Scott, Chief of Staff, Mayor’s Office Joseph Molnar, Deputy Director, DCI Erik Glavich, Director of Growth and Opportunity, DCI Lewis Kouassi, Director of Finance, DCI Erin Michaels, Property Development Manager, DCI Laura Hensley, Board Secretary, DCI Attending: Caitlin Wyant, Project Engineer, Engineering Shawn Sweeney, 703 Portage Ct. Matt Barrett, 110 S. Niles Ave. Tina Patton, 707 Sherman Ave. 2. Approval of Minutes A. Approval of Minutes of the Regular Meeting of Thursday, March 26, 2026 Upon a motion by Ophelia Gooden-Rodgers for approval, second by Gillian Shaw, the motion carried unanimously and Commissioner Relos abstained; CITY OF SOUTH BEND REDEVELOPMENT COMMISSION REGULAR MEETING – April 23, 2026 Page | 2 the Commission approved the minutes of the regular meeting of March 26, 2026. B. Approval of Minutes of the Regular Meeting of Thursday, April 9, 2026 Upon a motion by Ophelia Gooden-Rodgers for approval, second by Gillian Shaw, the motion carried unanimously; the Commission approved the minutes of the regular meeting of April 9, 2026. C. Approval of Minutes of the Executive Session of Thursday, April 16, 2026 Upon a motion by Ophelia Gooden-Rodgers for approval, second by Gillian Shaw, the motion carried unanimously; the Commission approved the minutes of the executive session meeting of April 16, 2026. 3. Approval of Claims A. Claims Allowances April 7, 2026 Upon a motion by David Relos for approval second by Ophelia Gooden- Rodgers, the motion carried unanimously; the Commission approved the claims allowances of April 7, 2026. B. Claims Allowances April 14, 2026 Upon a motion by David Relos for approval second by Ophelia Gooden- Rodgers, the motion carried unanimously; the Commission approved the claims allowances of April 14, 2026. 4. Old Business A. None 5. New Business A. River West Development Area 1. Resolution No. 3668 (Establishing the Offering Price, Approving Bid Specifications, and Notice of Intended Disposition of 821 Portage Ave. & 808 Cushing St.) Erin Michaels, Property Development Manager, presented this Resolution No. 3668 for review of the proposed disposition of two RDC- owned parcels located at 821 Portage Ave. and 808 Cushing St. Under Indiana state law, before the RDC can negotiate the sale of real estate, the property must first go through a formal disposition process. This process requires the property to be offered for public bid and establishes a clear, standardized framework for disposition. At a CITY OF SOUTH BEND REDEVELOPMENT COMMISSION REGULAR MEETING – April 23, 2026 Page | 3 minimum, the process requires two independent appraisals, with the offering price set at the average of those appraisals, as well as the publication of a legal notice. If no complying bids are received at the conclusion of the process, RDC staff must wait 30 days before entering into negotiations with any other interested party. After that waiting period, staff may negotiate terms that are more flexible and potentially more responsive to RDC priorities. These may include restrictions on project type or use, reporting requirements, construction start and completion deadlines, and flexibility in the purchase price, among other provisions. The two parcels under consideration are located at the corner of Portage Avenue and Cushing Street, outlined on the presentation in red. This aerial image shows their location in relation to nearby development, including the former Ward Bakery site to the north and the proposed Row at Ward project to the northeast, which is currently in the due diligence process. These parcels are vacant lots totaling approximately 0.27 acres and are zoned Neighborhood Center (NC). They are currently owned by the Redevelopment Commission and were originally acquired through agreements with Near Northwest Neighborhood, Inc. in 2008 and 2013 by the Board of Public Works, then transferred to the RDC through matching Resolutions in March of this year. Given the significant infill development that has occurred in the Near Northwest Neighborhood, this disposition is intended to position these parcels for redevelopment. For this disposition, the minimum bid will be $15,750, which reflects the average of two appraisals completed this year. Notices of intent to dispose will be advertised on May 1 and May 8. Bids will be due by 9:00 a.m. on May 14, and I will read them publicly at the Redevelopment Commission meeting at 9:30 a.m. that same day. In evaluating submissions, staff will place particular emphasis on alignment with the goals and objectives of the River West Development Area Plan and the Near Northwest Neighborhoods Plan. Upon a motion by Ophelia Gooden-Rodgers for approval, seconded by David Relos, the motion carried unanimously; the Commission approved Resolution No. 3668 as presented on April 23, 2026. B. South Side Development Area 1. Budget Request (Sidewalk & Storm Sewer for Ireland, Ironwood, Irish Hills) CITY OF SOUTH BEND REDEVELOPMENT COMMISSION REGULAR MEETING – April 23, 2026 Page | 4 Caitlin Wyant, Project Engineer with Public Works, presenting a request from the South Side TIF for the Ireland Road Sidewalk Connector Project located along Ireland Road near the intersection with Ironwood. For reference, the CVS is located at the corner, and the Irish Hills Apartments. The proposed sidewalk and storm sewer improvements would extend the existing sidewalk on the CVS property and connect it to the existing sidewalk near Irish Hills Drive. The project includes new sidewalk, curb, and a storm sewer extension along Ireland Road between the CVS site and the intersection with Irish Hills Drive. Based on estimates provided by our consulting engineer, including a 20 percent contingency, the total construction cost is approximately $525,000. City staff and residents have observed pedestrians walking along the roadway due to excessive vegetation in the public right-of-way. Additionally, prior to annexation into the city when the Irish Hills development was constructed, this area included a roadside ditch along Ireland Road that has since been filled and not well maintained, resulting in drainage issues during rainfall events. As shown in the lower image, runoff from the Irish Hills Apartments outfall has caused erosion and pooling within the right-of-way. Today, Public Works is requesting $400,000 for construction of this project. If approved, we anticipate the project would be awarded in late summer, with construction beginning in early fall and lasting approximately four to six weeks. Secretary Wax asked about who owns the connecting properties and Ms. Wyant stated Drive and Shine owns the plaza and Edward Rose is the property management company for Irish Hills and has made them aware of the project however, there aren’t expectations to require them to help fund the project due to it being in the public right-of-way. Commissioner Gooden-Rodgers asked why the adjacent property owners or developers are not contributing funds to this project and is this the only area in the city in this condition, or was this location specifically selected? First, Ms. Wyant stated that this need was identified by Public Works several years ago and has remained unfunded on our capital needs list. There is no indication of pending development or redevelopment in this area, so a private contribution would not typically be expected. As a result, Public Works is moving forward with constructing the sidewalk. Second, this is one of the few remaining areas without existing sidewalk and is separate from the residential curb and sidewalk program. While it is an exception, it does not preclude similar projects elsewhere in the future. CITY OF SOUTH BEND REDEVELOPMENT COMMISSION REGULAR MEETING – April 23, 2026 Page | 5 Joseph Molnar, Deputy Director of Community Investment, explained that the project is funded with South Side TIF revenue, which is generated within the South Side TIF boundary and must be reinvested there in public improvements. The project differs from typical sidewalk projects because it is intended to improve safety and connectivity rather than benefit adjacent property owners. It connects the Irish Hills residential area to nearby commercial uses and installs sidewalk in a public right-of-way where none previously existed. While other areas lack sidewalks, this corridor has been identified as a priority due to documented pedestrian safety concerns, including residents walking in the roadway. The area was developed prior to annexation, so sidewalks were not originally required, and there is no anticipated redevelopment that would prompt private construction. Given the safety risks and daily pedestrian use, staff believes public investment is warranted at this time. Commissioner Gooden-Rodgers asked, is this the only area on the South Side needing this type of sidewalk improvement, or is this a special case? Mr. Molnar responded, this is one of the few remaining long stretches of roadway without sidewalks where pedestrians are actively walking in the street, creating a clear safety concern. While other areas may be addressed in the future, this location has been prioritized due to daily pedestrian use, traffic conditions, and the lack of any planned redevelopment that would trigger private sidewalk construction. Commissioners Warner, Relos and Wax spoke in favor of the project. Upon a motion by Gillian Shaw for approval, seconded by David Relos, the motion carried unanimously; the Commission approved the Budget Request as presented on April 23, 2026. C. Redevelopment General Fund (a.k.a Pokagon-South Bend Fund) 1. Budget Request (Annual MACOG Regional Land Bank Funding) Joseph Molnar, Deputy Director of Community Investment, provided a brief overview of the newly established Interlocal Regional Land Bank and the RDC’s request for startup funding. The need for a Land Bank stems from a significant population loss between 1960 and 2010, which led to widespread vacancy and blight across South Bend, particularly in certain neighborhoods. State legislation adopted in 2021 strengthened land banks by expanding their ability to acquire properties through the tax sale process, improving tools to address blighted properties, and requiring counties to CITY OF SOUTH BEND REDEVELOPMENT COMMISSION REGULAR MEETING – April 23, 2026 Page | 6 share inventories of distressed properties. Prior to this change, land banks had limited authority. Following the legislative update, the City, MACOG, Council members, and community partners studied the creation of a local land bank, resulting in a roadmap report developed with the Center for Community Progress. A land bank is a nonprofit entity created to acquire, hold, manage, and repurpose vacant and abandoned properties. Its role is to stabilize neighborhoods by maintaining properties, clearing title and back taxes, and ultimately returning properties to productive private ownership through disposition or renovation. A land bank is needed because the current process for acquiring vacant and blighted properties is slow, complex, and often ineffective. The City has relied on ad hoc arrangements with the County to acquire these properties, but each transaction requires separate approvals and lengthy negotiations, limiting timely action. A land bank would streamline this process by allowing direct acquisition of certain tax sale properties without repeated approvals from multiple governing bodies. Unlike the City, the land bank is better equipped to stabilize properties, make limited repairs, and evaluate buyers based on long-term neighborhood benefit rather than solely the highest bid. It can also assemble market development-ready lots and enter into agreements requiring buyers to complete improvements within a set timeframe. Overall, the land bank provides a more efficient, strategic, and neighborhood-focused approach to reducing vacancy and blight, relieving the City of long-term maintenance costs, and returning properties to productive use. With support from $4 million in Lilly Endowment funds, an endowment has been created to support long-term Land Bank operations, with future investment earnings expected to offset annual operating costs. The endowment will be managed by the Community Foundation of St. Joseph County. The specific action before the RDC is a $500,000 startup funding request from the RDC General Fund, consistent with previously approved city and county interlocal agreements. These funds would support property acquisition, site maintenance, limited stabilization work, and operational expenses. Funds will not be released until the CITY OF SOUTH BEND REDEVELOPMENT COMMISSION REGULAR MEETING – April 23, 2026 Page | 7 Land Bank Board is fully formed and accounts are established. MACOG will provide staffing. Staff committed to providing periodic updates to the RDC on fund usage and Land Bank activities. Secretary Wax disclosed that he represents the County with tax sales, but his representation doesn’t pose a conflict for this item. Mr. Wax noted that with the RDC, BPW and other city departments have been effective in redeveloping vacant properties in recent years. How would the Land Bank change or complement that work? Would it replace existing efforts, or serve as an additional tool? Mr. Molnar explained that this is intended as a value add, not a replacement for the City’s current work. The Land Bank will focus primarily on smaller-scale single-family renovations and in-fill housing, an area where the City is not well positioned to operate efficiently due to procurement, funding, and disposition constraints. The City has generally avoided acquiring single-family homes because of the complexity of renovation and resale under state bidding requirements. The Land Bank fills this gap while allowing the City to continue leading larger redevelopment efforts, including industrial sites and LIHTC projects. These efforts will still require City involvement, and the Land Bank and City can partner where properties overlap. With City representation on the Land Bank board, this will remain a close, collaborative relationship. Overall, the Land Bank expands capacity and flexibility while complementing—not replacing—existing redevelopment tools. Commissioner Shaw asked what is the current status of its formation, and what will its structure look like? Mr. Molnar explained that the interlocal agreement was fully approved about a month ago, completing the legal steps to establish the Land Bank. Each participating entity is now appointing members to the seven-member board: two by the Mayor, one by the RDC, three by the County, and one by MACOG. Once all appointments are finalized, the board will meet to adopt the by-laws, establish operating standards, and finalize staffing through MACOG. The nonprofit paperwork has already been filed, and staff expect the Land Bank to be fully operational within the next few months. Commissioner Gooden-Rodgers asked, while blighted and abandoned properties remain in the system, who is responsible for maintaining them? Mr. Molnar responded that the City would continue its current enforcement process for poorly maintained properties until ownership changes. Once the Land Bank acquires a property, it will be responsible for maintenance, using startup funds to ensure lots are mowed, cleaned, and stabilized. Over time, as properties are sold, maintenance costs will CITY OF SOUTH BEND REDEVELOPMENT COMMISSION REGULAR MEETING – April 23, 2026 Page | 8 be supported through Land Bank revenues, reducing the City’s direct role in routine upkeep. Also, the startup funding will ensure the Land Bank is funded for this maintenance. Secretary Wax inquired about do we have an estimate of what the City’s annual financial contribution to the Land Bank will be in future years? Mr. Molnar responded that the approved interlocal agreement outlines City contributions of $500,000 initially, followed by $300,000 annually for the next few years. The intent is