Loading...
HomeMy WebLinkAboutRedevelopment Commission Agenda & Packet 06.25.26South Bend Redevelopment Commission 215 S. Dr. Martin Luther King, Jr. Blvd., Room 301, South Bend, Indiana Agenda Regular Meeting June 25, 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 •David Relos, President – (Mayor) December 2025 to December 2026 •Karen White, Vice President – (Council) May 2026 to December 2027 •Eli Wax, Secretary – (Mayor) February 2025 to December 2027 •Gillian Shaw, Commissioner – (Mayor) January 2026 to December 2027 •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 June 11, 2026 3.Approval of Claims A.Claims Allowance June 9, 2026 4.Old Business A.None 5.New Business A.River West Development Area 1.Resolution No. 3674 and Lease Agreement (Beginning New River West Bond Process) 2.Notice to Commence Agreement (Madison Lifestyle, Great Lakes Capitol) B.South Side Development Area 1.Budget Request (Rum Village Park Improvements, Phase I) 2.Budget Request (Ewing Trail Design) 6.Progress Reports A.Tax Abatement B.Common Council C.Other South Bend Redevelopment Commission 215 S. Dr. Martin Luther King, Jr. Blvd., Room 301, South Bend, Indiana Page | 2 7. Next Commission Meeting Thursday, July 9, 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 June 11, 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 9:34 a.m. President David Relos presiding. 1. ROLL CALL Members Present: David Relos, President Karen White, Vice President Eli Wax, Secretary Gillian Shaw, Commissioner Marcus Ellison, Non-Voting Advisor Members Absent: Ophelia Gooden-Rodgers, Commissioner Legal Counsel: Danielle Campbell Weiss, Senior Asst. City Attorney Redevelopment Staff: Darryl Scott, Executive Director, DCI Joseph Molnar, Deputy Director, DCI Erik Glavich, Director of Growth and Opportunity, DCI Lewis Kouassi, Director of Finance, DCI - Virtual Erin Michaels, Property Development Manager, DCI Tim Corcoran, Chief Planner, DCI Laura Hensley, Board Secretary, DCI Attending: Abigail Magas, City Engineer, Engineering Leslie Biek, Assist. City Engineer, Engineering Charlotte Brach, Assist. City Engineer, Engineering Tony Ruiz, Inner City Development Taylor Ruiz, Property Bros. LLC Jordan Richardson, ID2 LLC Abrahm Gordillo, Inner City Development Sophie Cohen, L+M Development Partners Matt Barrett, 110 S. Niles Ave. CITY OF SOUTH BEND REDEVELOPMENT COMMISSION REGULAR MEETING – June 11, 2026 Page | 2 Tom Bard Nolan Klingdirst Chris Godlewski, Abonmarche Consultants Steve Smith, Irish Realty LLC Sam Centellis, 5429 Raleigh Dr. Alyson Herzig, SBRC Ethan Rendell, SBRC Riley Ellingsen, Greater Lowell Holdings LLC Tina Patton, 707 Sherman Ave. Hodge Patel, 315 W. Jefferson Blvd. 2. Approval of Minutes A. Approval of Minutes of the Regular Meeting of Thursday, May 28, 2026 Upon a motion by Eli Wax for approval, second by Gillian Shaw, the motion carried unanimously; the Commission approved the minutes of the regular meeting of May 28, 2026. 3. Approval of Claims A. None 4. Old Business A. None 5. New Business A. River West Development Area 1. Resolution No. 3673 (Authorizing DCI Staff for Certain Acts - Lafayette Building) Joseph Molnar, Deputy Director of Community Investment, noted that while the department typically brings forward positive projects, the first resolution today addresses a difficult situation. He expressed strong appreciation for the historic Lafayette Building, a rare late-1800s structure with a significant atrium and deep community and civil rights significance. On the day of the fire, the South Bend Fire Department responded quickly and professionally, with multiple trucks and 75–90 firefighters on site. RDC staff are grateful for their efforts, as crews worked in heavy smoke and brought the fire under control within hours. No injuries or fatalities were reported. However, the fire caused significant damage, destroying much of the fifth floor and leading to a collapse of the roof. The top floor and western portion of the building are now the primary structural concerns. CITY OF SOUTH BEND REDEVELOPMENT COMMISSION REGULAR MEETING – June 11, 2026 Page | 3 Following the catastrophic fire on June 8, the cause remains unknown, and the building was vacant with no active development agreement. The resolution prioritizes preservation but authorizes staff to act quickly to address any immediate safety risks, including using previously allocated funds. Actions taken will be ratified at a future RDC meeting. Secretary Wax stated typically, the RDC appropriates funds before use. Does this resolution provide pre-approval, with spending brought back later for approval? Danielle Campbell Weiss, Senior Asst. City Attorney, responded that the Resolution allows staff to act immediately using pre- approved funds, with expenditures later ratified by the RDC—typically through the claims process. Existing appropriated funds will be used first, and additional spending will follow the same ratification process. Staff will also provide updated details as the project progresses. Vice President White asked, do we have sufficient funds to address the building’s needs, given the current uncertainties? Mr. Molnar responded that it’s too early to determine total costs. Approximately $750,000 was previously set aside under the former development agreement, and most of those funds remain available and will be used first. A small portion was spent on prior structural analysis. Staff will continue to update the Commission as assessments progress. Commissioner Shaw inquired, “Can the Commission receive regular updates on spending while the resolution is active”? Mr. Molnar stated, “yes, staff will provide updates at upcoming RDC meetings, including findings from inspections and ongoing costs”. Commissioner Ellison asked, “Will insurance cover some of the costs, and how does that process work”? Mr. Molnar explained, the property is insured, but specific details, including coverage and deductible—are managed by the administration and finance team. President Relos asked, “How is site safety being addressed, and who determines if demolition is necessary”? Mr. Molar stated that the initial cleanup and perimeter safety measures are underway, including debris removal. Ongoing safety and structural decisions will be guided by the fire marshal, structural engineers, and building department, with assessments beginning immediately. Upon a motion by Eli Wax for approval, seconded by Gillian Shaw, the motion carried unanimously; the Commission approved Resolution No. 3673 as presented on June 11, 2026. CITY OF SOUTH BEND REDEVELOPMENT COMMISSION REGULAR MEETING – June 11, 2026 Page | 4 2. Resolution No. 3672 (Authorizing Use of TIF to Fund Forgivable Loan Beacon Heights) Joseph Molnar, Deputy Director of Community Investment, presented a Resolution to use River West TIF funds to establish an EDC loan for the renovation of Beacon Heights Apartments, a 174-unit affordable housing complex on the City’s West side dating to the 1940s and in need of significant upgrades. The City is partnering with L+M Development Partners, an experienced national developer, which plans a $47 million renovation while keeping residents in place through a phased approach. The Resolution initiates a $1.25 million forgivable loan, contingent on full project completion, with additional approvals required from the RDC, EDC, and Common Council. Sophie Cohen, Senior Associate with L+M Development Partners expressed enthusiasm for investing in South Bend and the Beacon Heights project. The team will use a phased renovation approach to minimize disruption, starting with vacant units and relocating residents as work progresses. A dedicated relocation team will support residents with moving, daily needs, and on-site assistance. Units will typically be completed in about 10 days (longer for ADA units), and residents will return to fully renovated spaces. The plan also includes enhanced security measures. L+M emphasized its experience with similar projects and commitment to meeting resident needs. Vice President White asked about the extent of renovations and the unit mix. Ms. Cohen responded that only about 25% of units have received limited interior updates, with no major structural improvements. The complex consists of 174 units, including 24 three-bedroom units, primarily two-bedroom units, and the remainder one-bedroom. Commissioner White also asked, “Are there safety concerns or site improvements to consider”? Ms. Cohen explained that traffic safety near the library remains a concern, including the need for signage or pedestrian access. A community garden is also proposed, in addition to the nearby Unity Gardens site. Commissioner Ellison asked what the current occupancy is, and how renovations will be managed? Ms. Cohen responded, the occupancy is approximately 93%. Renovations will begin with vacant units, then transition residents in phases, allowing most to remain on-site during upgrades. Commissioner Shaw inquired about is this occupancy level typical, and is relocating residents into completed vacant units a common approach? How has the daytime (9–5) temporary relocation strategy worked? Ms. Cohen responded, yes, this is a standard approach. L+M has used it CITY OF SOUTH BEND REDEVELOPMENT COMMISSION REGULAR MEETING – June 11, 2026 Page | 5 successfully across most of its Midwest portfolio, with only rare exceptions requiring full relocation. The phased model—renovating units in about 10 days while providing temporary accommodations and support—has generally worked well, with strong communication and resident services helping minimize disruption. Tina Patton asked, “will rent increase for current residents”? Ms. Cohen stated, no. Rents will not increase. The property will remain under the tax credit program and an existing Section 8 contract, requiring residents to pay 30% of their income. This structure, along with state and federal regulations, ensures affordability continues. Matt Barrett noted that the Beacon Heights property has been challenging in the past but emphasized the city’s strong need for affordable housing. With a roughly $1.25 million investment—about $7,200 per unit—the deal appears highly favorable, and they expressed hope it could be replicated if successful. Sam Centellis and Hodge Patel spoke in favor of the project. Council President Canneth Lee thanked the team for their investment, noting his experience working in the Beacon Heights area, and asked what drew them to the project and to South Bend. Sophie with L+M responded that their recent project in Hammond, Indiana, and growing presence in the Midwest led them to seek similar affordable housing opportunities, making South Bend a natural next step. President Relos inquired, “Will the Low-Income Housing Tax Credit (LIHTC) award be confirmed before the development agreement, and what is the timeline”? Mr. Molnar stated the project is expected to receive the 4% tax credit award before the development agreement is finalized. If not, the agreement will be contingent upon receiving the award. The project is anticipated to return to the RDC in about a month for further approval steps. Upon a motion by Gillian Shaw for approval, seconded by Karen White, the motion carried however, Commissioner Wax abstained from the vote due to a conflict; the Commission approved Resolution No. 3672 as presented on June 11, 2026. 