HomeMy WebLinkAbout5C2 Purchase Agreement (Sale of Former VPA East Race Building) - Fully ExecutedSouth Bend
Redevelopment Commission
215 S. Dr. Martin Luther King, Jr. Blvd., Room 301, South Bend, Indiana
Redevelopment Commission Agenda Item
D ATE : June 10, 2026
FROM: Joseph Molnar, Deputy Director of
Community Investment
SUBJECT: Purchase Agreement for Sale of 126 N Niles
Ave
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: Real Estate Purchase Agreement for Sale of 126 N. Niles Ave nue
SPECIFICS: The Commission owns the real property at 126 N. Niles Ave nue, which was the former East
Race Headquarters. This property was put through disposition in September 2017 with 4 bids received
on September 28, 2017. The RDC approved the rejection of those bids on October 26, 2017.
Greater Lowell Holdings LLC has inquired about purchasing the building and would redevelop it into an
active retail use. The Commission will consider a purchase agreement with Greater Lowell Holdings LLC
with the following terms:
•Purchase Price: $83,000, which is the market rate value of parcel
•Due Diligence Period: 90 days
•Closing Deadline: 90 days after conclusion of due diligence
•Necessary Property Improvements (e.g., roof, mechanical systems, windows & doors); Buyer also
commits to have an active retail use for 1 year after construction completion
•Construction Start Deadline: 12 months after closing
•Construction Completion Deadline: 24 months after closing
The sale of this property would bring a currently vacant building back to productive use, while bringing
new business to the River East Development Area.
______________ ___________Pres/V-Pres
ATTEST: __________ _______ _
Date: _____________ _______
APPROVED Not Approved
SOUTH BEND REDEVELOPMENT COMMISSION
June 11, 2026