for the Land Bank to become largely self-sustaining after the first five years, supported by property sales, private fundraising, grant funding, and growth from the Lilly Endowment. Long-term, the Land Bank is expected to generate a return on investment by returning properties to tax-paying status and reducing ongoing City costs. Matt Barrett spoke in support of the Land Bank but stressed that stronger code enforcement is essential to its success, noting that many vacant properties are unregistered and few enforcement fines are collected. President Warner thanked Council members and staff for their work on the Land Bank initiative, noting their involvement in the 2022–2023 task force and study. They stated the Land Bank will improve the efficiency of transferring vacant properties, particularly benefiting small local developers and residents seeking to build in their neighborhoods. After a lengthy approval process at the city and county levels, they expressed excitement that the project is now moving forward with funding and appointments in place. Vice President Relos asked does the Land Bank change the tax sale process, including required advertising and redemption periods? Mr. Molnar responded, No. All state-mandated requirements, including advertising and the property owner’s redemption period, remain in place. The Land Bank does not remove any owner’s rights; it simply allows the Land Bank to acquire tax certificates more efficiently after the initial tax sale. Commissioner Relos also asked does MACOG have experience managing property acquisition and disposition? Mr. Molnar replied, Yes. MACOG staff have property management experience and have worked closely with City staff, incorporating lessons learned over many years. MACOG also brings experience from work in other counties. Also, the County has committed to covering legal costs related to transferring tax certificates and clearing title, including advertising, redemption processing, and title work, ensuring properties are conveyed to the Land Bank with clear title. CITY OF SOUTH BEND REDEVELOPMENT COMMISSION REGULAR MEETING – April 23, 2026 Page | 9 Commissioner Shaw spoke in favor of the request and thanked staff. Upon a motion by Troy Warner for approval, seconded by David Relos, the motion carried unanimously; the Commission approved the Budget Request as presented on April 23, 2026. D. Administrative 1. RDC Appointee for Land Bank Board Joseph Molnar, Deputy Director of Community Investment, recommended Erin Michaels, Property Development Manager, as the RDC’s appointee to the Land Bank Board. He noted that her experience with the City’s property portfolio and tax sale process would support strong coordination between the City and the Land Bank. He added that her regular interaction with residents and developers seeking property would help connect prospective buyers to the Land Bank when City-owned properties are not available. Secretary Wax stated his support for Erin’s appointment to the Land Bank Board and asked about term length and removal authority. Mr. Molnar clarified that the appointment is not term-limited and that the appointee serves at the pleasure of the Redevelopment Commission, which retains the authority to remove the appointee if necessary. Upon a motion by Ophelia Gooden-Rodgers for approval, seconded by Eli Wax, the motion carried unanimously; the Commission approved the Appointee as presented on April 23, 2026. 6. Progress Reports A. Tax Abatement Joseph Molnar, Deputy Director of Community Investment, reported that Cascade Phase Two received its first council approval at the last meeting and is scheduled for second approval of the six-year abatement at the upcoming Council meeting, consistent with the Phase One structure. B. Common Council None C. Other Joseph Molnar, Deputy Director of Community Investment, gave updates on the following. • South Bend Range, demolition complete and ready for next phase of debris cleanup CITY OF SOUTH BEND REDEVELOPMENT COMMISSION REGULAR MEETING – April 23, 2026 Page | 10 • River Glen Demolition, bids to be opened next week • GLC project, fencing is going up • Advantix Project, making progress and townhomes going up • Intend Indiana & 466 Works is drawing down funding as they continue construction • Colfax Corner & Stadium Flats, starting construction • Rabbi Shulman building, demo is complete • Former YMCA Site, applied for READI Blight funding • 7 Diamonds Parking Garage Project, in negotiations 7. Next Commission Meeting Thursday, May 14, 2026, 9:30 a.m., City Hall Council Chambers 3rd Floor 8. Adjournment Thursday, April 23, 2026, 10: 36 a.m. ______________________________ ______________________________ Eli Wax, Secretary Troy Warner, President City of South Bend Department of Administration & Finance Claims Allowance Request To:South Bend Redevelopment Commission From:Kyle Willis, City Controller Date:Tuesday, May 5, 2026 Pursuant to Indiana Code 36-4-8-7, I have audited and certified the attached claims and submit them for allowance in the following amounts: GBLN-0134559 $2,458,534.40 GBLN-0134926 $1,220,339.27 GBLN-0135509 $445,543.60 Total:$4,124,417.27 _______________________________ Kyle Willis The attached claims described above were allowed in the following total amount at a public meeting on the date stated below: South Bend Redevelopment Commission By:_______________________________ Name: Date: Attest:_______________________________ Name: Expenditure approval RDC Payments - 5/5/26 Pymt Run GBLN-0135509 Payment method: Voucher: Payment date: ACH-Total RDCP-00048015 5/5/2026 Vendor # V-00000019 Name ABONMARCHE CONSULTANTS OF IN Invoice # 163560 Payment method: Voucher: Payment date: CHK-Total RDCP-00048016 5/5/2026 Line description Due date Invoice amount Financial dimensions Purchase order 429-10-102-121-431002-- Sidewalk design 5/15/2026 $1,400.00 PROJ00000692 PO-0041923 Vendor # V-00000107 Name AMERICAN STRUCTUREPOI NT INC Invoice #Line description Due date Invoice amount Financial dimensions Purchase order 436-10-102-121-444000-- 173877 Seitz Wall Design Services 4/19/2024 $3,987.50 PROJ00000646 PO-0043679 AMERICAN STRUCTUREPOI V-00000107 NT INC 174583 Seitz Wall Design Services 5/12/2024 $5,355.47 436-10-102-121-444000-- PROJ00000646 PO-0043679 Payment method: Voucher: Payment date: ACH-Total RDCP-00048017 5/5/2026 Vendor #Name Invoice #Line description Due date Invoice amount Financial dimensions Purchase order Egis BLN USA, V-00000200 Inc.84708 Engineering Services 5/15/2026 $1.393.00 324-10-102-121-431002-- PROJ00000999 PO-0041362 Payment method: Voucher: Payment date: ACH-Total RDCP-00048018 5/5/2026 Vendor# V-00000822 Payment method: Voucher: Payment date: Vendor# V-00001059 Payment method: Voucher: Payment date: Vendor# V-00001188 Payment method: Voucher: Payment date: Vendor# V-00001513 V-00001513 V-00001513 Payment method: Name INDIANA EARTH CHK-Total RDCP-00048019 5/5/2026 Name MAY OBERFELL & LORBER ACH-Total RDCP-00048020 5/5/2026 Name NEAR NORTHWEST NEIGHBORHOO D CHK-Total RDCP-00048021 5/5/2026 Name SLATILE ROOFING & SHEET METAL SLATILE ROOFING & SHEET METAL SLATILE ROOFING & SHEET METAL ACH-Total Invoice# APP #10 Invoice# 150320 Invoice# 37 Invoice# APP #4 APP #4 APP #8 Line description Due date Beacon Parking Lot - CO#1 Scope addition adding back fill operation. 5/15/2026 Line description Due date Legal Services -RDC Legal Matters 5/9/2026 Line description Due date Financial Empowerment Center Model 5/15/2026 Line description Due date Monroe St. Arts Building Roof Replacement 5/15/2026 Construction Services for Potawatomi Conservatory Roof Replacement 5/15/2026 Center City Place Rehabilitation 5/15/2026 Invoice amount Financial dimensions 324-10-102-121-439018-- $54,813.96 PROJ00000528 Invoice amount Financial dimensions $540.00 324-10-102-121-431001-- Invoice amount Financial dimensions $13,437.36 Invoice amount $38,634.98 $13,978.50 $53,476.39 433-10-102-123-439300-­ PROJ00000565 Financial dimensions 324-10-102-121-443001-- PROJ00000621 429-10-102-121-443001-- PROJ00000647 324-10-102-121-443001-- PROJ00000637 Purchase order PO-0036234 Purchase order PO-0043603 Purchase order PO-0033403 Purchase order PO-0039742 PO-0040201 PO-0039101 Voucher: Payment date: RDCP-00048022 5/5/2026 Vendor #Name Invoice # UNITED Line description Due date Invoice amount Financial dimensions Purchase order 324-10-102-121-442001-- V-00001722 CONSULTING 2431122 UNITED V-00001722 CONSULTING 2432003 CE Services for SRTS Our Lady of Hungary SRTS Muessel Primary and Holy Cross School Area - СЕ services 5/15/2026 $1,556.13 PROJ00000339 PO-0029309 324-10-102-121-431000-- 5/15/2026 $11,523.58 PROJ00000335 PO-0035281 Payment method: Voucher: Payment date: ACH-Total RDCP-00048023 5/5/2026 Vendor #Name Invoice #Line description Due date Invoice amount Financial dimensions Purchase order 324-10-102-121-444000-- V-00013741 Legacy25, Inc. DRAW 6 RDC Diamond View Apt. LIHTC & Stadium Flats 5/5/2026 $245.446.73 PROJ00000537 PO-0042014 South Bend Redevelopment Commission 215 S. Dr. Martin Luther King, Jr. Blvd., Room 301, South Bend, Indiana Redevelopment Commission Agenda Item DATE : 5/4/2026 FROM: Erin Michaels – Property Development Manager SUBJECT: Opening of Bids for 821 Portage Ave & 808 Cushing St 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: Opening of Bids for 821 Portage Ave & 808 Cushing St SPECIFICS: The Redevelopment Commission (RDC) issued a Notice of Intended Disposition and requested bids for property located at 821 Portage Ave & 808 Cushing St. Bids are due at 9:00 a.m. on May 14, 2026. Any and all bids received by that time will be publicly opened and read aloud at the May 14th RDC meeting. ______________ ___________Pres/V-Pres ATTEST: __________ ________Secretary Date: _____________ _______ APPROVED Not Approved SOUTH BEND REDEVELOPMENT COMMISSION South Bend Redevelopment Commission 227 West Jefferson Boulevard, Room 1308, South Bend, Indiana Redevelopment Commission Agenda Item DATE : 5/4/2026 FROM: Erin Michaels – Property Development Manager SUBJECT: Purchase Agreement – MAW Brokerage LLC– 23931-23977 Brick Road 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 MAW Brokerage LLC for Sale of 23931-23977 Brick Road SPECIFICS: The proposed Purchase Agreement (the “Agreement”) is for a property owned by the Redevelopment Commission (“RDC”) located at 23931-23977 Brick Road. The RDC acquired this property from in 2004 and the property was approved for disposition on August 11, 2016 with no bids received on September 15, 2016 4MAW Brokerage LLC, an entity created by Bradley Company for this project, proposes to redevelop the property into two buildings to be leased as industrial flex space in a phased approach. The Agreement commits MAW Brokerage LLC to the following terms: - Purchase Price: $25,000.00 - Due Diligence Period: 120 days - Closing Deadline: 60 days after due diligence period - Minimum Investment: $1,800,000.00 total o Phase 1: $1,000,000 for a minimum 8,000 SF building o Phase 2: $800,000 for a minimum 6,000 SF building - Construction Start Deadline o Phase 1: 18 months after closing o Phase 2: 36 months after closing - Construction Completion Deadline o Phase 1: 24 months after closing o Phase 2: 48 months after closing - Certificate of Completion issued by the RDC once construction is complete for each Phase The sale of this property will bring currently vacant land to productive use, while promoting new business growth in the City of South Bend. Staff recommends approval. _________________________Pres/V-Pres ATTEST: __________________Secretary Date: ____________________ APPROVED Not Approved SOUTH BEND REDEVELOPMENT COMMISSION City of South Bend Department of Community Investment Real Estate Purchase Agreement Review Answer the questions below and return to the Department of Community Investment on or before June 30 and December 31 of each year until substantial completion of the Property Improvements. Project Information Project Name: __________________________________________________________ Address: _______________________________________________________________ Construction Completed to Date: Project Schedule Update: Itemized Accounting of Private Investment to Date: Position: _______________________________________ Email: _______________________________________ Signature: ___________________________________ Date: ___________________ City of South Bend Department of Community Investment Real Estate Purchase Agreement Review Answer the questions below and return to the Department of Community Investment on or before April 15 of the year that is one year after the Mandatory Completion Date and on each April 15 thereafter until April 15 of the year that is five (5) years after the Mandatory Completion date, as applicable to each phase of the development. Project Information Project Name: __________________________________________________________ Address: _______________________________________________________________ Phase and Year Being Reported On: ________________________________________ Percentage of applicable building(s) that are presently occupied by tenants: For each tenant, a description of the type of business being conducted at the property and approximate number of individuals working at the location: Position: _______________________________________ Email: _______________________________________ Signature: ___________________________________ Date: ___________________ DEVELOPMENT AGREEMENT This Development Agreement (this “Agreement”), is effective as of _______________, 2026 (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 South Bend Heritage Foundation, Inc., an Indiana non- profit corporation, with its registered address being 803 Lincoln Way West, South Bend, Indiana 46616 (the “Developer”) (each, a “Party,” and collectively, the “Parties”). RECITALS WHEREAS, the Commission exists and operates under the provisions of the Redevelopment of Cities and Towns Act of 1953, as amended (I.C. 36-7-14 et seq., the “Act”); and WHEREAS, the Act provides that the clearance, replanning, and redevelopment of redevelopment areas are public uses and purposes for which public money may be spent; and WHEREAS, the Commission currently owns certain vacant and inactive real property described in Exhibit A (the “Property”), which the Commission agreed to sell to Developer through a certain Real Estate Purchase Agreement dated effective July 24, 2025 (the “Purchase Agreement”), inclusive of the vacant lot and all fixtures, easements, appurtenances, hereditaments, rights, powers, privileges, and other improvements thereon and/or appurtenant thereto, with closing expressly contingent upon, among other things, the award and closing of low-income housing tax credits; and WHEREAS, the Developer applied for and was awarded low-income housing tax credits to construct a multi-family building (the “Project”) in accordance with the project plan (the “Project Plan”) attached hereto as Exhibit B, but the closing of such tax credits has not yet occurred and, accordingly, title to the Property has not yet transferred; and WHEREAS, in exchange for the discounted purchase price for the Property, the Purchase Agreement contains certain post-closing development obligations that the Developer must meet with respect to the Project; and WHEREAS, the Property is located within the corporate boundaries of the City within the River West Development Area (the “Area”); and WHEREAS, the Commission has adopted (and subsequently amended, from time to time) a development plan, which contemplates development of the Area consistent with the Project; and WHEREAS, the Commission believes that accomplishing the Project as described herein is in the best interests of the health, safety, and welfare of the City and its residents; and WHEREAS, the Commission desires to facilitate and assist the Project, subject to and conditioned upon the closing of the Purchase Agreement, by undertaking the local public improvements stated in Exhibit C (the “Local Public Improvements”) and the financing thereof, subject to the terms and conditions of this Agreement and in accordance with the Act. 2 NOW, THEREFORE, in consideration of the mutual promises and obligations stated in this Agreement, the adequacy of which is hereby acknowledged, the Parties agree as follows: SECTION 1. DEFINITIONS. Unless otherwise defined in this Agreement, capitalized terms used in this Agreement have the following meanings: 1.1 Assessed Value. “Assessed Value” means the market value-in-use of a property, used for property tax assessment purposes as determined by the St. Joseph County Assessor. 