3. First Amendment Purchase Agreement (The Row) Erik Glavich, Director of Growth and Opportunity, presented items 5A3 & 5A4 together. This minor amendment to a previously approved purchase agreement and a new development agreement for the “Row at Ward” project on Portage Avenue. CITY OF SOUTH BEND REDEVELOPMENT COMMISSION REGULAR MEETING – June 11, 2026 Page | 6 The project involves a partnership with a local development team to build 15 mixed-income housing on 10 lots to be sold as properties, including 4 units at 100% AMI, 3 units at 120% AMI, and market rate, phased to respond to market demand. The City’s role focuses on supporting infrastructure improvements to prepare the vacant site for redevelopment. Community engagement is underway, with construction anticipated to begin in late 2026. Mr. Glavich highlighted the development team’s prior work on the Northwest side, including new duplexes on Sherman, and their commitment to delivering quality affordable housing in historically underinvested neighborhoods. He outlined the proposed site plan and requested $950,000 in City support for this phase to fund critical construction and infrastructure needs. The developer will invest $2.1 million, with unit mix, income targets, and timelines aligned with the purchase agreement. Jordan Richardson, ID2 LLC representing the development team, expressed appreciation for the opportunity and highlighted the group’s collaborative effort. The project includes 15 total units across 10 homeownership lots, some of which will feature accessory dwelling units (ADUs). These ADUs—typically located above garages—provide homeowners with an opportunity to generate additional income and offset housing costs. The development will include a mix of townhomes and one owner- occupied duplex, contributing to a diverse housing offering. —and will be developed in phases to gauge market response. The City’s support will focus on essential infrastructure improvements. The team emphasized thoughtful design aligned with the neighborhood and ongoing community engagement, with input sessions underway and groundbreaking anticipated in late 2026. Mr. Richardson invited all to attend the Community BBQ & Neighborhood meeting on June 17th. Vice President White spoke in favor of the project and in Mr. Richardson in particular. Secretary Wax asked, “Was the development partnership presented at the time of the purchase agreement approval”? Mr. Molnar stated that the partnership was referenced during due diligence, but a development agreement was not brought forward at that time. Staff proceeded with the purchase agreement first to allow the developer to complete necessary design and cost analysis. This approach avoided premature terms and the need for later amendments, though staff acknowledged the value of presenting the full project scope earlier when possible. CITY OF SOUTH BEND REDEVELOPMENT COMMISSION REGULAR MEETING – June 11, 2026 Page | 7 Commissioner Shaw asked to explain the strategy behind including ADUs and how they will function for homeowners? Mr. Richardson explained that the ADUs are included to maximize land use and provide homeowners with an option to generate rental income or house family members. Typically located above garages, they help offset housing costs and improve affordability. While not suited for every buyer, they offer flexibility and will be supported through resident education and market guidance. Steve Smith, with Irish Realty LLC emphasized that ADUs are a key tool for improving housing affordability. By adding rental units, homeowners can generate income—often $800–$950 per month—helping offset mortgage costs and expand purchasing power. He noted that this approach supports a mix of price points (roughly $230K–$300K), increases housing access, and makes more efficient use of infrastructure, positioning ADUs as an important solution for “missing middle” housing. Sam Centellis, Chris Godlewski, Claudia Mendez-Perkins, Council President Canneth Lee, and Mike Keen all spoke in favor of the project. Secretary Wax commended the team in this project as well. Upon a motion by Eli Wax for approval, seconded by Gillian Shaw, the motion carried unanimously; the Commission approved the Amendment as presented on June 11, 2026. 4. Development Agreement (The Row) Upon a motion by Eli Wax for approval, seconded by Gillian Shaw, the motion carried unanimously; the Commission approved the Development Agreement as presented on June 11, 2026. B. South Side Development Area 1. Budget Request (Rebuilding Our Streets, Arterial Roads) Leslie Biek, Assistant City Engineer of Public Works, presented both 5B1 and 5C1 together. Ms. Biek is requested funding to pave arterial streets as part of the City’s street improvement plan. While the City typically balances arterial and residential needs, available contractor capacity allows for additional work focused on major roads. The request includes $1 million from River East and $1.3 million from South Side TIF, with existing funds covering River West. Projects are expected to be bid this month, awarded by late July or early August, and completed this season with milling and paving work. CITY OF SOUTH BEND REDEVELOPMENT COMMISSION REGULAR MEETING – June 11, 2026 Page | 8 Commissioner Shaw asked about the timeline for the completion of the paving project and Ms. Biek stated September or October of 2026. Upon a motion by Eli Wax for approval, seconded by Karen White, the motion carried unanimously; the Commission approved the Budget Request as presented on June 11, 2026. C. River East Development Area 1. Budget Request (Rebuilding Our Streets, Arterial Roads) Upon a motion by Eli Wax for approval, seconded by Karen White, the motion carried unanimously; the Commission approved the Budget Request as presented on June 11, 2026. 2. Purchase Agreement (Sale of Former VPA East Race Building) Joseph Molnar, Deputy Director of Community Investment, presented a purchase agreement for the sale of 126 N. Niles, a former parks building in the East Bank area that has been largely unused for over a decade. The property, approximately 0.25 acres with a 1,900-square-foot building, will be sold to Greater Lowell Holdings LLC for $83,000 based on a recent appraisal. The developer plans to rehabilitate the building for active use and complete necessary repairs. The agreement requires roof and HVAC repairs, one year of active occupancy after completion, a 90- day due diligence period, and construction completion within 24 months of closing. Riley Ellingsen, with Greater Lowell Holdings LLC explained that the immediate plan is to activate the building with a small e-commerce tenant needing space for administrative and fulfillment operations, along with temporary storage for nearby restaurant operations. Long term, the goal is to transition the property to a service-oriented retail use and potentially integrate it with adjacent parcels for broader redevelopment. President Relos questioned, “Do you expect the renovation timeline to take the full two years”? Mr. Ellingsen stated no. While the agreement allows up to two years, we expect repairs and occupancy to occur much sooner, as we are already familiar with the building and have an immediate need to activate the space. Upon a motion by Eli Wax for approval, seconded by Gillian Shaw, the motion carried unanimously; the Commission approved the Purchase Agreement as presented on June 11, 2026. D. River East Residential Development Area CITY OF SOUTH BEND REDEVELOPMENT COMMISSION REGULAR MEETING – June 11, 2026 Page | 9 1. Budget Request (Colfax Ave. Bridge) Leslie Biek, Assistant City Engineer of Public Works, requested $3,500,000 in funding for enhancements to the Colfax Bridge project in coordination with planned County repairs. While the County will complete maintenance work, the City proposes additional improvements aligning with the Colfax and MLK streetscape projects. These include wider pedestrian and multi-use paths, separated railings for safety, improved bike access, decorative lighting, and architectural features to better connect the bridge to downtown. The City will fund only its enhancements. Construction is expected to begin in August and be completed by November. Secretary Wax asked what the impact the project will have on traffic flow is. Ms. Biek responded that the travel lanes will narrow slightly from 12 to 11 feet, which may slow speeds modestly, but overall traffic flow and lane configuration will remain largely unchanged. Commissioner Wax also inquired, will the intersection changes affect efficiency? Ms. Biek confirmed that minor changes include bump-outs, removal of one northbound right-turn lane at MLK, and improved signalization with additional poles and turn phases. These updates are expected to maintain overall flow while improving safety and visibility. Vice President White asked to confirm that emergency vehicles can navigate the changes? Ms. Biek confirmed that they have adjusted the plan to accommodate emergency vehicles. Commissioner Shaw asked if the $3.5 million parts of the full project bid, and does it include a contingency? Ms. Biek stated yes. The $3.5 million represents the City’s portion of the overall project and includes a contingency. The County will manage the contract and bill the City only for its share of costs, with itemized breakdowns. Commissioner Shaw also asked, is the City contracting directly with the construction team? Ms. Biek stated no. The County will handle bidding and contracting under an interlocal agreement, with the City reimbursing its portion. Ms. Biek also confirmed that this will make the downtown pedestrian loop more accessible. Upon a motion by Gillian Shaw for approval, seconded by Karen White, the motion carried unanimously; the Commission approved the Budget Request as presented on June 11, 2026. 6. Progress Reports A. Tax Abatement CITY OF SOUTH BEND REDEVELOPMENT COMMISSION REGULAR MEETING – June 11, 2026 Page | 10 None B. Common Council The Council has completed the budget process. Details are posted on the City website. C. Other Joseph Molnar, Deputy Director of Community Investment, gave updates on the following. • Qualex Building Demolition Project is almost complete. • Rum Village Neighborhood Community Center Meeting on June 15th. • Drewry’s Site, wrapping up final phases and City staff will conduct a meeting to update the public on June 23-24th . 