1.2 Board of Works. “Board of Works” means the Board of Public Works of the City, a public body granted the power to award contracts for public works pursuant to I.C. 36-1-12. 1.3 Funding Amount. “Funding Amount” means an amount equal to the actual documented costs incurred by or on behalf of the Commission for the construction, equipping, inspection, and delivery of the Local Public Improvements, payable from tax increment finance revenues, in an amount not to exceed Four Million Six Hundred Thousand Dollars ($4,600,000.00). Nothing herein shall be construed to require the Commission to expend the full Funding Amount, and the Commission’s financial obligation shall be limited to the actual costs of the Local Public Improvements approved and incurred in accordance with this Agreement. The Funding Amount is subject to the conditions set forth in Section 5.1, including the availability of financing and any required public approvals related thereto. 1.4 Private Investment. “Private Investment” means an amount no less than Thirteen Million Seven Hundred Thousand Dollars ($13,700,000.00) to be expended by the Developer for the costs associated with constructing the improvements set forth in the Project Plan, including architectural, engineering, and any other costs directly related to completion of the Project that are expected to contribute to increases in the Assessed Value of the Property, excluding the Funding Amount. SECTION 2. INTERPRETATION, TERMS, AND RECITALS. 2.1 Interpretation. (a) The terms “herein,” “hereto,” “hereunder,” and all terms of similar import shall be deemed to refer to this Agreement as a whole rather than to any Article of, Section of, or Exhibit to this Agreement. (b) Unless otherwise specified, references in this Agreement to (i) “Section” or “Article” shall be deemed to refer to the Section or Article of this Agreement bearing the number so specified, (ii) “Exhibit” shall be deemed to refer to the Exhibit of this Agreement bearing the letter or number so specified, and (iii) references to this “Agreement” shall mean this Agreement and any exhibits and attachments hereto. (c) Captions used for or in Sections, Articles, and Exhibits of this Agreement are for convenience of reference only and shall not affect the construction of this Agreement. 3 (d) The terms “include,” “including,” and “such as” shall each be construed as if followed by the phrase “without being limited to.” 2.2 Recitals. The Recitals set forth above are incorporated into and are a part of this Agreement for all purposes. SECTION 3. ACCESS. 3.1 Grant of Easement. The Developer will grant to the Commission a temporary, non- exclusive easement on, in, over, under and across any part(s) of the Property (the “Easement”) in the form attached hereto as Exhibit D, to permit the Commission to fulfill its obligations under this Agreement, including the construction, equipping, inspection, and delivery of the Local Public Improvements. The Easement shall (a) inure to the benefit of the Commission and the Board of Works or any contractors acting on behalf of the Commission in connection with the construction, equipping, inspection, and delivery of the Local Public Improvements; (b) shall bind the Developer and its grantees, successors, and assigns; and (c) shall terminate no later than upon completion of the Local Public Improvements, as determined by the Board of Works. SECTION 4. DEVELOPER’S OBLIGATIONS. 4.1 Generally. The Parties acknowledge and agree that the Commission’s agreements to perform and abide by the covenants and obligations set forth in this Agreement are material consideration for the Developer’s commitment to perform and abide by the covenants and obligations of the Developer contained in this Agreement. Additionally, the Parties acknowledge that the Purchase Agreement and this Agreement are separate but related agreements, each containing obligations that may survive the closing of the Purchase Agreement, and nothing herein is intended to limit or diminish any post-closing obligations set forth in the Purchase Agreement. The Parties further acknowledge and agree that the effectiveness of this Agreement and the obligations of all hereunder are expressly conditioned upon the closing of the Purchase Agreement. Unless and until the Purchase Agreement has closed, this Agreement shall have no force or effect. If the Purchase Agreement has not closed on or before December 31, 2026, then this Agreement shall automatically terminate and be of no further force or effect, and neither Party shall have any liability or obligation to the other hereunder. 4.2 The Project. (a) The Developer will perform all necessary work to complete the improvements set forth in the Project Plan attached hereto as Exhibit B and the plans and specifications to be approved by Executive Director of the Department of Community Investment, Deputy Director of the Department of Community Investment, or their designee, pursuant to Section 4.7 (“Submission of Plans and Specifications for Project”) of this Agreement, which improvements shall comply with all zoning and land use laws and ordinances. Developer will commence construction within ten (10) months after the Closing Date as specified in the Purchase Agreement (“Construction Commencement Date”). (b) The Developer will expend the Private Investment to complete the Project in accordance with the Project Plan attached hereto as Exhibit B and the plans and 4 specifications to be approved by the Commission pursuant to Section 4.7 (“Submission of Plans and Specifications for Project”) of this Agreement. 4.3 Cooperation. The Developer agrees to endorse and support the Commission’s efforts to expedite the Local Public Improvements through any required planning, design, public bidding, construction, inspection, waiver, permitting, and related regulatory processes. 4.4 Obtain Necessary Easements. The Developer agrees to obtain any and all easements from any governmental entity and/or any other third parties that the Developer or the Commission deems necessary or advisable in order to complete the Local Public Improvements, and the obtaining of such easements is a condition precedent to the Commission’s obligations under this Agreement. 4.5 Timeframe for Completion. The Developer hereby agrees to complete the Project as set forth in the Project Plan and any other obligations the Developer may have under this Agreement by the completion date established in the Purchase Agreement, namely thirty (30) months after the Construction Commencement Date (the “Mandatory Project Completion Date”). The timeframe for completion may be modified by mutual agreement between the Developer and the Commission due to unforeseen circumstances and delays. The Developer further agrees the total Project will be completed in accordance with the Project Plan attached hereto as Exhibit B. Notwithstanding any provision of this Agreement to the contrary, the Developer’s failure to complete the Project or any other obligations the Developer may have under this Agreement by the Mandatory Project Completion Date will constitute a default under this Agreement without any requirement of notice of or an opportunity to cure such failure. 4.6 Reporting Obligations. (a) Upon the letting of contracts for substantial portions of the Project and again upon substantial completion of the Project, the Developer hereby agrees to report to the Commission the number of local contractors and local laborers involved in the Project, the amount of bid awards for each contract related to the Project, and information regarding which contractor is awarded each contract with respect to the Project. (b) On or before June 30 and December 31 of each year until substantial completion of the Project, the Developer shall submit to the Commission a report, in the format set forth as Exhibit E, demonstrating the Developer’s good-faith compliance with the terms of this Agreement. The report shall include the following information and documents: (i) a status report of the construction completed to date, (ii) an update on the project schedule, (iii) an itemized accounting generally identifying the Private Investment to date, and (iv) a status report of the number of jobs created for employment at the Property. 4.7 Submission of Plans and Specifications for Project. Promptly upon completion of all plans and specifications for the Project, or changes thereto, and prior to the Commission’s expenditure of the Funding Amount, the Developer shall deliver a complete set thereof to the City’s Executive Director Department of Community Investment, Deputy Director of the Department of Community Investment, or their designee, who may approve or disapprove said plans and 5 specifications for the Project in their sole discretion and may request revisions or amendments to be made to the same. 4.8 Costs and Expenses of Construction of Project. The Developer hereby agrees to pay, or cause to be paid, all costs and expenses of planning, construction, management, and all other activities or purposes associated with the Project (including legal, architectural, and engineering fees), exclusive of the Local Public Improvements, which shall be paid for by the Commission by and through the Funding Amount subject to the terms of this Agreement. 4.9 Non-Interference. Developer hereby agrees to use commercially reasonable efforts to minimize disruption for those living and working near the Property during construction of the Project. 4.10 Insurance. The Developer shall purchase and maintain comprehensive insurance coverage as is appropriate for the work being performed with respect to the Project. The Developer shall provide proof of such adequate insurance to the Commission and shall notify the Commission and the City of any change in or termination of such insurance. During the period of construction or provision of services regarding any Local Public Improvements, the Developer shall maintain insurance in the kinds and for at least the minimum amounts as described in Exhibit F attached hereto and the Commission and the City shall be named as additional insureds on such policies (but not on any worker’s compensation policies). 4.11 Information. The Developer agrees to provide any and all due diligence items with respect to the Project reasonably requested by the Commission. SECTION 5. COMMISSION’S OBLIGATIONS. 5.1 Generally. The Parties acknowledge and agree that the Developer’s agreement to perform and abide by the covenants and obligations set forth in this Agreement is material consideration for the Commission’s commitment to perform and abide by the covenants and obligations of the Commission contained in this Agreement; provided, however, that the Commission shall have no obligation to perform under this Agreement unless and until (a) the closing of the Purchase Agreement has occurred, and (b) financing for the Funding Amount is available to the Commission, including the issuance of bonds and receipt of all required public approvals related thereto as applicable. If the Purchase Agreement does not close, or if such bonds are not issued or do not receive all required public approvals, the Commission shall have no obligation to expend any portion of the Funding Amount or to complete the Local Public Improvements, and the Commission may, in its sole discretion, elect to terminate this Agreement upon written notice to the Developer, without penalty or further obligation; provided, however, that nothing herein shall prohibit the Commission, in its sole discretion, from proceeding with this Agreement or any portion thereof using lawfully available funds. 5.2 Completion of Local Public Improvements. (a) The Commission hereby agrees to complete (or cause to be completed) the Local Public Improvements described in Exhibit C attached hereto on a schedule to be reasonably determined and agreed to by the Commission and the Developer, as may be modified due to unforeseen circumstances and delays. In the event that the Purchase 6 Agreement is terminated or does not close, and the transfer of Property contemplated therein does not occur, this Development Agreement shall become null and void, and the Commission shall have no obligation to complete or cause to be completed the Local Public Improvements or expend any portion of the Funding Amount. (b) Before any work on the Local Public Improvements will commence, (a) the Commission will have received satisfactory plans and specifications for the Project and responded in accordance with Section 4.7 (“Submission of Plans and Specifications for Project”) of this Agreement, and (b) the Engineering Department will have received satisfactory bid specifications for the Local Public Improvements and approved the same . (c) The Local Public Improvements will be completed in accordance with all applicable public bidding and contracting laws and will be subject to inspection by the Engineering Department or its designee. (d) Notwithstanding anything contained herein to the contrary, the Commission’s financial obligation associated with the Local Public Improvements shall not exceed the Funding Amount and shall be limited to the actual and documented costs incurred in accordance with this Agreement. In the event the Local Public Improvements exceed the Funding Amount, the Developer may, at its sole option, determine to pay to the Commission the amount of the excess costs to permit timely completion of the Local Public Improvements by the Commission, or an agent of the Commission, which amounts shall be applied for such purpose. If Developer chooses not to pay any such excess costs of the Local Public Improvements (above the Funding Amount), the Commission may reduce the scope of the Local Public Improvements to the amount which may be funded with the Funding Amount. In no event will the Commission be required to spend more than the Funding Amount in connection with the Local Public Improvements. 5.3 Cooperation. The Commission agrees to endorse and support the Developer’s efforts to expedite the Project through any required planning, design, permitting, waiver, and related regulatory processes, provided, however, that the Commission will not be required to expend any money in connection therewith. 5.4 Public Announcements, Press Releases, and Marketing Materials. The Commission hereby agrees to coordinate all public announcements and press releases relating to the Project with the Developer. SECTION 6. COOPERATION IN THE EVENT OF LEGAL CHALLENGE. 6.1 Cooperation. In the event of any administrative, legal, or equitable action or other proceeding instituted by any person not a party to this Agreement challenging the validity of any provision of this Agreement, the Parties shall cooperate in defending such action or proceeding to settlement or final judgment including all appeals. Each Party shall select its own legal counsel; however, Developer shall reimburse the Commission for its reasonable attorneys’ fees associated with the Commission’s defense of this Agreement against a third-party lawsuit. In no event shall the Commission be required to bear the fees and costs of the Developer’s attorneys. The Parties agree that if any other provision of this Agreement, or this Agreement as a whole, is invalidated, 7 rendered null, or set aside by a court of competent jurisdiction, the Parties agree to be bound by the terms of this Section 6.1, which shall survive such invalidation, nullification, or setting aside. SECTION 7. DEFAULT. 7.1 Default. Any failure by either Party to perform any term or provision of this Agreement, which failure continues uncured for a period of thirty (30) days following written notice of such failure from the other Party, shall constitute a default under this Agreement. Any notice given pursuant to the preceding sentence shall specify the nature of the alleged failure and, where appropriate, the manner in which said failure satisfactorily may be cured. Upon the occurrence of a default under this Agreement, the non-defaulting Party may (a) terminate this Agreement, or (b) institute legal proceedings at law or in equity (including any action to compel specific performance) seeking remedies for such default. If the default is cured within thirty (30) days after the notice described in this Section 7.1, then no default shall exist and the noticing Party shall take no further action. 7.2 Reimbursement Obligation. In the event that the Developer fails (a) to complete the Project by the Mandatory Project Completion Date, or (b) to expend the full amount of the Private Investment by the Mandatory Project Completion Date, then the Commission shall be entitled to recover from Developer, as liquidated damages, One Hundred Fifty Percent (150%) of the portion of the Funding Amount expended by the Commission in furtherance of the Local Public Improvements (“Liquidated Damages”). The Parties acknowledge and agree that the actual damages to the Commission, the City, and its citizens in the event of a default by Developer would be difficult or impossible to determine, and the Liquidated Damages set forth above represents the best estimate of the Parties as to the amount of such damages at the time of execution and delivery of this Agreement. If the Developer fails to perform and complete the work within the timeframe fixed for completion, the Liquidated Damages shall be considered not as a penalty, but as agreed upon monetary damages sustained by the Commission, the City, and citizens of South Bend for the Commission’s direct investment into the Project, the negative impact upon the Commission’s ability to develop other projects in South Bend, and expenses of City employees supporting the Project, including, redevelopment staff, engineering staff, legal department staff, and a construction manager on site. The remedies set forth in this Section 7.2 are cumulative and are in addition to, and not in lieu of, any other rights or remedies available to the Commission under the Purchase Agreement or this Agreement, or at law or in equity, except to the extent expressly limited herein. 7.3 Force Majeure. Notwithstanding anything to the contrary contained in this Agreement, none of the Parties shall be deemed to be in default where delays in performance or failures to perform are due to, and a necessary outcome of, war, insurrection, strikes or other labor disturbances, walk-outs, riots, floods, earthquakes, fires, casualties, acts of God, acts of terrorism, restrictions imposed or mandated by governmental entities, enactment of conflicting state or federal laws or regulations, new or supplemental environments regulations, contract defaults by third parties, or similar basis for excused performance which is not within the reasonable control of the Party to be excused (each, an event of “Force Majeure”). Upon the request of any of the Parties, a reasonable extension of any date or deadline set forth in this Agreement due to such cause will be granted in writing for a period necessitated by the event of Force Majeure, or longer as may be mutually agreed upon by all the Parties. 8 SECTION 8. NO AGENCY, JOINT VENTURE, OR PARTNERSHIP; CONFLICT OF INTEREST; INDEMNITY. 8.1 No Agency, Joint Venture or Partnership. The Parties acknowledge and agree that: (a) The Project is a private development; (b) None of the Commission, the Board of Works, or the Developer has any interest or responsibilities for, or due to, third parties concerning any improvements until such time, and only until such time, that the Commission, the Board of Works, and/or the Developer expressly accepts the same; and (c) The Parties hereby renounce the existence of any form of agency relationship, joint venture or partnership between the Commission, the Board of Works, and the Developer and agree that nothing contained herein or in any document executed in connection herewith shall be construed as creating any such relationship between the Commission, the Board of Works, and the Developer. 8.2 Conflict of Interest; Commission Representatives Not Individually Liable. No member, official, or employee of the Commission or the City may have any personal interest, direct or indirect, in this Agreement, nor shall any such member, official, or employee participate in any decision relating to this Agreement which affects his or her personal interests or the interests of any corporation, partnership, or association in which he or she is, directly or indirectly, interested. No member, official, or employee of the Commission or the City shall be personally liable to the Developer, or any successor in interest, in the event of any default or breach by the Commission or for any amount which may become due to the Developer, or its successors and assigns, or on any obligations under the terms of this Agreement. No partner, member, employee, or agent of the Developer or successors of them shall be personally liable to the Commission under this Agreement. 8.3 Indemnity. The Developer agrees to indemnify, defend, and hold harmless the Commission and the City from and against any third-party claims suffered by the Commission or the City resulting from or incurred in connection with the Local Public Improvements or the Project. SECTION 9. MISCELLANEOUS. 9.1 Severability. If any term or provision of this Agreement is held by a court of competent jurisdiction to be invalid, void, or unenforceable, the remaining terms and provisions of this Agreement shall continue in full force and effect unless amended or modified by mutual consent of the parties. 9.2 Waiver. Neither the failure nor any delay on the part of a Party to exercise any right, remedy, power, or privilege under this Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any right, remedy, power, or privilege preclude any other or further exercise of the same or of any right, remedy, power, or privilege with respect to any occurrence be construed as a waiver of any such right, remedy, power, or privilege with respect to any other 9 occurrence. No waiver shall be effective unless it is in writing and is signed by the party asserted to have granted such waiver. 9.3 Other Necessary Acts. Each Party shall execute and deliver to the other Parties all such other further instruments and documents as may be reasonably necessary to accomplish the Project and the Local Public Improvements contemplated by this Agreement and to provide and secure to the other Parties the full and complete enjoyment of its rights and privileges hereunder. Notwithstanding the foregoing, the Parties understand and agree that certain actions contemplated by this Agreement may be required to be undertaken by persons, agencies, or entities that are not a party to this Agreement, including, but not limited to certain permits, consents, and/or approvals (to the extent they have not yet been obtained and completed), and that any action by such third parties shall require independent approval by the respective person, agency, entity, or governing body thereof. 9.4 Dispute Resolution; Waiver of Jury Trial. Any action to enforce the terms or conditions of this Agreement or otherwise concerning a dispute under this Agreement will be commenced in the courts of St. Joseph County, Indiana, unless the Parties mutually agree to an alternative method of dispute resolution. The Parties acknowledge that disputes arising under this Agreement are likely to be complex and they desire to streamline and minimize the cost of resolving such disputes. In any legal proceeding, each Party irrevocably waives the right to trial by jury in any action, counterclaim, dispute, or proceeding based upon, or related to, the subject matter of this Agreement. This waiver applies to all claims against all parties to such actions and proceedings. This waiver is knowingly, intentionally, and voluntarily made by both Parties. 9.5 Attorneys’ Fees. In the event the Commission pursues any legal action (including arbitration) to enforce or interpret this Agreement, Developer shall pay Commission’s reasonable attorneys’ fees and other costs and expenses (including expert witness fees). 9.6 Equal Employment Opportunity. The Developer, for itself and its successors and assigns, agrees that during the construction of the Project: (a) The Developer will not discriminate against any employee or applicant for employment because of race, color, religion, sex, or national origin. The Developer agrees to post in conspicuous places, available to employees and applicants for employment, notices setting forth the provisions of this nondiscrimination clause; and (b) The Developer will state, in all solicitations or advertisements for employees placed by or on behalf of the Developer, that all qualified applicants will receive consideration for employment without regard to race, color, religion, sex, or national origin. 9.7 Counterparts. This Agreement may be executed in separate counterparts, each of which when so executed shall be an original, but all of which together shall constitute one and the same instrument. Any electronically transmitted version of a manually executed original shall be deemed a manually executed original. 9.8 Notices and Demands. Any notice, demand, or other communication required or permitted under the terms of this Agreement may be delivered (a) by hand-delivery (which will be deemed delivered at the time of receipt), (b) by registered or certified mail, return receipt requested 10 (which will be deemed delivered three (3) days after mailing), or (c) by overnight courier service (which will be deemed delivered on the next business day) to each Party’s respective addresses and representatives stated below. Developer: South Bend Heritage Foundation, Inc. 803 Lincolnway West South Bend, IN 4662446616 Attn: Marco Mariani Telephone: 574-289-1066 ext 216 Email: marcomariani@sbheritage.org With a copy to: ______________________________ ______________________________ ______________________________ Attn: _________________________ Commission: South Bend Redevelopment Commission 215 S Dr. Martin Luther King Jr. Blvd Suite 500 South Bend, IN 46601 Attn: Executive Director, South Bend Department of Community Investment With a copy to: South Bend Legal Department 215 S. Dr. Martin Luther King Jr. Blvd Suite 600 South Bend, IN 46601 Attn: Corporation Counsel 9.9 Governing Law. This Agreement is governed by and construed in accordance with the laws of the State of Indiana. 9.10 Authority. Each undersigned person executing and delivering this Agreement on behalf of a Party represents and certifies that he or she is the duly authorized officer or representative of such Party, that he or she has been fully empowered to execute and deliver this Agreement on behalf of such Party, and that all necessary action to execute and deliver this Agreement has been taken by such Party. 9.11 No Third-Party Beneficiaries. Nothing in this Agreement, express or implied, is intended or shall be construed to confer upon any person, firm, or corporation other than the Parties hereto and their respective successors or assigns, any remedy or claim under or by reason of this Agreement or any term, covenant, or condition hereof, as third-party beneficiaries or otherwise, 11 and all of the terms, covenants, and conditions hereof shall be for the sole and exclusive benefit of the Parties herein. 9.12 Assignment. The Developer’s rights under this Agreement shall be personal to the Developer and shall not run with the land. The Developer may not assign its rights or obligations under this Agreement to any third party without obtaining the Commission’s prior written consent to such assignment, which the Commission may give or withhold in its sole discretion. In the event the Developer seeks the Commission’s consent to any such assignment, the Developer shall provide to the Commission all relevant information concerning the identities of the persons or entities proposed to be involved in and an explanation of the purposes for the proposed assignment(s). 9.13 Further Assurances. The Parties agree that they will each undertake in good faith, as permitted by law, any action and execute and deliver any document reasonably required to carry out the intents and purposes of this Agreement. 9.14 Exhibits. All exhibits described herein and attached hereto are incorporated into this Agreement by reference. 9.15 Entire Agreement. No representation, promise, or inducement not included in this Agreement will be binding upon the Parties hereto. This Agreement cannot be modified except by mutual agreement of the Parties set forth in a written instrument signed by the Parties’ authorized representatives. 9.16 Time. Time is of the essence of this Agreement. Signature Page Follows IN WITNESS WHEREOF, the Parties hereby execute this Agreement to be effective as of the Effective Date stated above. SOU:fH BEND REDEVELOPMENT COMMISSION Troy Warner, President ATTEST: Eli Wax, Secretary SOUTH BEND HERITAGE FOUNDATION, INC. 12 13 EXHIBIT A Description of Property Tax ID No. 025-1010-038002 Parcel Key No. 71-03-28-100-015.000-009 Legal Description: Lot 2 RDC Old Cleveland Rd Minor 26/27 NP #2010 9/18/2025 Commonly known as: 4022 Old Cleveland Road 14 EXHIBIT B Project Plan The Developer will complete the following work in accordance with the terms and conditions of this Agreement and in compliance with all applicable laws and regulations: The Developer will complete the development of the Property to construct forty-two (42) Low-Income Affordable Housing Units, of which ten (10) units shall be reserved for Permanent Supportive Housing (PSH), providing affordable housing with voluntary supportive services to address homelessness in accordance with Developer’s Indiana Housing and Community Development Authority Low Income Housing Tax Credit application. The Developer will fully expend the Private Investment to complete the Project. The Developer will complete the work contemplated herein in accordance with the terms and conditions of this Agreement and in compliance with all applicable laws and regulations. Each structure will be considered complete upon the issuance of Certificates of Occupancy. 