7. Next Commission Meeting Thursday, June 25, 2026, 9:30 a.m., City Hall Council Chambers 3rd Floor 8. Adjournment Thursday, June 11, 2026, 11: 22 a.m. ______________________________ ______________________________ Eli Wax, Secretary David Relos, President City of South Bend Department of Administration & Finance Claims Allowance Request To:South Bend Redevelopment Commission From:Kyle Willis, City Controller Date:Tuesday, June 9, 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-0136982 $126,443.70 GBLN-0137399 $484,227.57 GBLN-0137934 $849,889.83 Total:$1,460,561.10 _______________________________ 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: V-00001518 V-00001518 SMITHGROUP INC SMITHGROUP INC ARIV0006274 ARIV0006274 Change Order #1- Amendment #10 -Seitz Park Change order #2 - Amendment #11-Seitz Park 6/17/2026 6/17/2026 $14,886.47 $16,002.69 436-10-102-121-444000-­ PROJ00000646 429-10-102-121-444000-­ PROJ00000646 PO-0039160 PO-0039160 South Bend Redevelopment Commission 215 S. Dr. Martin Luther King, Jr. Blvd., Room 301, South Bend, Indiana Redevelopment Commission Agenda Item DATE : 6/22/26 FROM: Joseph Molnar, Deputy Director Community Investment SUBJECT: Resolution Approving Proposed Lease with South Bend Redevelopment Authority 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: Authorization of Proposed Lease with South Bend Redevelopment Authority for issuance of Tax-Exempt Lease Rental Revenue Bonds, Series A, and Taxable Lease Rental Revenue Bonds, Series B SPECIFICS: The proposed lease would initiate the process of issuance of a pair of TIF-funded bonds to support a number of Public Improvement Projects in the River West TIF District, including: • Coal Line Phase III Installation - Extension of the existing Coal Line Trail from Lincoln Way West to the Martin Luther King Jr. Dream Center • College Street Streetscape Improvements - connection with Phase III of the Coal Line Trail • Infrastructure improvements consisting of roads, storm water, sewer, and water utility infrastructure improvements along or adjacent to Old Cleveland Road • New Rum Village Neighborhood Community Center - Construction, renovation and equipping of a new Rum Village Neighborhood Center • Near Westside Neighborhood Park – Acquisition costs • Former Drewry’s Brewery Infrastructure -infrastructure improvements to support the redevelopment of the former Drewry’s property • Muessel Grove Park Improvements -Improvements to Muessel Grove Park immediately adjacent to the former Drewrys Brewery ______________ ___________Pres/V-Pres ATTEST: __________ _______ _ Date: _____________ _______ APPROVED Not Approved SOUTH BEND REDEVELOPMENT COMMISSION South Bend Redevelopment Commission 215 S. Dr. Martin Luther King, Jr. Blvd., Room 301, South Bend, Indiana • Morris Performing Arts Center Parking Garage – Help fund construction of a structured parking garage attached to the Morris. If approved, South Bend Common Council will hear resolution authorizing bond issuance. These projects will improve infrastructure, expand access to parks, trails, and community facilities, and strengthen neighborhood connectivity, directly enhancing quality of life for South Bend residents. Staff recommends approval. RESOLUTION NO. 3674 A RESOLUTION OF THE SOUTH BEND REDEVELOPMENT COMMISSION APPROVING A PROPOSED LEASE WITH THE SOUTH BEND REDEVELOPMENT AUTHORITY RELATING TO CERTAIN LOCAL PUBLIC IMPROVEMENT PROJECTS, AUTHORIZING PUBLICATION OF A NOTICE OF PUBLIC HEARING IN CONNECTION THEREWITH, AND ALL MATTERS RELATED THERETO WHEREAS, the South Bend Redevelopment Commission (the “Commission”), the governing body of the South Bend Department of Redevelopment and the Redevelopment District (the “District”) of the City of South Bend, Indiana (the “City”), exists and operates under the provisions of Indiana Code 36-7-14, as amended from time to time (the “Act”); and WHEREAS, the Commission, pursuant to a declaratory resolution previously adopted by the Commission and amended from time to time, has declared a certain area of the City known as the “River West Development Area” (the “Area”) as an economic development area and an allocation area under the Act and approved an economic development plan for the Area; and WHEREAS, the Commission has given consideration to undertaking local public improvement projects in the Area including all or any portion of the following: (i) Coal Line Trail Phase III which consists of the extension of the existing Coal Line Trail from Lincoln Way West to the Martin Luther King Jr. Dream Center, and any related improvements; (ii) College Street streetscape improvements in connection with Phase III of the Coal Line Trail, and any related improvements; (iii) infrastructure improvements consisting of roads, storm water, sewer, and water utility infrastructure improvements along or adjacent to Old Cleveland Road, and any related improvements; (iv) the acquisition, construction, renovation and equipping of a new Rum Village Neighborhood Center, and any related improvements; (v) acquisition of land in the near west side of the City for a new neighborhood park, and any related improvements; (vi) infrastructure improvements to support the redevelopment of the former Drewry’s property and improvements to the adjacent Muessel Grove Park, and any related improvements; (vii) acquisition, construction and equipping of a new parking garage structure attached to the Morris Performing Arts Center, and any related improvements; and (viii) all projects related to any of the projects described in clauses (i) through and including (vii) (clauses (i) through and including (viii), collectively, the “Projects”); WHEREAS, the Commission has given consideration to (i) financing the cost of funding all or any portion of the costs of the Projects and related expenses; (ii) funding a debt service reserve fund, if necessary in connection with the issuance of bonds to finance the costs of the Projects or purchasing a surety bond to satisfy a reserve requirement; and (iii) pay costs incurred in connection with the issuance of said bonds; and WHEREAS, the Commission, being duly advised, now finds that it is in the best interests of the City and its citizens for the purpose of financing all or any portion of the costs of the Projects and other costs set forth above, to enter into negotiations with the South Bend Redevelopment Authority (the “Authority”) to enter into a lease (the “Lease”) with the Authority, as Lessee, for all or a portion of certain roads in the City as set forth at Exhibit A attached hereto in order to -2- provide for increased redevelopment and economic development and job creation opportunities for the residents of the City; and WHEREAS, the form of the proposed Lease has been presented to the Commission at this public meeting; and WHEREAS, after the duly conducted public hearing, the Commission may adopt a resolution pursuant to Section 25.2 of the Act authorizing the execution of the proposed Lease on behalf of the City if it finds that the service to be provided throughout the term of the proposed Lease will serve the public purpose of the City, is in the best interests of its residents, and that the Lease rentals provided for are fair and reasonable; and WHEREAS, the Commission expects that the Authority will consider adoption of a resolution authorizing the issuance of its lease rental revenue bonds (the “Bonds”) in one (1) or more series for the purpose of financing all or any portion of the costs of the Projects and the other costs set forth herein; NOW, THEREFORE, BE IT RESOLVED BY THE SOUTH BEND, INDIANA, REDEVELOPMENT COMMISSION, AS FOLLOWS: SECTION 1. The Commission hereby preliminarily approves the proposed Lease between the Authority and the Commission in the form presented at this public meeting. The Commission hereby sets the public hearing on the Lease for Thursday, July 9, 2026, at 9:30 a.m., in the City Hall Council Chambers, 3rd Floor, 215 S. Dr. Martin Luther King, Jr., Boulevard, South Bend, Indiana, or at such other time and/or place as any officer of the Commission shall determine. The Commission hereby authorizes the publication of a notice of the public hearing on the Lease pursuant to applicable Indiana law and in the form authorized by any officer of the Commission. SECTION 2. This Resolution shall take effect, and be in full force and effect, upon passage and approval by the Commission, in conformance with applicable law. ADOPTED at a meeting of the South Bend Redevelopment Commission held on June 25, 2026, in the City Hall Council Chambers, 3rd Floor, 215 S. Dr. Martin Luther King, Jr., Boulevard, South Bend, Indiana. SOUTH BEND REDEVELOPMENT COMMISSION By: David Relos, President ATTEST: Eli Wax, Secretary EXHIBIT A LEASED PROPERTY The Leased Premises under the Lease will consist of (i) Chapin Street from its intersection with Lincoln Way West to its intersection with Sample Street, (ii) Sample Street from its intersection with Chapin Street to its intersection with Mayflower Road, (iii) Colfax Avenue/Orange Street from its intersection with South Dr. Martin Luther King, Jr. Boulevard to its intersection with Meade Street, (iv) Washington Street/Orange Street from its intersection with Meade Street to its intersection with Kenwood Avenue, (v) Kenwood Avenue from its intersection with Orange Street to its terminus west of Meade Street, and (vi) Meade Street/Bertrand Street from its intersection with Kenwood Avenue to its intersection with Eclipse Place. DMS 53156707v2 LEASE AGREEMENT between SOUTH BEND REDEVELOPMENT AUTHORITY LESSOR and SOUTH BEND REDEVELOPMENT COMMISSION LESSEE Dated as of July 1, 2026 LEASE AGREEMENT THIS LEASE AGREEMENT, made and dated as of this 1st day of July, 2026, by and between the SOUTH BEND REDEVELOPMENT AUTHORITY (the “Lessor”), a separate body corporate and politic organized and existing under the provisions of I.C. 36-7-14.5 as an instrumentality of the City of South Bend, Indiana (the “City”), and the CITY OF SOUTH BEND REDEVELOPMENT COMMISSION (the “Lessee”), the governing body of the City of South Bend, Department of Redevelopment, acting for and on behalf of the City. WITNESSETH: WHEREAS, the City has created the Lessor under and pursuant to the provisions of I.C. 36-7-14, I.C. 36-7-14.5 and I.C. 36-7-25 (collectively, the “Act”), for the purpose of financing, constructing, acquiring and leasing to the Lessee certain local public improvements and redevelopment and economic development projects; and WHEREAS, the City has created the Lessee to undertake redevelopment and economic development in the City in accordance with the Act; and WHEREAS, the Lessee is the governing body of the South Bend Department of Redevelopment and the Redevelopment District of the City (the “District”) which District is coterminous with the boundaries of the City; and WHEREAS, in accordance with prior resolutions adopted by the Lessee, the Lessee has designated a certain area of the City known as the “River West Development Area” (the “Area”) as an economic development area under the Act and approved an economic development plan for the Area (the “Plan”); and WHEREAS, the Lessee has given consideration to undertaking local public improvement projects in the Area including all or any portion of the following: (i) Coal Line Trail Phase III which consists of the extension of the existing Coal Line Trail from Lincoln Way West to the Martin Luther King Jr. Dream Center, and any related improvements; (ii) College Street streetscape improvements in connection with Phase III of the Coal Line Trail, and any related improvements; (iii) infrastructure improvements consisting of roads, storm water, sewer, and water utility infrastructure improvements along or adjacent to Old Cleveland Road, and any related improvements; (iv) the acquisition, construction, renovation and equipping of a new Rum Village Neighborhood Center, and any related improvements; (v) acquisition of land in the near west side of the City for a new neighborhood park, and any related improvements; (vi) infrastructure improvements to support the redevelopment of the former Drewry’s property and improvements to the adjacent Muessel Grove Park, and any related improvements; (vii) acquisition, construction and equipping of a new parking garage structure attached to the Morris Performing Arts Center, and any related improvements; and (viii) all projects related to any of the projects described in clauses (i) through and including (vii) (clauses (i) through and including (viii), collectively, the “Projects”); WHEREAS, the Projects will foster economic development and redevelopment and improved employment opportunities throughout the District, including the Area; and 2 WHEREAS, the City, the