15 EXHIBIT C Description of Local Public Improvements The Commission will complete, or cause to be completed, the following Local Public Improvements in accordance with the terms and conditions of this Agreement and in compliance with all applicable laws and regulations: •Installation of new public water utilities; and •Installation of new stormwater and sewer utilities; and •Construction of street infrastructure to serve the project site. It is understood between the Parties that the Commission’s financial contribution toward the Local Public Improvements shall be limited to the actual documented costs incurred for such Local Public Improvements, in an amount not to exceed the Funding Amount specified in Section 1.3 of this Agreement. The Commission shall have no obligation to expend the full Funding Amount. The Developer shall have the sole responsibility to fund any and all costs associated with Local Public Improvements that exceeds this the Funding Amount, as well as any costs associated with improvements not explicitly described in this Exhibit C. 16 EXHIBIT D Form of Easement 17 GRANT OF TEMPORARY EASEMENT THIS INDENTURE, made as of the _________ of ____________, 2026 (the “Effective Date”), by and between South Bend Heritage Foundation, Inc., an Indiana non-profit corporation, with its registered address being 803 Lincoln Way West, South Bend, Indiana 46616 (the “Grantor”), and the South Bend Redevelopment Commission, governing body of the City of South Bend Department of Redevelopment, 215 S. Dr. Martin Luther King Jr. Blvd., Suite 500, , South Bend, Indiana 46601 (the “Grantee”). WITNESSETH: For the sum of One Dollar ($1.00) and other good and valuable consideration, the receipt of which Grantor hereby acknowledges, Grantor hereby grants, conveys, and warrants to Grantee a temporary, non-exclusive easement (the “Easement”) on, in, over, under and across the real property described in attached Exhibit 1 (the “Property”) for the construction, equipping, and delivery of certain improvements on the Property (the “Local Public Improvements”), together with the right of ingress to and egress from the Easement for said purposes, all pursuant to a certain Development Agreement by and between Grantor and Grantee, dated ____________, 2026 (the “Development Agreement”). Capitalized terms not otherwise defined herein shall have the meanings set forth in the Development Agreement. The Easement granted herein shall pertain to the air, surface, and subsurface rights and interests of Grantor, for the use and benefit of Grantee, and its successors and assigns, to the extent necessary to accomplish and carry out the construction, equipping, and delivery of the Local Improvements on the Property. The Easement hereby granted includes the right and privilege for Grantee at reasonable times to clean and remove from said Easement any debris or obstructions interfering with said Easement. The Easement granted herein, and its associated benefits and obligations, shall inure to the benefit of Grantee and Grantee’s contractors acting on Grantee’s behalf in connection with the Local Public Improvements. Notwithstanding anything contained herein to the contrary, unless extended in writing by Grantor, the Easement shall terminate and be of no further force and effect on the date (hereinafter, the “Construction Termination Date”) of the earliest of the following: (a) completion of the Local Public Improvements; (b) expiration or earlier termination of the Development Agreement; or (c) such earlier date as Grantor and Grantee may agree to in writing. 19 EXHIBIT 1 Description of Property Tax ID No. 025-1010-038002 Parcel Key No. 71-03-28-100-015.000-009 Legal Description: Lot 2 RDC Old Cleveland Rd Minor 26/27 NP #2010 9/18/2025 Commonly known as: 4022 Old Cleveland Road 20 EXHIBIT E Form of Report to Commission 21 City of South Bend Department of Community Investment Development Agreement Review Answer the below questions and return to the Department of Community Investment. Project Information Project Name: __________________________________________________________ Address: _______________________________________________________________ Construction Completed to Date: Project Schedule Update: Itemized Accounting of Private Investment to Date: Number of Jobs Created: Name: _______________________________________ Address: _______________________________________ _______________________________________ Position: _______________________________________ Email: _______________________________________ Signature: ___________________________________ Date: ___________________ 22 EXHIBIT F Minimum Insurance Amounts A. Worker’s Compensation 1. State Statutory 2. Applicable Federal Statutory 3. Employer’s Liability $100,000.00 B. Comprehensive General Liability 1. Bodily Injury a. $5,000,000.00 Each Occurrence b. $5,000,000.00 Annual Aggregate Products and Completed Operation 2. Property Damage a. $5,000,000.00 Each Occurrence b. $5,000,000.00 Annual Aggregate C. Comprehensive Automobile Liability 1. Bodily Injury a. $500,000.00 Each Person b. $500,000.00 Each Accident 2. Property Damage a. $500,000.00 Each Occurrence South Bend Redevelopment Commission 215 S. Dr. Martin Luther King, Jr. Blvd., Room 301, South Bend, Indiana Redevelopment Commission Agenda Item DATE : 5/7/2026 FROM: Joseph Molnar, Deputy Director of Community Investment SUBJECT: Real Estate Purchase Agreement – Scott Street Parcels 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: Requesting approval of Real Estate Purchase Agreement for twelve (12) lots on Scott St to Near Northwest Neighborhood for income-based housing SPECIFICS: The Redevelopment Commission (“RDC”) currently owns twelve (12) vacant lots on Scott St. These parcels were put through the disposition process in 2024 and no bids were received. The Near Northwest Neighborhood, Inc. (the “NNN”) is a local community development corporation that constructs income-based new housing and renovates existing homes in the Near Northwest Neighborhood. The NNN is applying for an affordable housing grant through the Federal Home Loan Bank of Indianapolis (the “AHP Grant”) to construct a minimum of (11) units consisting of income-based single family and multi-family housing on these parcels. The sale of this property would only proceed if the NNN is awarded this grant. The proposed purchase agreement commits the NNN to the following: - Purchase Price: $1,000 - Minimum Investment: $3,000,000 - Construct a minimum of eleven (11) income-based housing units - Closing Deadline: December 31, 2027 o This would allow the NNN to apply to the 2026 and 2027 round of the AHP Grant - If the NNN does not receive the AHP Grant award the purchase agreement will be terminated - Construction Start Deadline: 12 months after closing - Construction Completion Deadline: 36 months after construction start The sale of this property would bring more income-based housing to the Near Northwest Neighborhood and bring long-vacant parcels back to active use. Staff recommends approval of this agreement. ______________ ___________Pres/V-Pres ATTEST: __________ _______ _ Date: _____________ _______ APPROVED Not Approved SOUTH BEND REDEVELOPMENT COMMISSION 1 REAL ESTATE PURCHASE AGREEMENT This Real Estate Purchase Agreement (this “Agreement”) is made and entered into by and between the City of South Bend, Department of Redevelopment, acting by and through its governing body, the South Bend Redevelopment Commission (“Seller”) and Near Northwest Neighborhood Inc., an Indiana non-profit corporation, with its registered address being 1007 Portage Ave., South Bend, Indiana 46616 (“the Buyer”) (each a “Party,” and together the “Parties”). RECITALS A. Seller exists and operates pursuant to the Redevelopment of Cities and Towns Act of 1953, as amended, being Ind. Code 36-7-14 (the “Act”). B. In furtherance of its purposes under the Act, Seller owns the real property described in Exhibit A attached hereto and incorporated herein (collectively, the “Property”). C. Pursuant to the Act, Seller adopted its Resolution No. 3594 on March 14, 2024, whereby Seller established a total offering price of Seventy-Three Thousand Eight Hundred Forty Nine Dollars ($73,849) (the “Appraised Value”) for the Property and other nearby lots in the Near Northwest Neighborhood. D. Pursuant to the Act, on March 14, 2024 Seller authorized the publication on March 22 and March 29, 2024, respectively, of a notice of its intent to sell the Property and other adjacent lots and its desire to receive bids for the Property and other adjacent lots on or before April 11, 2024. E. At its public meeting on April 11, 2024, Seller received zero (0) bids. F. Buyer is applying for an affordable housing grant to construct income-based, single family and multi-family housing and desires to enter into an agreement for the purchase of the Property to construct such housing. G. In accordance with Section 22 of the Act, Seller now desires to sell the Property to Buyer, and Buyer desires to purchase the Property from Seller, on the terms stated in this Agreement. NOW THEREFORE, for and in consideration of the mutual covenants and conditions contained in this Agreement, and of other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Buyer and Seller hereby agree as follows: 1. AGREEMENT TO SELL AND PURCHASE; ACCEPTANCE DATE. Seller shall sell the Property to Buyer, and Buyer shall purchase the Property from Seller, pursuant to the covenants, provisions and other terms and conditions contained in this Agreement. The Property shall include certain parcels of land described in Exhibit A and the transferable improvements, fixtures, easements, licenses, permits and all of Seller's other rights, title and interest appurtenant and otherwise relating thereto. The “Acceptance Date” as referenced herein from time to time, shall mean the latest date upon which all parties to this Agreement execute the Agreement and deliver such executed Agreement to all other parties hereto. 2. PURCHASE PRICE; EARNEST MONEY. The purchase price for the Property shall be One Thousand Dollars ($1,000.00) (the “Purchase Price”), payable by Buyer to Seller 2 in cash at the closing described in Section 7 below. Within ten (10) business days after the Acceptance Date, Buyer shall submit to Seller earnest money in the amount of One Hundred Dollars ($100.00) (the “Earnest Money”). Seller will hold such Earnest Money unless and until it is to be disposed in accordance with the terms of this Agreement and will bear no interest for any period of time. The Earnest Money shall be refundable until the expiration or waiver of Buyer’s Contingency (as defined in Section 4(c) below), at which time the Earnest Money shall be non-refundable, except as provided herein, but shall remain applicable to the Purchase Price at Closing (as defined below). 3. PROPERTY INFORMATION; CONTRACTS. Within fifteen (15) days of the Acceptance Date, Seller shall provide Buyer, to the extent not previously provided, and to the extent in Seller's possession or control, copies of any and all reports, contracts, leases, guaranties, warranties, and surveys relating to the Property or relevant to a reasonable Buyer's determination whether to purchase the Property (the “Property Information”). Seller further agrees to deliver promptly to Buyer copies of any additional Property Information that Seller obtains prior to Closing. Prior to Closing, Seller shall terminate any and all property management, maintenance, lawn care, snow plowing and other contracts and agreements relating to the Property, unless Buyer has consented to the continuation of any such contract or agreement. 4. INVESTIGATION; BUYER’S CONTINGENCY; INDEMNIFICATION; INSURANCE. A. Seller acknowledges that Buyer contemplates acquiring the Property for Buyer’s intended use of the Property as income-based, single family and multi-family housing consisting of a minimum eleven (11) total housing units (the “Intended Use”). From and after the Acceptance Date, and upon Buyer providing Seller with evidence that Buyer has commercial general liability insurance reasonably acceptable to Seller in the amount of at least One Million Dollars ($1,000,000.00) per occurrence, Buyer and its agents shall have the right, but no obligation, at its sole cost: (i) to enter upon the Property to conduct the tests, inspections, studies, assessments and investigations contemplated under this Agreement at any time and from time to time (collectively, “Tests”); and (ii) to make such Tests of the Property and information with respect to the Property, the Intended Use and/or this Agreement, all as Buyer may deem desirable, including, without limitation: [a] any environmental assessment, evaluation or study (including a “Phase I” environmental site assessment); and [b] topographic, engineering, traffic, parking and other feasibility studies. Notwithstanding the foregoing, Buyer will not conduct any invasive Tests, including, without limitation, Phase II environmental assessments or soil borings, without Seller's prior written consent, which consent shall not be unreasonably withheld or delayed. Buyer shall conduct all Tests at a time and in a manner as to reasonably minimize interference with Seller's operation on or about the Property and any neighboring properties. Buyer shall indemnify, defend and hold Seller, its officials, members, employees, agents, contractors, lessees, licensees, invitees, successors and assigns harmless from any and all liabilities, claims, damages and expenses (including attorneys’ fees, court costs, and costs of investigation) arising out of or in connection with the Tests or the entry on to the Property by Buyer or its agents. From and after the Acceptance Date, Seller agrees that Seller shall, at the request of Buyer and without cost to Seller, cooperate with Buyer in connection with any and all private and governmental approvals, rezoning, land subdivisions and other matters necessary for Buyer's Intended Use. 3 B. In addition to any and all other conditions and contingencies in this Agreement, Buyer’s obligations under this Agreement are hereby conditioned upon Buyer’s receipt of a grant from the Federal Home Loan Bank of Indianapolis Affordable Housing Program (“AHP Grant”) for the Intended Use. If Buyer is not awarded the AHP Grant within one hundred and fifty (150) days of Buyer’s application, this Agreement shall terminate at Buyer’s election and in such event all Earnest Money shall be returned to Buyer. Buyer represents that Federal Home Loan Bank of Indianapolis intends to accept project applications on or around June 25, 2027 and announce reservations ("Reservation") on or about November 20, 2027. In the event Buyer fails to submit its application to Federal Home Loan Bank of Indianapolis prior to the published deadline this Agreement shall terminate and all Earnest Money shall be returned to Buyer. C. If at any time on or before December 31, 2027 (the “Contingency Date”), Buyer determines, for any reason, in Buyer’s sole discretion, that the Property or the transaction described herein is unacceptable to Buyer, then Buyer shall have the right to terminate this Agreement by giving written notice of termination to Seller at any time on or before the Contingency Date in which event, at Buyer’s election, all Earnest Money shall be returned to Buyer (“Buyer's Contingency”); provided, however, that the parties may at any time mutually agree in writing to waive the remainer of the contingency period and proceed directly to Closing. Any failure by Buyer to give such notice shall constitute an election by Buyer to not so terminate, in which event Buyer’s right to terminate this Agreement shall be deemed to have been waived. Following any termination of this Agreement, the parties shall be relieved of any further obligations or liabilities under this Agreement, except those obligations that expressly survive termination hereof. D. In anticipation of performing its obligations under Section 9 below, Buyer will prepare plans and specifications for constructing a new building on the Property and all other related improvements (collectively, the “Property Improvements”), including plans and specifications for the manner in which the new building will be designed (the “Construction Plan”). Buyer agrees to cooperate with the Executive Director, or their designee, of the City’s Department of Community Investment (the “City”) in developing its Construction Plan. 5. TITLE INSURANCE; SURVEY. Within thirty (30) days of the Acceptance Date, Seller, at Buyer’s sole cost, shall deliver a written commitment by a title insurance company selected by Seller (the “Title Company”) to issue to Buyer a current ALTA Form owner’s policy of title insurance with respect to the Property in an amount determined by Buyer (the “Title Commitment”). Buyer shall have the right to obtain, at Buyer’s sole cost, a new or updated survey, in a form determined by Buyer (the “Survey”). Seller's special warranty of title set forth in the deed and Seller’s other representations and warranties, if any, with respect to the Property shall be subject to all exceptions set forth elsewhere in this Agreement and all matters disclosed on the Title Commitment or Survey including, without limitation, all easements, covenants, conditions, restrictions, requirements, standard exceptions and special exceptions, except for monetary liens which will be paid out of Closing. If the Title Commitment or Survey discloses any matters unacceptable to Buyer, in Buyer's sole discretion, (the “Title Defects”), Buyer shall notify Seller of such Title Defects no later than ninety (90) days before the Contingency Date. If Seller fails to correct the Title Defects to Buyer's satisfaction in advance of the Contingency Date, Buyer may (a) terminate this Agreement upon written notice to Seller and all Earnest Money shall be returned to Buyer, or (b) waive Buyer’s objection to such Title Defects and take title subject to the same. Any title exceptions contained on the Title Commitment and not objected to by Buyer in accordance with this Section 5, or a 4 title exception that shall be objected to initially, but such objection thereto is later waived or acquiesced to by Buyer, shall be deemed a “Permitted Exception” hereunder. 6. ADDITIONAL REPRESENTATIONS AND WARRANTIES OF SELLER. A. Seller hereby represents and warrants to Buyer that all of the following are true, correct and complete on and as of the date hereof, and shall continue to be true, correct and complete as of the Closing Date: 1. Seller has no actual knowledge of (i) any orders from or agreements with any governmental authority or private party or any judicial or administrative proceedings or investigations, whether pending or threatened, respecting any environmental, health or safety requirements under federal, state or local laws or regulations relating to the Property, or (ii) any pending, asserted or threatened claims or matters involving material liabilities, obligations or costs arising from the existence, release or threatened or alleged release of any Hazardous Substances at, on or beneath the Property. “Hazardous Substances” shall mean any hazardous or toxic material, substance or waste, pollutant or contaminant which is defined as a hazardous substance or hazardous waste under any Environmental Laws (as defined below). 2. No notice from any governmental body or other person has been served upon Seller or upon the Property claiming the violation of any law or any building, zoning, environmental, health or other ordinance, code, rule or regulation relating to the Property. There are no legal actions, suits or administrative proceedings, including condemnation cases or eminent domain proceedings commenced, pending or threatened against the Property or any portion thereof. Seller has not received notice of any negotiations for purchase in lieu of condemnation relating to the Property or any portion thereof. a. Seller is not a party to any agreement or commitment to sell, convey, assign, transfer, provide rights of first refusal or other similar rights with respect to, or otherwise dispose of, any part of the Property or any interest therein other than this Agreement. Neither Seller nor any person or entity claiming by, through or under Seller has done or suffered anything whereby any lien, encumbrance, claim or right of another has been created against the Property or any portion thereof or any interest therein other than this Agreement, the Permitted Exceptions and possible construction or materialmen's lien claims arising out of work performed by or on behalf of Seller which will be removed at or before the Closing. b. There is no action, proceeding or investigation pending or to the best of Seller's knowledge, threatened against Seller or with respect to the Property or any portion thereof before any court or governmental or quasi- governmental department, commission, board, agency or instrumentality. c. The signatories to this Agreement on behalf of Seller have full right, power and authority to enter into this Agreement and to consummate the transactions contemplated herein. This Agreement is valid and enforceable against Seller in accordance with its terms. Each instrument 5 to be executed by Seller pursuant hereto or in connection herewith will, when executed and delivered, be valid and enforceable in accordance with its terms. d. The accuracy of all Seller representations and warranties contained in this Agreement shall be a condition to Buyer's obligations under this Agreement, which condition will be merged at the time of, and will not survive, the Closing. If any of the representations or warranties contained in this Agreement is untrue in any material respect and is not cured (at no cost to Buyer) prior to the scheduled Closing, then Buyer may elect to (i) purchase the Property as it then is or, (ii) terminate this Agreement and, anything in this Agreement to the contrary notwithstanding, receive a refund of all Earnest Money. e. Except as specifically set forth in this Agreement, Buyer agrees to purchase the Property “as-is, where-is” and without any representations or warranties by Seller as to the condition of the Property or its fitness for any particular use or purpose. Except as specifically set forth in this Agreement, Seller offers no such representation or warranty as to the Property’s condition or fitness, and nothing in this Agreement will be construed to constitute such a representation or warranty as to the Property’s condition or fitness. 7. CLOSING. A. Provided that all conditions of closing hereunder have been satisfied or waived, the closing of the transaction described herein (the “Closing”) shall occur at the offices of the Title Company on the Closing Date. The “Closing Date” shall be the Contingency Date, or such earlier or later date as may be agreed to in writing by Seller and Buyer. B. The following shall occur on or before the Closing Date: 1. Seller shall deliver all of the following to Buyer, all of which shall be fully-executed by Seller, as appropriate: a. A special warranty deed in the form attached hereto as Exhibit B sufficient to convey the Property to Buyer free and clear of all liens, encumbrances, title defects, and exceptions, subject only to the Permitted Exceptions (the “Special Warranty Deed”), which Special Warranty Deed will restrict Buyer’s use of the Property to the Intended Use and other uses as allowed by this Agreement, articulate the Seller’s right to re-enter and re-take possession of the Property the event of default as set forth in this Agreement, and will prohibit Buyer from discriminating in the sale, lease, rental, use, occupancy, or enjoyment of the Property or any improvements constructed on the Property; b. An affidavit of title in customary form covering the Closing Date and showing title in Seller, subject only to the Permitted Exceptions; c. Any required real estate sale disclosure; 6 d. Such other documents as may be necessary or proper to comply with this Agreement or required (by the Title Company or otherwise) to carry out its terms. 2. Buyer shall deliver all of the following to Seller, all of which shall be fully-executed by Buyer, as appropriate: a. The balance of the Purchase Price, plus or minus prorations, credits and other adjustments, by wire transfer or otherwise in immediately available funds; b. Any required real estate sale disclosure; c. Such other documents as may be necessary or proper to comply with this Agreement or required to carry out its terms. 3. Seller shall cause the Title Company to issue to Buyer at Closing a current ALTA Form owner's policy of title insurance, with extended coverage, pursuant to the Title Commitment and containing all amendments and endorsements required by this Agreement or otherwise reasonably required by Buyer, which policy and endorsements shall be at Buyer's sole cost, and which shall only be subject to the Permitted Exceptions. 4. Exclusive occupancy of the Property shall be delivered to Buyer at Closing in the same condition as it existed on the Acceptance Date, ordinary wear and tear and casualty excepted. 8. PRORATIONS; REAL ESTATE TAXES AND ASSESSMENTS; CLOSING COSTS. A. Buyer, and Buyer’s successors and assigns, shall be liable for any and all real property taxes and assessments assessed and levied against the Property with respect to the year in which the Closing takes place and for all subsequent years. Seller shall have no liability for any real property taxes or assessments associated with the Property, and nothing in this Agreement shall be construed to require the proration or other apportionment of real property taxes or assessments resulting in Seller’s liability therefor. B. At Closing, Seller shall pay the costs of releasing all liens, judgments, and other encumbrances that are to be released and of recording such releases, if any. At Closing, Buyer shall pay (i) all fees and costs due Title Company for its closing, document preparation, and/or escrow services, (ii) the cost of the premium for the Title Policy and all endorsements to the Title Policy (iii) the cost of the Survey, (iv) the cost of any lender’s policy of title insurance or endorsements thereto, and (v) the cost of recordation of any instrument associated with the transaction contemplated in this Agreement, except as provided in the foregoing sentence. Except as otherwise provided for in this Agreement, Seller and Buyer will each be solely responsible for and bear all of their own respective expenses, including, without limitation, expenses of legal counsel, accountants, and other advisors incurred at any time in connection with pursuing or consummating the transaction 7 contemplated herein. Any other closing costs not specifically designated as the responsibility of either party in this Agreement shall be paid by Buyer. 9. BUYER’S POST-CLOSING DEVELOPMENT OBLIGATIONS; CHANGE OF INTENDED USE. A. Property Redevelopment; Proof of Investment. Provided Closing occurs, within twelve (12) months after the Closing Date, Buyer will commence construction and redevelopment of the Property for the Intended Use and will provide Seller with such commencement date (the “Construction Commencement Date”). Buyer will expend an amount (including hard and soft costs) of not less than Three Million Dollars ($3,000,000.00) to complete the Property Improvements to redevelop the Property for the Intended Use (the “Minimum Investment”). Buyer shall permit Seller to perform reviews and monitor the progress of the construction of the Property Improvements. Promptly upon completing the Property Improvements and expending the Minimum Investment, Buyer will submit to Seller records reasonably satisfactory to Seller, in Seller’s sole discretion, proving the above required expenditures have been made and will provide to Seller copies of the certificate(s) of occupancy for each structure constructed as part of the Property Improvements to verify their individual completion. The Property Improvements shall be completed within thirty-six (36) months of the Construction Commencement Date (the “Completion Date”). If by the Completion Date the Property Improvements have not been completed or if the Minimum Investment has not been expended, the Buyer shall be in default under this Agreement. B. Post-Closing Buyer Property Improvement Commitments. In addition to the requirements set forth in Section 9.A. above, Buyer shall comply with the following commitments after Closing: iii. In its development of the Property, Buyer shall comply with all applicable federal, state, and local laws, including, but not limited to, the applicable requirements of the City of South Bend Zoning Ordinance, including variances as necessary; iv. Provide the design, plans, and specifications for Property Improvements consistent with City standards for the review and comment by the City's Planning Director or their designee, who, in their sole discretion, may request revisions or amendments to be made to the same (acceptance of the design and plans by the Planning Director or their designee prior to construction shall be a prerequisite for the issuance of a Certificate of Completion); and v. Submit to Seller reports on or before June 30 and December 31 of each year until substantial completion of the Property Improvements, in the format set forth as Exhibit C, demonstrating the Buyer’s good-faith compliance with the terms of this Agreement. The reports shall include the following information and documents: (a) a status report of the construction completed to date, (b) an update on the project schedule, and (c) an itemized accounting generally identifying the proof of investment to date. C. Certificate of Completion. Promptly after Buyer completes the Property Improvements and proves the same to Seller’s reasonable satisfaction in accordance with 8 the terms of Section 9.A. and 9.B. above, upon Buyer’s request, Seller will issue to Buyer a certificate acknowledging such completion and releasing Buyer’s reversionary interest in the Property (the “Certificate of Completion”). Seller and Buyer agree to record the Certificate of Completion immediately upon issuance, and the Buyer will pay the costs of recordation. D. Change of Intended Use. Buyer covenants and agrees that neither Buyer nor any of Buyer’s successors or assigns will change its use of the Property from the Intended Use of the Property defined above without obtaining Seller’s prior consent to such change in writing. 10. DEFAULT. A. If Seller defaults under this Agreement, Buyer shall have any and all remedies available to it under this Agreement and otherwise at law or in equity including, without limitation: (i) the right of specific performance; (ii) the right to terminate this Agreement at any time after such default by delivering written notice of termination to Seller; and/or (iii) the right to sue for damages, provided, however, that in no event shall Seller be liable for more than One Thousand Dollars ($1,000.00) in damages. In the event of any such termination, all Earnest Money shall be immediately returned to Buyer. All of Buyer's remedies shall be cumulative and not exclusive. B. If Buyer defaults under this Agreement, in addition to pursuing any other remedies at law or in equity, Seller shall have the right to re-enter and take possession of the Property and to terminate and revest in Seller the estate conveyed to Buyer at Closing and all of Buyer’s rights and interests in the Property without offset or compensation for the value of any improvements made by Buyer. C. In the event Seller pursues legal action (including arbitration) to enforce or interpret this Agreement, Buyer shall pay Seller’s reasonable attorneys’ fees and other costs and expenses (including expert witness fees). 11. COVENANTS OF SELLER. Between the date of this Agreement and the Closing Date, Seller shall: A. not, without first obtaining the written consent of Buyer, enter into any leases, contracts or other agreements, nor grant or permit any rights to any other party, pertaining to the Property or any portion thereof, except in relation to Seller’s performance of ongoing demolition work at the Property, if any; B. comply with all private and governmental laws, rules, ordinances, regulations, covenants, conditions, restrictions, easements, liens and agreements affecting the Property or any portion thereof including, without limitation, the use thereof; and C. comply with all requirements of the Title Company in connection with its insurance of fee simple title to the Property in Buyer as required under Section 5 hereof and elsewhere herein. 12. NOTICES. 