Lessor, and the Lessee seek to provide a means to finance all or any portion of the costs of the Projects; and WHEREAS, the Act authorizes the Lessor to issue bonds for the purpose of obtaining money to pay the cost of acquiring property or constructing, improving, reconstructing or renovating local public improvements; and WHEREAS, the costs related to acquiring an interest in the property described on Exhibit A hereto by the Lessor (the “Leased Premises”) and completing the Projects will be paid from proceeds of bonds to be issued by the Lessor in one (1) or more series; and WHEREAS, the annual rentals to be paid under this Lease by the Lessee will be pledged by the Lessor to pay debt service on and other necessary incidental expenses of the Lessor relating to the Bonds to be issued by the Lessor to finance the acquisition of the Leased Premises and pay a portion of the costs of the Projects; and WHEREAS, the Lessor has acquired or will acquire an interest in the Leased Premises described on Exhibit A hereto and such interest shall be for a term no less than the term of this Lease; and WHEREAS, the Lessee has determined, after a public hearing held pursuant to the Act after notice given pursuant to I.C. § 5-3-1, that the lease rentals provided for in this Lease are fair and reasonable, that the execution of this Lease is necessary and that completion of the Projects will serve the public purpose of the City and are in the best interests of its residents, and the Common Council of the City (the “Common Council”) has, by resolution, approved this Lease in accordance with the provisions of Section 25.2 of the Act, and the resolution has been entered in the official records of the Common Council; and WHEREAS, the Lessor has determined that the lease rentals provided for in this Lease are fair and reasonable, that the execution of this Lease is necessary, that the Projects will serve the public purpose of the City and are in the best interests of its residents, and the Lessor has duly authorized the execution of this Lease by resolution, and the resolution has been entered in the official records of the Lessor. THIS AGREEMENT WITNESSETH THAT: 1. Premises, Term and Warranty. The Lessor does hereby lease, demise and let to Lessee all of the Lessor’s right, title and interests in and to the Leased Premises. TO HAVE AND TO HOLD the Leased Premises with all rights, privileges, easements and appurtenances thereunto belonging, unto the Lessee, beginning on the date the Lessor acquires an interest in any of the Leased Premises and ending on the day prior to a date not later than nineteen (19) years after such date of acquisition by the Lessor. Notwithstanding the foregoing, the term of this Lease will terminate at the earlier of (a) the exercise by the Lessee of the option to purchase all of the Leased Premises pursuant to Section 11 hereof and the payment of the option price, or (b) the payment or defeasance of all obligations issued by the Lessor and secured by this Lease or any portion thereof; provided that no bonds or other obligations of the Lessor issued to finance the Leased Premises remain outstanding at the time of such payment or defeasance. The Lessor hereby represents that it is possessed of, or will acquire, the Leased Premises and the Lessor warrants and 3 will defend the Leased Premises against all claims whatsoever not suffered or caused by the acts or omissions of the Lessee or its assigns. Notwithstanding the foregoing, the Leased Premises may be amended to add additional property to the Leased Premises or remove any portion of the Leased Premises, including, but not limited to the Leased Premises, provided however, following such amendment, the rental payable under this Lease shall be based on the value of the portion of the Leased Premises which is available for use, and the rental payments due under this Lease shall be in amounts sufficient to pay when due all principal of and interest on all outstanding Bonds. 2. Lease Rental. (a) Fixed Rental Payments. The Lessee agrees to pay rental for the Leased Premises at an annual rate per year during the term of the Lease not to exceed Five Million Dollars ($5,000,000), payable in semi-annual installments. Each such semi-annual installment, payable as hereinafter described, shall be based on the value of the Leased Premises, together with that portion of the Project which is complete and ready for use by the Lessee at the time such semi-annual installment is made. Such rental shall be payable in advance in semi-annual installments on January 15 and July 15 of each year, with the first rental installment due no earlier than January 15, 2027. The last semi-annual rental payment due before the expiration of this Lease shall be adjusted to provide for rental at the yearly rate so specified from the date such installment is due to the date of the expiration of this Lease. After the sale of the Bonds, the annual rental shall be reduced to an amount sufficient to pay principal and interest due in each twelve (12) month period commencing each year on August 1, rounded up to the next One Thousand Dollars ($1,000), together with incidental costs in each year in an amount to be determined at the time the Bonds are sold for the purpose of paying annual trustee fees and related costs, payable in advance in semi-annual installments. In addition, each such reduced semi-annual installment shall be based on the value of the Leased Premises at the time such semi-annual installment is made. Such amount of adjusted rental shall be endorsed on this Lease at the end hereof in the form of Exhibit B attached hereto by the parties hereto as soon as the same can be done after the sale of the Bonds, and such endorsement shall be recorded as an addendum to this Lease. (b) Additional Rental Payments. (i) The Lessee shall pay as further rental in addition to the rentals paid under Section 2(a) for the Leased Premises (“Additional Rentals”) the amount of all taxes and assessments levied against or on account of the Leased Premises or the receipt of lease rental payments and the amount required to reimburse the Lessor for any insurance payments made by it under Section 6. The Lessee shall pay as additional rental all administrative expenses of the Lessor, including ongoing trustee fees, relating to the Bonds. Any and all such payments shall be made and satisfactory evidence of such payments in the form of receipts shall be furnished to the Lessor by the Lessee, at least three (3) days before the last day upon which such payments must be paid to avoid delinquency. If the Lessee shall in good faith desire to contest the validity of any such tax or assessment, the Lessee shall so notify the Lessor and shall furnish bond with surety to the approval of the Lessor conditioned for the payment of the charges so desired to be contested and all damages or loss resulting to the Lessor from the nonpayment thereof when due, the Lessee shall not be obligated to pay the contested amounts until such contests shall have been determined. The Lessee shall also pay as Additional Rentals the amount calculated by or for the Lessor as the amount required to be rebated, or paid as a penalty, to the United States of America under Section 148(f) of the Internal Revenue Code of 1986, as amended and in effect on the date 4 of issue of the Bonds (“Code”), after taking into account other available moneys, to prevent the Bonds from becoming arbitrage bonds under Section 148 of the Code. (ii) The Lessee may, by resolution, pay Additional Rentals to enable the Lessor to redeem or purchase Bonds prior to maturity. Rental payments due under this Section 2 shall be reduced to the extent such payments are allocable to the Bonds redeemed or purchased by the Lessor with such Additional Rentals. The Lessee shall be considered as having an ownership interest in the Leased Premises valued at an amount equal to the amount of the Additional Rentals paid pursuant to this subsection (b)(ii). (c) Source of Payment of Rentals. The annual rentals set forth in Section 2(a) hereof and the Additional Rentals shall be payable solely from the 2026 Improvements Principal and Interest Account of the Redevelopment District Bond Fund (the “Bond Fund”). The Lessee may pay the annual rentals and the Additional Rentals, or any other amounts due hereunder, from any other revenues legally available to the Lessee; provided, however, the Lessee shall be under no obligation to pay any annual rentals or Additional Rentals or any other amounts due hereunder from any moneys or properties of the Lessee except the revenues deposited into the Bond Fund. 3. Payment of Rentals. All rentals payable under the terms of this Lease shall be paid by the Lessee to the bank or trust company designated as Trustee (“Trustee”) under the Trust Indenture between it and the Lessor (“Indenture”), or to such other bank or trust company as may from time to time succeed such bank as Trustee under the Indenture securing the bonds to be issued by the Lessor to finance the acquisition and construction of the Leased Premises. Any successor trustee under the Indenture shall be endorsed on this Lease at the end hereof by the parties hereto as soon as possible after selection, and such endorsement shall be recorded as an addendum to this Lease. All payments so made by the Lessee shall be considered as payment to the Lessor of the rentals payable hereunder. 4. Abatement of Rent; Substitution. If any part of the Leased Premises is taken under the exercise of the power of eminent domain, so as to render it unfit, in whole or part, for use by the Lessee, it shall then be the obligation of the Lessor to restore and reconstruct that portion of the Leased Premises as promptly as may be done, unavoidable strikes and other causes beyond the control of the Lessor excepted; provided, however, that the Lessor shall not be obligated to expend on such restoration or reconstruction more than the condemnation proceeds received by the Lessor. If any part of the Leased Premises shall be partially or totally destroyed, or is taken under the exercise of the power of eminent domain, so as to render it unfit, in whole or part, for use or occupancy by the Lessee, the rent shall be abated for the period during which the Leased Premises or such part thereof is unfit or unavailable for use, and the abatement shall be in proportion to the percentage of the Leased Premises which is unfit or unavailable for use or occupancy. Notwithstanding the foregoing, the Leased Premises may be amended to add additional property to the Leased Premises or remove any portion of the Leased Premises, provided however, following such amendment, the rental payable under this Lease shall be based on the value of the portion of the Leased Premises which is available for use, and the rental payments due under this Lease shall be in amounts sufficient to pay when due all principal of and interest on all outstanding Bonds. In the event that all or a portion of the Leased Premises shall be unavailable for use by the Lessee, subject to the completion of any process required by law, the Lessor and the Lessee shall 5 amend the Lease to add to and/or replace a portion of the Leased Premises to the extent necessary to provide for available Leased Premises with a value supporting rental payments under the Lease sufficient to pay when due all principal of and interest on outstanding Bonds. 