9 A. All notices, demands and communications required or which either party desires to give or make hereunder shall be effective (at the time set forth in Section 12.B.) if in writing signed by or on behalf of the party giving or making the same, and if served/delivered to the addresses and/or fax numbers set forth below and in any of the following manners: (i) personally; (ii) by United States certified mail, return receipt requested; or (iii) by a national courier service for next business day delivery. To Seller: City of South Bend Department of Community Investment Attn: Executive Director 215 S. Dr. Martin Luther King Jr. Blvd. Suite 500 South Bend, IN 46601 Telephone: 574-235-9337 With a copy to: City of South Bend Legal Department Attn: Corporation Counsel 215 S. Dr. Martin Luther King Jr. Blvd Suite 600 South Bend, IN 46601 To Buyer: Near Northwest Neighborhood Inc. Attn: Kathy Schuth 1007 Portage Ave South Bend, IN 46616 Telephone: 574-232-9182 Email:nnndirector@nearnorthwest.org With a copy to: ________________ ________________ _________________ Email: _____________ Either Party may, by written notice, modify its address or representative for future notices. B. Notices given personally shall be deemed to have been given upon receipt. Notices mailed by United States mail shall be deemed to have been given on the third business day after the date of mailing or upon receipt by either party if a written receipt is signed therefor. Notices sent by United States mail or national courier service for next day or next business day delivery shall be deemed to have been given on such next day or next business day, as the case may be, following deposit. Any party hereto may change its address for the service as aforesaid by giving written notice to the other of such change of address in accordance with the provision of this Section 12. 13. ASSIGNMENT. Buyer and Seller agree that this Agreement or any of Buyer’s rights hereunder may not be assigned by Buyer, in whole or in part, without the prior written consent of Seller. In the event Buyer wishes to obtain Seller’s consent regarding a proposed assignment of this Agreement, Buyer shall provide any and all information reasonably demanded by Seller in connection with the proposed assignment and/or the proposed assignee. The restrictions on assignment set forth in this Section shall survive Closing and shall continue in full force 10 and effect until Buyer has fully satisfied all post‑closing obligations and commitments under this Agreement and Seller has issued a Certificate of Completion. 14. MISCELLANEOUS. A. This written Agreement constitutes the entire agreement between the parties and supersedes any prior oral or written agreements between the Parties regarding the Property. There are no verbal agreements which can or will modify this Agreement and no waiver of any of its terms will be effective unless in a writing executed by the Parties. B. The Parties acknowledge and agree that Buyer’s project on the Property is a private development and hereby renounce the existence of any form of agency relationship, joint venture, or partnership between Buyer and Seller and agree that nothing contained herein or in any document executed in connection herewith shall be construed as creating any such. C. No member, official, or employee of Seller or the City of South Bend, Indiana may have any personal interest, direct or indirect, in this Agreement, nor shall any such member, official, or employee participate in any decision relating to this Agreement which affects his or her personal interests or the interests of any corporation, limited liability company, partnership, or association in which he or she is, directly or indirectly, interested. No member, official, or employee of Seller or the City of South Bend, Indiana shall be personally liable to Buyer, or any successor in interest, in the event of any default or breach by Buyer or for any amount which may become due to Buyer, or its successors and assigns, or on any obligations under the terms of this Agreement. D. Buyer and Seller represent and warrant to one another that neither has engaged or dealt with any broker or other person who would be entitled to any brokerage fee or commission with respect to the finding, negotiation or execution of this Agreement or the consummation of the transactions contemplated hereby. E. This Agreement shall be construed and enforceable in accordance with the laws of the State of Indiana. Any action to enforce the terms or conditions of this Agreement or otherwise concerning a dispute under this Agreement will be commenced in the courts of St. Joseph County, Indiana, unless the parties mutually agree to an alternative method of dispute resolution. Both parties hereby waive any right to trial by jury with respect to any action or proceeding relating to this Agreement. F. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns. Nothing in this Agreement, express or implied, is intended or shall be construed to confer upon any person, firm, or corporation other than the parties hereto and their respective successors or assigns, any remedy or claim under or by reason of this Agreement or any term, covenant, or condition hereof, as third-party beneficiaries or otherwise, and all of the terms, covenants, and conditions hereof shall be for the sole and exclusive benefit of the parties herein. Except for an assignment by Buyer to an entity of which Buyer has a controlling interest, Buyer may not assign its rights and obligations under this Agreement without Seller's prior written consent. In the event Buyer wishes to obtain Seller’s consent regarding a proposed assignment of this Agreement, Seller may request, and Buyer shall provide, any and all 11 information reasonably demanded by Seller in connection with the proposed assignment and/or the proposed assignee. The unenforceability or invalidity of any provisions hereof shall not render any other provisions herein contained unenforceable or invalid. G. It is the intent of Buyer and Seller that this Agreement shall be binding on both parties and not illusory. Buyer and Seller acknowledge that Buyer and Seller will expend significant time, effort and expense in performing their respective obligations under this Agreement, which constitutes legally adequate consideration. H. If any term or provision of this Agreement is held by a court of competent jurisdiction to be invalid, void, or unenforceable, the remaining terms and provisions of this Agreement shall continue in full force and effect unless amended or modified by mutual consent of the Parties. I. This Agreement and any and all documents and signatures relating thereto may be transmitted by electronic mail. All such documents and signatures transmitted by electronic mail shall deemed to be originals. This Agreement may be executed in any number of counterparts, all of which shall constitute one and the same agreement. J. Time is of the essence as to all terms and conditions of this Agreement. K. Sections 9, 10, 12, 13 and 14 shall survive the termination of this Agreement. [Signatures on the following page(s)] Exhibit A Description of Property Parcel No. 018-1056-2399 State Parcel ID: 71-08-02-476-009.000-026 Legal Description: 25.5' Off Entire S Side Lot 11 Wm Millers Sub Of B O L 113 & N 1/2 Vac Alley 01-02 Vac Order 9106-00 Commonly Known As: 618 N SCOTT ST Parcel No. 018-1054-2320 State Parcel ID: 71-08-02-476-015.000-026 Legal Description: Lot 6 Kents Sub Of Bol 113 & 114 17/18 Cons w/018-1054-2321 Per Owners Req Commonly Known As: 602 N SCOTT ST Parcel No. 018-1056-2403 State Parcel ID: 71-08-02-476-014.000-026 Legal Description: Lot 8 Miller'S Sub 113-114 Commonly Known As: 606 N SCOTT ST Parcel No. 018-1056-2397 State Parcel ID: 71-08-02-476-008.000-026 Legal Description: 24' Off Ent N Side Lot 11 Wm Millers Sub Of B O L 113 Commonly Known As: 620 N SCOTT ST Parcel No. 018-1056-240001 State Parcel ID: 71-08-02-476-010.000-026 Legal Description: 76.8ft W Side Lot 10 Millers Sub Of 113 & 114 & S 1/2 Vac Alley 01-02 Vac Ord 9106-00 Commonly Known As: 616 N SCOTT ST Parcel No. 018-1056-2400 State Parcel ID: 71-08-02-476-011.000-026 Legal Description: Lot 10 Ex 76.8ft W Side & Ex 36.5ft E Side Wm Millers Sub Of BOL 113-114 State Bank & Also S 1/2 Vac Alley 01-02 Vac Order 9106-00 Commonly Known As: V/L Adj 612 Kizer Ct Parcel No. 018-1056-240002 State Parcel ID: 71-08-02-476-012.000-026 Legal Description: 36.5' E Side Lot 10 Wm Millers Sub Of BOL 113-114 State Bank & S 1/2 Vac Alley 01-02 Vac Ord 9106-00 Commonly Known As: V\L ADJ 616 KIZER Parcel No. 018-1055-2333 State Parcel ID: 71-08-02-454-036.000-026 Legal Description: Lot 21 Kents Sub Bol 114 Commonly Known As: 525 N SCOTT ST Parcel No. 018-1054-2319 State Parcel ID: 71-08-02-454-035.000-026 Legal Description: Lot 20 Kents Sub Bol 113 114 Commonly Known As: 529 N SCOTT ST Parcel No. 018-1055-2335 State Parcel ID: 71-08-02-454-038.000-026 Legal Description: Lot 22 17 Ft On Scott St S End N 1/2 12 1-4 Ft On Mill Race S Of Kents Sub Bol 114 Commonly Known As: 521 N SCOTT ST Parcel No. 018-1054-2318 State Parcel ID: 71-08-02-454-034.000-026 Legal Description: Lot 19 & S 1/2 Vac Alley N & Adj Kents Sub Bol 113 & 114 Commonly Known As: 531 N SCOTT ST Parcel No. 018-1056-2381 State Parcel ID: 71-08-02-454-023.000-026 Legal Description: Ex 80 Ft W End Lot 15 Millers Sub Of 113 & 114 Commonly Known As: 639 N SCOTT ST Exhibit B Form of Special Warranty Deed AUDITOR’S RECORD TRANSFER NO.________ TAXING UNIT _____________ DATE ___________________ KEY NO. See attached Exhibit 1 SPECIAL WARRANTY DEED THIS INDENTURE WITNESSETH, that the City of South Bend, Department of Redevelopment, by and through its governing body, the South Bend Redevelopment Commission, 215 S. Dr. Martin Luther King Jr. Blvd, Suite 500, South Bend, Indiana (the “Grantor”) CONVEYS AND SPECIALLY WARRANTS to Near Northwest Neighborhood, Inc., an Indiana non-profit corporation, with its registered address being 1007 Portage Ave., South Bend, Indiana 46616 (the “Grantee”), for and in consideration of One Dollar ($1.00) and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the following real estate located in St. Joseph County, Indiana (the “Property”): See attached Exhibit 1 The Grantor warrants title to the Property only insofar as it might be affected by any act of the Grantor during its ownership thereof and not otherwise. The Grantor hereby conveys the Property to the Grantee free and clear of all leases or licenses; subject to real property taxes and assessments; subject to all easements, covenants, conditions, restrictions, and other matters of record; subject to rights of way for roads and such matters as would be disclosed by an accurate survey and inspection of the Property; subject to all applicable building codes and zoning ordinances; and subject to all provisions and objectives contained in the Commission’s 2025 River West Development Area Plan, as thereafter amended from time to time, and any design review guidelines associated therewith. Grantor and Grantee covenant and agree that Grantor conveys the Property to Grantee subject to the requirement that Grantee, and its successors and assigns, may use the Property solely for (i) income-based, multi-family housing, and market-rate multifamily housing; and (ii) any other use consented to in writing by Grantor, and Grantee shall not discriminate in the lease, rental, use, occupancy, or enjoyment of the Property or any improvements constructed on the Property. This restriction will at all times be subject to any mortgages recorded against the Property, and any foreclosure or deed in lieu of foreclosure with regard to any such mortgage shall automatically without further action terminate this restriction. Pursuant to Section 9 of the Real Estate Purchase Agreement, the Grantor conveys the Property to the Grantee by this deed subject to certain conditions subsequent. In the event that Grantee fails to perform the Property Improvements, or satisfactorily to prove such performance, then in accordance with Section 10 of the Real Estate Purchase Agreement, the Grantor shall have the right to re-enter and take possession of the Property and to terminate and revest in the Grantor Page 1 of 4 the estate conveyed to the Grantee by this deed and all of the Grantee’s rights and interests in the Property without offset or compensation for the value of any improvements to the Property made by the Grantee. The recordation of a Certificate of Completion in accordance with Section 9 of the Real Estate Purchase Agreement will forever release and discharge the Grantor’s reversionary interest stated in this paragraph. Each of the undersigned persons executing this deed on behalf of the Grantor represents and certifies that s/he is a duly authorized representative of the Grantor and has been fully empowered, by proper action of the governing body of the Grantor, to execute and deliver this deed, that the Grantor has full corporate capacity to convey the real estate described herein, and that all necessary action for the making of such conveyance has been taken and done. GRANTOR: CITY OF SOUTH BEND, DEPARTMENT OF REDEVELOPMENT ______________________________ Troy Warner, President ATTEST: ______________________________ Eli Wax, Secretary STATE OF INDIANA ) ) SS: ST. JOSEPH COUNTY ) Before me, the undersigned, a Notary Public, in and for said County and State, personally appeared Troy Warner and Eli Wax, known to me to be the President and Secretary, respectively, of the South Bend Redevelopment Commission and acknowledged the execution of the foregoing Special Warranty Deed. IN WITNESS WHEREOF, I have hereunto subscribed my name and affixed my official seal on the _____ day of ______________, 20____. My Commission Expires: ____________________________________ Notary Public _______________________ Residing in St. Joseph County, Indiana I affirm, under the penalties for perjury, that I have taken reasonable care to redact each Social Security number in this document, unless required by law. /s/ Danielle Campbell Weiss This instrument was prepared by Danielle Campbell Weiss, Senior Assistant City Attorney, 215 S. Dr. Martin Luther King Jr. Blvd., Suite 600, South Bend, IN 46601. Page 2 of 4 Exhibit 1 Parcel No. 018-1056-2399 State Parcel ID: 71-08-02-476-009.000-026 Legal Description: 25.5' Off Entire S Side Lot 11 Wm Millers Sub Of B O L 113 & N 1/2 Vac Alley 01-02 Vac Order 9106-00 Commonly Known As: 618 N SCOTT ST Parcel No. 018-1054-2320 State Parcel ID: 71-08-02-476-015.000-026 Legal Description: Lot 6 Kents Sub Of Bol 113 & 114 17/18 Cons w/018-1054-2321 Per Owners Req Commonly Known As: 602 N SCOTT ST Parcel No. 018-1056-2403 State Parcel ID: 71-08-02-476-014.000-026 Legal Description: Lot 8 Miller'S Sub 113-114 Commonly Known As: 606 N SCOTT ST Parcel No. 018-1056-2397 State Parcel ID: 71-08-02-476-008.000-026 Legal Description: 24' Off Ent N Side Lot 11 Wm Millers Sub Of B O L 113 Commonly Known As: 620 N SCOTT ST Parcel No. 018-1056-240001 State Parcel ID: 71-08-02-476-010.000-026 Legal Description: 76.8ft W Side Lot 10 Millers Sub Of 113 & 114 & S 1/2 Vac Alley 01-02 Vac Ord 9106-00 Commonly Known As: 616 N SCOTT ST Parcel No. 018-1056-2400 State Parcel ID: 71-08-02-476-011.000-026 Legal Description: Lot 10 Ex 76.8ft W Side & Ex 36.5ft E Side Wm Millers Sub Of BOL 113-114 State Bank & Also S 1/2 Vac Alley 01-02 Vac Order 9106-00 Commonly Known As: V/L Adj 612 Kizer Ct Parcel No. 018-1056-240002 State Parcel ID: 71-08-02-476-012.000-026 Legal Description: 36.5' E Side Lot 10 Wm Millers Sub Of BOL 113-114 State Bank & S 1/2 Vac Alley 01-02 Vac Ord 9106-00 Commonly Known As: V\L ADJ 616 KIZER Page 3 of 4 Parcel No. 018-1055-2333 State Parcel ID: 71-08-02-454-036.000-026 Legal Description: Lot 21 Kents Sub Bol 114 Commonly Known As: 525 N SCOTT ST Parcel No. 018-1054-2319 State Parcel ID: 71-08-02-454-035.000-026 Legal Description: Lot 20 Kents Sub Bol 113 114 Commonly Known As: 529 N SCOTT ST Parcel No. 018-1055-2335 State Parcel ID: 71-08-02-454-038.000-026 Legal Description: Lot 22 17 Ft On Scott St S End N 1/2 12 1-4 Ft On Mill Race S Of Kents Sub Bol 114 Commonly Known As: 521 N SCOTT ST Parcel No. 018-1054-2318 State Parcel ID: 71-08-02-454-034.000-026 Legal Description: Lot 19 & S 1/2 Vac Alley N & Adj Kents Sub Bol 113 & 114 Commonly Known As: 531 N SCOTT ST Parcel No. 018-1056-2381 State Parcel ID: 71-08-02-454-023.000-026 Legal Description: Ex 80 Ft W End Lot 15 Millers Sub Of 113 & 114 Commonly Known As: 639 N SCOTT ST Page 4 of 4 EXHIBIT C Form of Report to Commission City of South Bend Department of Community Investment Real Estate Purchase Agreement Review Answer the questions below and return to the Department of Community Investment. Project Information Project Name: __________________________________________________________ Address: _______________________________________________________________ Construction Completed to Date: Project Schedule Update: Itemized Accounting of Private Investment to Date: Name: _______________________________________ Address: _______________________________________ _______________________________________ Position: _______________________________________ Email: _______________________________________ Signature: ___________________________________ Date: ___________________ ASSIGNMENT OF INDEMNITY RIGHTS THIS ASSIGNMENT OF INDEMNITY RIGHTS (this “Assignment”) is made as of the [●] day of May, 2026 (the “Effective Date”) by and between UPV LAND, LLC, an Indiana limited liability (“Assignor”), and B&D ACQUISITIONS LLC, a New Jersey limited liability company (“B&D”) and OAKFORD E BRISTOL RD LLC (“Oakford”) (B&D and Oakford collectively, jointly and severally, the “Assignee”). RECITALS: A. CITY OF SOUTH BEND, INDIANA, acting by and through the SOUTH BEND REDEVELOPMENT COMMISSION (the “Commission,”) and THE 1100 CORPORATION, an Indiana corporation (“1100 Corp”) are parties to that certain REAL ESTATE PURCHASE AND SITE WORK AGREEMENT dated on or about April 29, 2009 (the “Original Agreement”), which is attached hereto as Exhibit A and which contains certain “Oliver Park Site Indemnification” provisions at Section 7(B) related to the “Oliver Park Site”, which site is defined therein and depicted on Exhibit B, attached hereto. B. The Original Agreement was assigned by 1100 Corp to Assignor via that certain Assignment and Assumption Agreement dated July 2, 2009, which assignment was consented to by the Commission. C. Assignor and Assignee are parties to that certain PURCHASE AGREEMENT dated as of February 6, 2026 (as amended, the “New Agreement”). D. In connection with the closing under the New Agreement and for purposes of clarity, Assignor desires to formally assign the rights to the Oliver Park Site Indemnification under the Original Agreement to Assignee, as a successor to Assignor (and reserve and maintain Assignor’s right as an ongoing indemnitee, together with Assignee), and Assignee desires to confirm and accept such rights on the terms and conditions below. NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows: 1. Assignment of Oliver Park Site Indemnification Rights. Assignor hereby assigns, transfers and conveys to Assignee the rights and obligations of the Oliver Park Site Indemnification under the Original Agreement to Assignee, as a successor to Assignor (and reserve and maintain Assignor’s right as an ongoing indemnitee, together with Assignee), provided that (i) nothing herein shall be deemed to assign or modify any obligation of the Commission, and (ii) the Commission’s obligations, if any, shall in no event be expanded by this Assignment. 2. Consent and Acknowledgement. The Commission, Assignor and Assignee each hereby acknowledge, agree to and consent to this Assignment and confirm that the property depicted on Exhibit B is the “Oliver Park Site” and property covered by the Oliver Park Site Indemnification. The Commission further confirms and acknowledges, solely for purposes of confirming the continued application of Section 7(B) of the Original Agreement, that under the terms of the Original Agreement the Oliver Park Site Indemnification only terminates upon the occurrence of the conditions expressly set forth therein, including the recording of a covenant-not-to-sue under the Indiana Voluntary Remediation Program or “no further action” letter applicable to the Oliver Park Site as of the date of the Original Agreement. Assignee agrees to the covenants of the Indemnitee contained in the Oliver Park Site Indemnification as specifically set out in Original Agreement including: not reporting existing contamination to governmental officials except as required by law, covenanting not to sue the Commission for remediation and related costs (except to enforce the Oliver Park Indemnification), prohibiting the use, generation, processing, treatment or storage of ASSIGNMENT OF INDEMNITY RIGHTS PAGE 2 DMS 51606605.3 hazardous substances at the Oliver Park Site unless in material compliance with applicable environmental laws, and prohibiting the disposal of hazardous substances into on the Oliver Park Site. From and after the Effective Date, Assignee shall be solely responsible, as between Assignor and Assignee, for compliance with the covenants and obligations applicable to the indemnitee under the Oliver Park Site Indemnification with respect to the Oliver Park Site, without limiting Assignor’s continuing indemnification obligations to the Commission under Section 3 herein. 3. Assignor’s Indemnification of the Commission. Assignor shall and does hereby indemnify the Commission and agrees to hold the Commission harmless of and from all liabilities, obligations, actions, suits, proceedings, or claims, and all costs and expenses, including, but not limited to, reasonable attorneys’ fees, arising out of or pertaining to Assignor’s use of the Oliver Park Site during its ownership thereof, including, but not limited to, any changes in the environmental condition of the Oliver Park Site occurring as a result of or in connection with Assignor’s use, ownership, or control of the Oliver Park Site. 4. No Waiver; No Release; No Expansion of Obligations. Nothing in this Assignment shall be deemed to (i) release, waive, or diminish any rights, defenses, or protections of the Commission under the Original Agreement, the New Agreement, or applicable law, (ii) expand the scope or duration of any obligation of the Commission, or (iii) create any obligation on the part of the Commission not expressly set forth in the Original Agreement. 5. Recitals; Definitions; Counterparts. As amended hereby, the Agreement remains in full force and effect. The recitals set forth above are acknowledged by the parties to be true and correct and such recitals are incorporated herein by this reference. All capitalized terms used herein which are not defined herein shall have the same meanings ascribed to them in the Original Agreement, the New Agreement and this Assignment, as applicable. This First Amendment may be executed in identical counterparts and by the exchange of .PDF, DocuSign or e-mailed signatures. IN WITNESS WHEREOF, the parties have executed this Assignment of Indemnity Rights as of the Effective Date. Assignor: UPV Land, LLC, an Indiana limited liability company By: (Signature) Donald E. Nuner (Printed Name) Its: Member (Title) ASSIGNMENT OF INDEMNITY RIGHTS PAGE 3 DMS 51606605.3 Assignee: Oakford E Bristol Rd LLC, a New Jersey limited liability company By: (Signature) Martin Segal (Printed Name) Its: Authorized Signatory (Title) B&D Acquisitions LLC, a New Jersey limited liability company By: (Signature) Martin Segal (Printed Name) Its: Authorized Signatory (Title) ASSIGNMENT OF INDEMNITY RIGHTS PAGE 4 DMS 51606605.3 ACKNOWLEDGED AND CONSENTED TO: CITY OF SOUTH BEND, INDIANA acting by and through the SOUTH BEND REDEVELOPMENT COMMISSION By: Printed Name: Its: Attest: Printed Name: Title: [Signature page to Assignment of Indemnity Rights] in full, a petition or application regarding land use before an administrative body, or any other review process, whether such process was initiated by the Commission or another entity: a.Executive Director of Community Investment; b.Deputy Director of Community Investment; c.Director of Growth and Opportunity; and d.Property Development Manager. References in this Resolution to a position title shall be deemed to include any successor position with substantially similar duties. Such authority shall include the authority to execute documents on behalf of the Commission that relate to the completion of such administrative acts, provided, however, that staff members are not authorized to execute any deed of conveyance, approve the forgiveness of debt, modify loan or repayment terms, or release any lien or security interest prior to payment in full, on behalf of the Commission. For purposes of this Resolution, an administrative act is one in which the authorized staff member determines, upon the advice of legal counsel, that said act occurs within the normal course of owning, managing, leasing, or selling property and does not adversely impact an interest of the Commission in light of the Commission's overall purpose and goals as set forth under the Act. 2. This Resolution supersedes Resolution No. 3617, and the authority granted under this Resolution continues until further action of the Commission. 3.This Resolution shall be in full force and effect after its adoption. ADOPTED at a meeting of the South Bend Redevelopment Commission held on May 14, 2026. ATTEST: Eli Wax, Secretary SOUTH BEND REDEVELOPMENT COMMISSION Troy Warner, President 2 RESOLUTION NO. 3669 A RESOLUTION OF THE SOUTH BEND REDEVELOPMENT COMMISSION APPOINTING AUTHORIZED REPRESENTATIVES TO CONDUCT CERTAIN ADMINISTRATIVE ACTS RELATING TO COMMISSION REAL PROPERTY AND SECURITY INTERESTS WHEREAS, the South Bend Redevelopment Commission (the "Commission") is the governing body of the City of South Bend Department of Redevelopment established under the Redevelopment of Cities and Towns Act of 1953, as amended, being LC. 36-7-14-1 et seq. (the "Act"); and WHEREAS, LC. 36-7-14-12.2 provides that the Commission may acquire, hold, use, sell, exchange, lease, rent, or otherwise dispose of property for the purposes set forth and described in LC. 36-7-14; and WHEREAS, the Commission has the authority under LC. 36-7-14-8(g) to adopt such rules and bylaws as it considers necessary for the proper conduct of its proceedings and the carrying out of its duties and the safeguarding of money and property placed in its custody; and WHEREAS, the Commission owns, manages, leases, and sells property within the boundaries of the City of South Bend (the "City"); and WHEREAS, as a result of such owning, managing, leasing, selling, and otherwise holding interests in real property and security interests, City staff members receive frequent requests to perform administrative functions on behalf of the Commission, including but not limited to, the approval of plats, the release of obsolete financing documents, the submission of forms to other various entities, the execution of documents related to the ownership, maintenance, and disposition of real property interests, and, after confirmation that the underlying obligation has been paid in full, the execution and recording of satisfactions, releases, or discharges of mortgage liens or other security interests held by the Commission, whether such liens encumber Commission‑owned property or privately owned property, all of which are administrative and ministerial in nature and do not involve the exercise of policy discretion; and WHEREAS, the City's staff members are familiar with the property owned by the Commission; and WHEREAS, the Commission desires to expressly authorize certain members of the City's staff to take such administrative acts and to execute such administrative documents as necessary to provide for the proper maintenance and management of its property interests. NOW, THEREFORE, BE IT RESOLVED by the South Bend Redevelopment Commission as follows: 1.The following staff members of the City, by position title, are authorized to perform, on behalf of the Commission, all administrative acts related to the Commission's owning, managing, leasing, selling, financing, and otherwise administering real property interests and security interests, including, but not limited to, acts relating to the disposition of property, the closing of a property transaction, a re­platting process, a tax appeal process, the release of obsolete financing documents, the execution of satisfactions or releases of mortgage liens or other security interests held by the Commission upon payment 1 RESOLUTION NO. 3670 RESOLUTION OF THE SOUTH BEND REDEVELOPMENT COMMISSION SETTING PROCEDURES FOR CONTRACTS FOR PROPERTY RELATED SERVICES WHEREAS, LC. 36-7-14-12.2 provides that the South Bend Redevelopment Commission (the "Commission") may acquire, hold, use, sell, exchange, lease, rent or otherwise dispose of property for the purposes set forth and described in LC. 36-7-14 (the "Act"); and WHEREAS, the Commissioners have the authority under LC. 36-7-14-S(g) to adopt such rules and bylaws as they consider necessary for the proper conduct of their proceedings and the carrying out of their duties and the safeguarding of money and property placed in their custody; and WHEREAS, the Commission enters into contracts, from time to time, with title companies, appraisers, surveyors, and environmental contractors so as to better understand the status of title and the condition of real estate in which the Commission has a current or prospective interest; and WHEREAS, the Commission wishes to delegate to certain staff members of the City of South Bend (the "City") the authority to initiate certain contracts with title companies, appraisers, surveyors, and environmental contractors subject to the limitations stated in this Resolution. NOW, THEREFORE, BE IT RESOLVED by the Commission as follows: 1.The following staff members of the City, by position title ("Staff"), are authorized to initiate contracts for services (the "Contracts") on behalf of the Commission: a. Executive Director of Community Investment; b. Deputy Director of Community Investment; c. Director of Growth and Opportunity; and d.Property Development Manager. References in this Resolution to a position title shall be deemed to include any successor position with substantially similar duties. 2.All Contracts initiated by Staff must be related to property the Commission owns, is interested in acquiring, or intends to sell, use, exchange, lease or otherwise dispose in furtherance of its purposes under the Act. The Contracts shall be strictly limited to the services identified in paragraph 5 of this Resolution. 3.Each Contract must be approved by the Executive Director or any properly appointed Acting Executive Director of the City's Department of Community Investment (the "Director"). 4.Each Contract shall be entered into with a service provider duly licensed and/or authorized to do business in the State of Indiana. 1 Title Searches and Policies: Appraisals (Commercial/Industrial): Appraisals (Residential): Land Surveys/Replats/Subdivisions: Environmental Assessments: $1,000.00 per parcel $10,000.00 per appraisal $4,000.00 per appraisal $10,000.00 per survey/replat/subdivision $10,000.00 per assessment ADOPTED at a meeting of the South Bend Redevelopment Commission held on May 14, 2026. ATTEST: Eli Wax, Secretary SOUTH BEND REDEVELOPMENT COMMISSION Troy Warner, President 2 5. Staff's authority to initiate the Contracts is limited to the following maximum amount for each respective service: 6. All Contracts initiated by Staff must be presented to the Commission as part of the Commission's regular claims approval process or separately for ratification by the Commission. 7. This Resolution supersedes Resolution 3618, and the authority granted under this Resolution continues until superseded or rescinded by a separate written resolution of the Commission. 8. This Resolution shall be in full force and effect after its adoption.