5. Maintenance, Alterations and Repairs. The Lessee may enter into agreements with one (1) or more other parties for the operation, maintenance, repair and alterations of all or any portion of the Leased Premises. Such other parties may assume all responsibility for operation, maintenance, repairs and alterations to the Leased Premises. At the end of the term of this Lease, the Lessee shall deliver the Leased Premises to the Lessor in as good condition as at the beginning of the term, reasonable wear and tear only excepted. 6. Insurance. During the full term of this Lease, the Lessee shall, at its own expense, keep in effect public liability insurance in amounts customarily carried for similar properties. Such insurance may be provided under the public liability self-insurance program of the City. Additionally, notwithstanding anything in this Lease to the contrary, Lessee does not waive any governmental immunity or liability limitations available to it under Indiana law. The proceeds of the public liability insurance required herein (after payment of expenses incurred in the collection of such proceeds) shall be applied toward extinguishment or satisfaction of the liability with respect to which such insurance proceeds are paid. Such policies shall be for the benefit of persons having an insurable interest in the Leased Premises, and shall be made payable to the Lessor, the Lessee, and the Trustee and to such other person or persons as the Lessor may designate. Such policies shall be countersigned by an agent of the insurer who is a resident of the State of Indiana and deposited with the Lessor and the Trustee. If, at any time, the Lessee fails to maintain insurance in accordance with this Section, such insurance may be obtained by the Lessor and the amount paid therefor shall be added to the amount of rentals payable by the Lessee under this Lease; provided, however, that the Lessor shall be under no obligation to obtain such insurance and any action or non-action of the Lessor in this regard shall not relieve the Lessee of any consequence of its default in failing to obtain such insurance. The insurance policies described in this Section 6 may be acquired by another party and shall satisfy this Section as long as the Lessor, the Lessee and the Trustee are named as additional insureds under such policies. Such coverage may be provided by scheduling it under a blanket insurance policy or policies. 7. Eminent Domain. If title to or the temporary use of the Leased Premises, or any part thereof, shall be taken under the exercise or the power of eminent domain by any governmental body or by any person, firm or corporation acting under governmental authority, any net proceeds received from any award made in such eminent domain proceedings (after payment of expenses incurred in such collection) shall be paid to and held by the Trustee under the Indenture. Such proceeds shall be applied in one (1) or more of the following ways: (a) The restoration of the Leased Premises to substantially the same condition as it existed prior to the exercise of that power of eminent domain, or (b) The acquisition, by construction or otherwise, of other improvements suitable for the Lessee’s operations on the Leased Premises and which are in furtherance of the purposes of the Act and the Plan (the improvements shall be deemed a part of the 6 Leased Premises and available for use and occupancy by the Lessee without the payment of any rent other than as herein provided, to the same extent as if such other improvements were specifically described herein and demised hereby). Within ninety (90) days from the date of entry of a final order in any eminent domain proceedings granting condemnation, the Lessee shall direct the Lessor and the Trustee in writing as to which of the ways specified in this Section the Lessee elects to have the net proceeds of the condemnation award applied. Any balance of the net proceeds of the award in such eminent domain proceedings not required to be applied for the purposes specified in subsections (a) or (b) above shall be deposited in the sinking fund held by the Trustee under the Indenture and applied to the repayment of the Bonds. The Lessor shall cooperate fully with the Lessee in the handling and conduct of any prospective or pending condemnation proceedings with respect to the Leased Premises or any part thereof and will to the extent it may lawfully do so permit the Lessee to litigate in any such proceedings in its own name or in the name and on behalf of the Lessor. In no event will the Lessor voluntarily settle or consent to the settlement of any prospective or pending condemnation proceedings with respect to the Leased Premises or any part thereof without the written consent of the Lessee, which consent shall not be unreasonably withheld. 8. General Covenant. The Lessee shall not assign this Lease or mortgage, pledge or sublet the Leased Premises herein described, without the written consent of the Lessor. The Lessee shall contract with the other parties to use and maintain the Leased Premises in accordance with the laws, regulations and ordinances of the United States of America, the State of Indiana, the City and all other proper governmental authorities. 9. Tax Covenants. In order to preserve the exclusion of interest on the Bonds, or an applicable series of the Bonds, from gross income for federal income tax purposes and as an inducement to purchasers of the Bonds, the Lessee and the Lessor represent, covenant and agree that neither the Lessor nor the Lessee will take any action or fail to take any action with respect to the Bonds, or an applicable series of the Bonds, this Lease or the Leased Premises that will result in the loss of the exclusion from gross income for federal tax purposes of interest on the Bonds, or an applicable series of the Bonds, under Section 103 of the Code, nor will they act in any other manner which will adversely affect such exclusion; and it will not make any investment or do any other act or thing during the period that the Bonds, or an applicable series of the Bonds, are outstanding which will cause any of the Bonds to be “arbitrage bonds” within the meaning of Section 148 of the Code. The covenants in this Section are based solely on current law in effect and in existence on the date of issuance of the Bonds, or an applicable series of the Bonds. It shall not be an event of default under this Lease if interest on any Bonds is not excludable from gross income pursuant to any provision of the Code which is not in existence and in effect on the issue date of the Bonds. All officers, members, employees and agents of the Lessor and the Lessee are authorized to provide certifications of facts and estimates that are material to the reasonable expectations of the Lessor and the Lessee as of the date the Bonds are issued and to enter into covenants on behalf of the Lessor and the Lessee evidencing the Lessor’s and the Lessee’s commitments made herein. In particular, all or any members or officers of the Lessor and the Lessee are authorized to certify and enter into covenants regarding the facts and circumstances and reasonable expectations of the 7 Lessor and the Lessee on the date any series of the Bonds are issued and the commitments made by the Lessor and the Lessee herein regarding the amount and use of the proceeds of any such series of the Bonds. Notwithstanding any other provisions hereof, the foregoing covenants and authorizations (the “Tax Sections”) which are designed to preserve the exclusion of interest on the Bonds, or an applicable series of the Bonds, from gross income under federal income tax law (the “Tax Exemption”) need not be complied with if the Lessee receives an opinion of nationally recognized bond counsel that any Tax Section is unnecessary to preserve the Tax Exemption. 10. Option to Renew. The Lessor hereby grants to the Lessee the right and option to renew this Lease for a further like or lesser term upon the same or like conditions as herein contained, and applicable to the portion of the premises for which the renewal applies, and the Lessee shall exercise this option by written notice to the Lessor given upon any rental payment date prior to the expiration of this Lease. 11. Option to Purchase. The Lessor hereby grants to the Lessee the right and option, on any date, upon sixty (60) days’ written notice to the Lessor, to purchase the Leased Premises, or any portion thereof, at a price equal to the amount required to pay all indebtedness incurred on account of the Leased Premises, or such portion thereof (including indebtedness incurred for the refunding of any such indebtedness), including all premiums payable on the redemption thereof and accrued and unpaid interest, and including the proportionate share of the expenses and charges of liquidation, if the Lessor is to be then liquidated. In no event, however, shall such purchase price exceed the capital actually invested in such property by the Lessor represented by outstanding securities or existing indebtedness plus the cost of transferring the property and liquidating the Lessor. The phrase “capital actually invested” as used herein shall be construed to include, but not by way of limitation, the following amounts expended by the Lessor in connection with the acquisition and financing of the Leased Premises: organization expenses, financing costs, carry charges, legal fees, architects’ fees and reasonable costs and expenses incidental thereto. Upon request of the Lessee, the Lessor agrees to furnish an itemized statement setting forth the amount required to be paid by the Lessee in order to purchase the Leased Premises, or any portion thereof, including, but not limited to all indebtedness incurred on account of the Leased Premises in accordance with the preceding paragraph. Upon the exercise of the option to purchase granted herein, the Lessor will upon payment of the option price deliver, or cause to be delivered, to the Lessee documents conveying to the Lessee, or any entity (including the City) designated by the Lessee, all of the Lessor’s title to the property being purchased, as such property then exists, subject to the following: (i) those liens and encumbrances (if any) to which title to the property was subject when conveyed to the Lessor; (ii) those liens and encumbrances created by the Lessee and to the creation or suffering of which the Lessee consented, and liens for taxes or special assessments not then delinquent; and (iii) those liens and encumbrances on its part contained in this Lease. In the event of purchase of the Leased Premises, or any portion thereof as set forth above, by the Lessee or conveyance of the Leased Premises, or any portion thereof as set forth above, to the Lessee or the Lessee’s designee, the Lessee shall procure and pay for all surveys, title searches, abstracts, title policies and legal services that may be required, and shall furnish at the Lessee’s expense all documentary stamps or tax payments required for the transfer of title. 8 Nothing contained herein shall be construed to provide that the Lessee shall be under any obligation to purchase the Leased Premises, or any portion thereof as set forth above, or under any obligation respecting the creditors, members or security holders of the Lessor. 12. Transfer to Lessee. If the Lessee has not exercised its option to renew in accordance with the provisions of Section 10, and has not exercised its option to purchase the Leased Premises, or any portion thereof, in accordance with the provisions of Section 11, and upon the full discharge and performance by the Lessee of its obligations under this Lease, the Leased Premises, or such portion thereof remaining, shall thereupon become the absolute property of the Lessee, subject to the limitations, if any, on the conveyance of the site for the Leased Premises to the Lessor and, upon the Lessee’s request the Lessor shall execute proper instruments conveying to the Lessee, or to any entity (including the City) designated by the Lessee, all of Lessor’s title to the Leased Premises, or such portion thereof. 13. Defaults. If the Lessee shall default (a) in the payment of any rentals or other sums payable to the Lessor hereunder, or in the payment of any other sum herein required to be paid for the Lessor; or (b) in the observance of any other covenant, agreement or condition hereof, and such default shall continue for ninety (90) days after written notice to correct such default; then, in any or either of such events, the Lessor may proceed to protect and enforce its rights by suit or suits in equity or at law in any court of competent jurisdiction, whether for specific performance of any covenant or agreement contained herein, or for the enforcement of any other appropriate legal or equitable remedy; or the Lessor, at its option, without further notice, may terminate the estate and interest of the Lessee hereunder, and it shall be lawful for the Lessor forthwith to resume possession of the Leased Premises and the Lessee covenants to surrender the same forthwith upon demand. The exercise by the Lessor of the above right to terminate this Lease shall not release the Lessee from the performance of any obligation hereof maturing prior to the Lessor’s actual entry into possession. No waiver by the Lessor of any right to terminate this Lease upon any default shall operate to waive such right upon the same or other default subsequently occurring. 14. Notices. Whenever either party shall be required to give notice to the other under this Lease, it shall be sufficient service of such notice to deposit the same in the United States mail, in an envelope duly stamped, registered and addressed to the other party or parties at the following addresses: (a) to Lessor: South Bend Redevelopment Authority, Attention: President, c/o Department of Community Investment, 215 S. Dr. Martin Luther King, Jr. Blvd., Suite 500, South Bend, Indiana; (b) to Lessee: South Bend Redevelopment Commission, Attention: President, c/o Department of Community Investment, 215 S. Dr. Martin Luther King, Jr. Blvd., Suite 500, South Bend, Indiana. The Lessor, the Lessee and the Trustee may, by notice given hereunder, designate any further or different addresses to which subsequent notices, certificates, requests or other communications shall be sent. 15. Successors or Assigns. All covenants of this Lease, whether by the Lessor or the Lessee, shall be binding upon the successors and assigns of the respective parties hereto. 16. Construction of Covenants. The Lessor was organized for the purpose of acquiring, constructing, equipping and renovating local public improvements and leasing the same 9 to the Lessee under the provisions of the Act. All provisions herein contained shall be construed in accordance with the provisions of the Act, and to the extent of inconsistencies, if any, between the covenants and agreements in this Lease and the provisions of the Act, the Act shall be deemed to be controlling and binding upon the Lessor and the Lessee; provided, however, any amendment to the Act after the date hereof shall not have the effect of amending this Lease. IN WITNESS WHEREOF, the Parties hereto have caused this Lease to be executed for and on their behalf on the date first written above. LESSOR: LESSEE: SOUTH BEND REDEVELOPMENT AUTHORITY CITY OF SOUTH BEND, INDIANA, REDEVELOPMENT COMMISSION President President ATTEST: Secretary-Treasurer ATTEST: Secretary STATE OF INDIANA ) ) SS: COUNTY OF ST. JOSEPH ) Before me, the undersigned, a Notary Public in and for this City and State, personally appeared ____________ and ____________, personally known to be the President and Secretary- Treasurer, respectively, of the South Bend Redevelopment Authority (the “Authority”), and acknowledged the execution of the foregoing Lease for and on behalf of the Authority. WITNESS my hand and notarial seal this ____day of _______________, 2026. (Written Signature) (Seal) (Printed Signature) Notary Public My Commission expires: My county of residence is: STATE OF INDIANA ) ) SS: COUNTY OF ST. JOSEPH ) Before me, the undersigned, a Notary Public in and for this City and State, personally appeared David Relos and Eli Wax, personally known to be the President and Secretary, respectively, of the South Bend Redevelopment Commission (the “Commission”), and acknowledged the execution of the foregoing Lease for and on behalf of the Commission. WITNESS my hand and notarial seal this ____day of ________, 2026. (Written Signature) (Seal) (Printed Signature) Notary Public My Commission expires: My county of residence is: I affirm under the penalties of perjury, that I have taken reasonable care to redact each Social Security Number in this document, unless required by law. Thomas M. Everett This instrument was prepared by Thomas M. Everett, Barnes & Thornburg LLP, 201 South Main Street, Suite 400, South Bend, Indiana 46601. A-1 EXHIBIT A DESCRIPTION OF LEASED PREMISES All of the City’s interest in all or a portion of the Leased Premises which consists of (i) Chapin Street from its intersection with Lincoln Way West to its intersection with Sample Street, (ii) Sample Street from its intersection with Chapin Street to its intersection with Mayflower Road, (iii) Colfax Avenue/Orange Street from its intersection with South Dr. Martin Luther King, Jr. Boulevard to its intersection with Meade Street, (iv) Washington Street/Orange Street from its intersection with Meade Street to its intersection with Kenwood Avenue, (v) Kenwood Avenue from its intersection with Orange Street to its terminus west of Meade Street, and (vi) Meade Street/Bertrand Street from its intersection with Kenwood Avenue to its intersection with Eclipse Place, and which comprise the Leased Premises to be acquired by the Lessor, as more particularly described below: [Legal descriptions to be inserted] B-1 EXHIBIT B ADDENDUM TO LEASE BETWEEN SOUTH BEND REDEVELOPMENT AUTHORITY, LESSOR AND SOUTH BEND REDEVELOPMENT COMMISSION, LESSEE THIS ADDENDUM (this “Addendum”), entered into as of this ____ day of _____________, 2026, by and between South Bend Redevelopment Authority (the “Lessor”), and South Bend Redevelopment Commission (the “Lessee”); WITNESSETH: WHEREAS, the Lessor entered into a lease with the Lessee dated as of July 1, 2026 (the “Lease”); and WHEREAS, it is provided in the Lease that there shall be endorsed thereon the adjusted rental. NOW, THEREFORE, IT IS HEREBY AGREED, CERTIFIED AND STIPULATED by the parties to the Lease that the adjusted rental is set forth on Appendix I attached hereto. IN WITNESS WHEREOF, the Parties hereto have caused this Addendum to be executed for and on their behalf as of the day and year first above written. LESSOR LESSEE SOUTH BEND REDEVELOPMENT AUTHORITY SOUTH BEND REDEVELOPMENT COMMISSION President President ATTEST: Secretary-Treasurer ATTEST: Secretary I affirm under the penalties of perjury, that I have taken reasonable care to redact each Social Security Number in this document, unless required by law. Thomas M. Everett This instrument was prepared by Thomas M. Everett Barnes & Thornburg LLP, 201 South Main Street, Suite 400, South Bend, Indiana 46601. B-2 STATE OF INDIANA ) ) SS: COUNTY OF ST. JOSEPH ) Before me, the undersigned, a Notary Public in and for this City and State, personally appeared _________________ and ______________________, personally known to be the President and Secretary-Treasurer, respectively, of the South Bend Redevelopment Authority (the “Authority”), and acknowledged the execution of the foregoing Addendum to Lease for and on behalf of the Authority. WITNESS my hand and notarial seal this ______ day of ______, 2026. (Written Signature) (Seal) (Printed Signature) Notary Public My Commission expires: My county of residence is: B-3 STATE OF INDIANA ) ) SS: COUNTY OF ST. JOSEPH ) Before me, the undersigned, a Notary Public in and for this City and State, personally appeared _________________ and ______________________, personally known to be the President and Secretary, respectively, of the South Bend Redevelopment Commission (the “Commission”), and acknowledged the execution of the foregoing Addendum to Lease for and on behalf of the Commission. WITNESS my hand and notarial seal this ______ day of ______, 2026. (Written Signature) (Seal) (Printed Signature) Notary Public My Commission expires: My county of residence is: B-4 Appendix I to Addendum to Lease Adjusted Rental Schedule Payment Date Total Rental Payment DMS 53116943v2 South Bend Redevelopment Commission 215 S. Dr. Martin Luther King, Jr. Blvd., Room 301, South Bend, Indiana Redevelopment Commission Agenda Item DATE : June 23, 2026 FROM: Erik Glavich, Director of Growth & Opportunity SUBJECT: Notice to Commence (Great Lakes Capital Madison Lifestyle) 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: Notice to Commence Agreement with Great Lakes Capital (GLC) to begin construction of Phase 1 of the Madison Lifestyle District project SPECIFICS: On March 28, 2024, the Redevelopment Commission approved a Development Agreement with GLC for the Madison Lifestyle District. At the time, several key elements of the project were yet to be fully determined, so the Development Agreement contemplated that the Commission and GLC would enter into a Mutual Project Diligence period, after which a separate Notice to Commence would be required before construction by GLC would occur. The Agreement was subsequently amended to extend the Mutual Project Diligence period to June 28, 2026, by which date GLC and the Commission must issue a Notice to Commence for construction to proceed. The recent establishment of the Innovation Development District (IDD) has also informed and modified the analysis related to City/RDC support of the project since the original Development Agreement was executed. DCI Staff has been negotiating with GLC to set forth the terms of the Notice to Commence Agreement between the Commission and GLC, which authorizes commencement of construction of Phase 1 of the project, confirms the status of certain conditions and updates various obligations of the parties, and memorializes the Parties’ mutual agreement regarding further process for Phase 2 planning of the project. • Authorization to Commence Construction: Through adoption of this Agreement, the Commission and GLC confirm that the conditions to Notice to Commence set forth in the Development Agreement are satisfied or otherwise waived. GLC further agrees that any outstanding items will not delay commencement of Phase 1 construction. • Phase 1 Project Plan: Since adoption of the Development Agreement in March 2024, the scope of Phase 1 has evolved. This Notice amends the Project Plan to reflect the updated scope, including: o Increase in multifamily units to approximately 190 units (from 150 units). o Increase in hotel scale to approximately 119 keys (from 105 beds). • Commitment to Complete Remaining Obligations: Section 4 of the Notice outlines the commitment of both the Commission and GLC to continue working in good faith to complete ______________ ___________Pres/V-Pres ATTEST: __________ ________Secretary Date: _____________ _______ APPROVED Not Approved SOUTH BEND REDEVELOPMENT COMMISSION South Bend Redevelopment Commission 215 S. Dr. Martin Luther King, Jr. Blvd., Room 301, South Bend, Indiana outstanding items necessary for completion of the project and required under the Development Agreement, including final approvals, permits, and related project agreements, while allowing construction to proceed. • Financial Metrics and Commission Support: The Development Agreement established a target return on cost of 8%. This Notice reflects GLC’s agreement to proceed with a reduced 7.5% return threshold and defines the Commission’s commitments intended to support achievement of that threshold. • Leveraging the South Bend IDD: This Notice incorporates the use of the South Bend IDD as a component of project support in lieu of City support via tax abatement. To support the project, the City will pursue the issuance of approximately $17.99 million in IDD-backed developer- purchased bonds and the pass-through of construction-related sales tax revenues generated by the project, each subject to IEDC approval. • IDD Reporting Obligations: This Notice establishes that the Developer is responsible for ensuring data is reported by contractors and subcontractors to support IDD revenue tracking and compliance and to maximize the availability of IDD funds back into the project. • Phase 2 Timing and Obligations: The Parties acknowledge that Phase 2 remains subject to further planning and agreement. The Notice establishes the process and timeline for Phase 2, including a deadline of October 31, 2027, for execution of a separate Phase 2 Notice to Commence. If Phase 2 does not proceed, the Commission may require GLC transfer the Phase 2 property back to the Commission in accordance with the Agreement. NOTICE TO COMMENCE AGREEMENT PAGE 1 NOTICE TO COMMENCE AGREEMENT This Notice to Commence Agreement (this “Commencement Agreement”) is made and entered into effective as of June 25, 2026 (the “Effective Date”), by and between GREAT LAKES CAPITAL DEVELOPMENT LLC, an Indiana limited liability company (the “Developer”), and the CITY OF SOUTH BEND, DEPARTMENT OF REDEVELOPMENT, acting by and through its governing body, the SOUTH BEND REDEVELOPMENT COMMISSION (the “Commission”). The Developer and the Commission are each referred to herein as a “Party” and collectively as the “Parties.” RECITALS A. The Parties entered into that certain Development Agreement dated March 28, 2024, as amended by a First Amendment dated August 22, 2024, a Second Amendment dated September 25, 2025, a Third Amendment dated March 26, 2026, and a Fourth Amendment dated May 28, 2026 (collectively, the “Development Agreement”), which sets forth various rights and obligations related to the development of the Project Property (as defined in the Development Agreement). B. Subsequently, the Parties entered into that certain Confirmation Agreement effective November 25, 2024 (the “Confirmation Agreement”) which, together with Section 3.2 of the Development Agreement, sets forth certain agreements related to advancement of the Project prior to and upon execution of a Notice to Commence. C. The Parties desire to (i) authorize commencement of Phase 1 construction activities subject to the terms set forth herein, (ii) confirm the status of the conditions set forth in Section 3.2 of the Development Agreement for Phase 1, (iii) address and update certain economic metrics applicable to Phase 1 of the Project, and (iv) memorialize the Parties’ mutual agreement regarding further process for Phase 2 planning and any Notice to Commence for Phase 2. AGREEMENT NOW, THEREFORE, in consideration of the foregoing and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties agree as follows: 1. Recitals and Incorporation of Prior Agreements. The recitals above are incorporated into the body of this Commencement Agreement as if fully set forth herein and made a part hereof. The Development Agreement and Confirmation Agreement are incorporated herein by reference as though fully set forth herein. Capitalized terms used herein but not otherwise defined shall have the meanings set forth in the Development Agreement. To the extent any provision of the Development Agreement, the Confirmation Agreement, or any prior Project agreement conflicts with or is inconsistent with this Commencement Agreement, the terms of this Commencement Agreement shall control and shall be deemed an amendment to such prior agreements. Docusign Envelope ID: 445E3BC9-B4DF-85DA-80E4-E5228A18F7BD NOTICE TO COMMENCE AGREEMENT PAGE 2 2. Project Plan – Phase 1. The Parties acknowledge and agree that, as a result of timing for ultimate control of the Project Property and continued planning for the Project, including without limitation modifications to the scope, cost, sequencing, design, financing structure and infrastructure coordination for the Project, the Project Plan and Local Public Improvements for Phase 1 (as set forth on Exhibit B and Exhibit C to the Development Agreement) are hereby amended as set forth on Exhibit B-1 and Exhibit C-1 attached hereto (which fully supersede and replace Exhibit B and Exhibit C to the Development Agreement). 3. Project Plan – Phase 2. The Parties further acknowledge and agree that the Mutual Project Diligence for Phase 2 of the Project is continuing and the Parties expect that the scope, design and configuration of Phase 2 will likely evolve from the current Project Plan as such efforts progress. As such, the Parties agree (a) subject to mutual agreement, the Parties will enter into a Phase 2 Notice to Commence (which will incorporate any amendments applicable to Phase 2 together with the timing for completion of Local Public Improvements for and development of Phase 2), and (b) if and in the event a Notice to Commence for Phase 2 (as further described in Section 6 below) is not entered into on or before October 31, 2027, the Developer shall, upon Commission’s exercise of the Restated Option to Purchase with respect to the Phase 2 site (referenced in Section 4 below), transfer the Phase 2 site (as more particularly described in Exhibit 1) to the Commission (or its designee) free and clear of any mortgage lien or similar encumbrances placed on such property by the Developer, and free and clear of any real property taxes, special assessments, or other governmental charges, and any liens arising therefrom, attributable to the Developer’s ownership or use of such property through the date of transfer (all of which shall be the sole responsibility of the Developer). Such transfer shall constitute the Developer’s sole obligation with respect to Phase 2, and nothing herein shall limit or otherwise modify the Commission’s other rights under this Agreement. 4. Confirmation of Diligence Items. The Parties hereby confirm that the conditions to Notice to Commence set forth in Section 3.2 of the Development Agreement for Phase 1 of the Project are satisfied (or otherwise waived), and the Developer agrees that the following outstanding items shall not constitute a basis to delay commencement of Phase 1 construction, nor constitute a basis for any claim against the Commission arising from the status thereof, but shall remain continuing obligations of the Parties as set forth herein (unless otherwise waived by) the Parties and which are being relied upon as a material inducement for Developer’s advancement of Phase 1: (a) Billboard Rights. The Commission acknowledges that its obligation under Section 3.2(d) of the Development Agreement (i) shall continue after the date hereof, and (ii) be a condition to the Parties entering into a Notice to Commence applicable to Phase 2. (b) INDOT Approval. The Commission has submitted a proposed roundabout and access configuration to the Indiana Department of Transportation (“INDOT”) for final approval, which remains pending. The Parties agree to continue to cooperate in good faith and use all commercially reasonable efforts to secure the INDOT final approval based on submissions to INDOT made by the City of South Bend. Docusign Envelope ID: 445E3BC9-B4DF-85DA-80E4-E5228A18F7BD NOTICE TO COMMENCE AGREEMENT PAGE 3 (c) Final Plans. The Parties acknowledge and agree that, for purposes of Section 3.1(b) of the Development Agreement, the Commission and the Reviewer have approved the proposed drawings and plans submitted as of the Effective Date. Such acknowledgement and approval shall not constitute approval of any future proposed drawings, plans, revisions, modifications, or supplements, all of which shall remain subject to review and approval in accordance with the Development Agreement, and nothing herein shall be deemed to waive or modify any such approval rights. All obligations under Sections 3.1(b), 3.2(f), 4.8, and 4.11 of the Development Agreement shall remain binding and unchanged. (d) Required Permits; Platting and Entitlements. The Parties agree to continue to cooperate in good faith and work together to finalize and seek approval for (i) the replat of the Phase 1 project site into separate lots for the garage, multi -family and hotel components of Phase 1, and (ii) any required zoning and related entitlements, building permits and related governmental approvals for the Phase 1 Project in the ordinary course and in a manner consistent with the continued advancement of the Project. No construction activity requiring issuance of final permits shall occur prior to receipt thereof. (e) Tax Incentives. In lieu of tax abatement support contemplated under Section 3.2(h) of the Development Agreement, the Commission acknowledges and agrees that it is providing support for the Phase 1 Project as set forth herein and in Section 5 below to satisfy its obligations under the Confirmation Agreement for the Phase 1 Project consistent with the return on cost framework set forth therein. (f) Local Public Improvements. The Parties acknowledge that certain agreements relating to long-term occupancy, access, parking, and structural support remain in process. The Parties agree to cooperate in good faith to finalize during the replat process (referenced in (d) above), the following: (i) a Ground Lease to the Commission for its construction and location of the Parking Garage; (ii) a perpetual Structure Easement granting the Developer the right to use structural components of the Parking Garage for construction of the Phase 1 Project; and (iii) a Parking License, under which the Commission retains sole responsibility for all costs of maintaining and operating the Parking Garage and which shall identify the parking spaces required to support Project operations beyond those reserved by the Commission for Beacon and for use by the public, during its initial twenty-five (25) year term, together with any charges (if applicable) as part of supporting the Project consistent with Section 3(d) of the Confirmation Agreement. Each of the agreements described above shall be in a final form reasonably acceptable to the Commission, in its discretion. The Parties agree to continue working cooperatively and in good faith to complete and execute such agreements in due course. Notwithstanding the foregoing, the absence of finalized forms of such agreements shall not prohibit or delay currently contemplated Phase 1 construction and related activities. (g) Option to Purchase. The Parties agree to cooperate in good faith to terminate the Option to Purchase Agreement attached to the Development Agreement (and any memorandum thereof) and, contemporaneously therewith, replace the same with a Restated Option Agreement; and the President and Secretary of the Commission are hereby authorized, without further action of the Commission, to execute and deliver such Docusign Envelope ID: 445E3BC9-B4DF-85DA-80E4-E5228A18F7BD NOTICE TO COMMENCE AGREEMENT PAGE 4 agreements and other documents and to take such actions as may be reasonably necessary to effectuate the foregoing, provided, however, that the existing Option to Purchase Agreement and any recorded memorandum thereof shall remain in full force and effect unless and until the Restated Option Agreement and any memorandum thereof are fully executed and recorded. The Restated Option Agreement shall (i) provide separate options for the purchase of the Phase 1 Project property and the purchase of the Phase 2 Pr operty and (ii) provide for release of the applicable option upon closing of construction financing and timely commencement of construction on the applicable Phase (for the Property subject to that Phase). Pending execution of the Restated Option Agreement, the Commission shall not exercise any termination rights arising solely from the passage of dates or milestones previously contemplated under the Option to Purchase Agreement, provided that the Developer continues to proceed diligently and in good faith with advancement of the Project and is not in material default of this Agreement, as reasonably determined by the Commission. The Parties agree to cooperate in good faith to enter into the Restated Option Agreement (and termination of the existing Option to Purchase Agreement) within ninety (90) days after the Effective Date and that, until the Restated Option Agreement and any memorandum thereof are fully executed and recorded, the existing Option to Purchase Agreement shall remain in full force and effect without modification. Except as expressly modified herein, all rights of the Commission under the Development Agreement and the Option to Purchase Agreement are preserved. (h) Other Agreements. The Parties acknowledge that the foregoing continuing rights and obligations do not amend or supplement the continuing obligations of the Commission under the Development Agreement and Confirmation Agreement. 5. Satisfaction of Project Support/Commitments. The Parties acknowledge that in addition to providing the Funding Amount, plus sums necessary to complete Local Public Improvements (and delivery of the Phase 1 Property in pad-ready condition) (i) the Commission agreed in the Confirmation Agreement to provide certain support for the Project Plan, if and to the extent financial metrics were below an eight percent (8%) return on cost, (ii) the Developer has reduced this threshold to a seven and one-half percent (7.5%) return on cost at Developer risk, and (iii) the Commission and the Developer have worked together on overall project costs and return estimates to finalize support for advancement of the Phase 1 Project on the reduced return threshold (“Return Threshold”). In addition to the foregoing or other obligations of the Parties under the Development and Confirmation Agreement, the Parties agree that that the following commitments of the Commission constitute the Commission’s intended forms of support for the Return Threshold. The Commission covenants and agrees: (a) To complete, at its expense, the Local Public Improvements as set forth on Exhibit C-1, in coordination with overall scheduling and coordination with the Developer and its contractors for the Phase 1 Project. (b) To work with the City of South Bend and the Indiana Economic Development Corporation (“IEDC”) to pursue the issuance of a taxable economic development tax increment/innovation district development revenue bond in an estimated principal amount of Seventeen Million Nine Hundred Ninety Thousand Dollars ($17,990,000.00) bearing interest at seven and one-half percent (7.5%) (the “Bonds”), Docusign Envelope ID: 445E3BC9-B4DF-85DA-80E4-E5228A18F7BD NOTICE TO COMMENCE AGREEMENT PAGE 5 subject to applicable approvals, market conditions, and legal requirements, and to structure such Bonds such that ninety percent (90%) of the tax increment revenues from the Phase 1 Project plus one hundred percent (100%) of any non-construction sales tax, income, and employment tax revenue are the sole source of repayment of the Bonds. The Parties acknowledge that such Bonds shall not constitute general obligations of the City of South Bend or the Commission, but rather shall be payable solely from the pledged revenues, including those pledged from taxes generated from the Phase 1 Project under the Innovation Development District (“IDD”) Agreement (for the Phase 1 Site) between the City of South Bend and IEDC dated December 18, 2025. (c) Subject to approval by the IEDC, to remit to the Developer one hundred percent (100%) of any “construction sales tax” generated from the Phase 1 Project actually received by the Commission, City of South Bend (or otherwise deposited into the South Bend Downtown IDD Fund) from the State of Indiana and/or IEDC under the IDD Agreement, which the Parties have estimated will be One Million Six Hundred Eleven Thousand Seven Hundred Four Dollars ($1,611,704.00); provided, however, that such amount may be adjusted from time to time upon mutual written agreement of the Parties. Any such amounts shall be payable solely from the construction sales tax revenues described above, as actually received by the City of South Bend or as otherwise referenced above. Notwithstanding the foregoing, if and in the event the City of South Bend receives any such sales taxes in excess of the amount set forth above (as may be adjusted pursuant to this Section), the same shall be retained by City of South Bend and not paid to the Developer (or in the event such excess is paid to Developer, such excess shall be repaid by the Developer to the City of South Bend). The Commission agrees to cooperate in providing information, documentation, and authorizations reasonably necessary to obtain all necessary approvals from the IEDC in furtherance of the commitments set forth in this section without unnecessary delay. The Parties shall cooperate in good faith to enter into such agreements and take such additional actions as are reasonably necessary to facilitate the issuance of the Bonds and the pledge and implementation of IDD revenues contemplated herein, and shall not take any action, or fail to take any action, that would impair, delay, or prevent the capture of revenues contemplated herein. If IEDC approvals are not obtained, if the IDD revenues are otherwise not pledged, or if the Bonds are not issued, the Commission shall not be deemed to have breached this Agreement solely as a result thereof; provided, however, that the Commission shall support the provision of other lawful forms of support for the Project Plan intended to address the financing components described above that are not otherwise approved or implemented, consistent with the Development Agreement and Confirmation Agreement and applicable law, subject to applicable approvals, including approvals of other City bodies where required, the lawful availability of funds, and the terms of any applicable Notice to Commence or other agreement between the Parties. Notwithstanding the foregoing, if and in the event such alternative financing components do not materialize as intended and the Project is terminated, Developer and Commission will work together in good faith to determine those actual, reasonable, and documented out-of-pocket costs and fees incurred by Developer in pursuing the Project that are appropriate for reimbursement by the Commission, together with any amounts due under any other agreement between Developer and Commission, such as the Assignment of Project Funds Agreement. Once the IDD revenues have been pledged and Bonds issued, the Developer accepts the revenue performance risk associated therewith, and Docusign Envelope ID: 445E3BC9-B4DF-85DA-80E4-E5228A18F7BD NOTICE TO COMMENCE AGREEMENT PAGE 6 nothing in this Section shall be construed to guarantee any specific level of IDD revenue or to require the Commission to supplement IDD revenues that fall short of projections. Nothing contained herein shall be interpreted as limiting the Commission's ability to utilize one or more lawful financing, reimbursement, revenue capture, infrastructure participation, lease, operational, or economic development tools in furtherance of the municipal participation framework contemplated herein and consistent with applicable Indiana statutory tools. 6. Reporting Obligations; Pledged IDD Revenues Data Reporting. The Developer’s obligations with respect to Sections 4.7 and 4.9 of the Development Agreement shall remain binding and unchanged. In addition, consistent with the requirements of I.C. 36-7-32.5- 16.5, the Developer acknowledges that contractors and subcontractors performing work at the project site will be required to maintain records of all state gross retail and use taxes paid or collected for tangible personal property incorporated into the project and to report such information to the Indiana Department of Revenue on or before July 31 of each year. Additionally, for so long as the Bond is outstanding and the pledge of IDD revenues contemplated under Section 5 have been approved by IEDC are in effect, the Developer shall incorporate (or cause to be incorporated) reporting requirements in (i) any existing or future contract or other agreement with any contractor, subcontractor, materialmen, vendor or other person or entity performing work or servi ces at the Project, or (ii) in any existing or future lease with any lessee or tenant within the Project, to require such contractor, subcontractor, materialmen, vendor, lessee, tenant or other person or entity performing work or services at the Project to report to the Commission on or before each September 1, the following information for the immediately preceding Fiscal Year: (a) Any gross retail and use tax incurred and paid by any contractor with regard to tangible personal property incorporated into real property that is located in the Project; and (b) State gross retail tax, collected by a business for sales occurring at a physical location of the business in the Project; and (c) State use tax, incurred with regard to property used in the Project; and (d) Wages and salaries of employees employed in the Project; and (e) Wages and salaries of individuals who are not employees with respect to income received for services performed in the Project; and (f) The number of permanent full-time employees employed at the Project. The Developer shall use commercially reasonable efforts to ensure that the required reporting provisions are included in all such contracts, agreements, and leases but shall not be deemed in default of this Section to the extent any third party fails to pr ovide information that is not within the Developer’s possession or control. The Developer shall be solely responsible for collecting and verifying any data provided pursuant to this Section. 7. Phase 2; Future Notice to Commence. The Parties acknowledge and agree that the Project has been contemplated as a multi-phase development, with Phase 2 consisting of additional residential, commercial, and related components to be developed in connection with the Docusign Envelope ID: 445E3BC9-B4DF-85DA-80E4-E5228A18F7BD NOTICE TO COMMENCE AGREEMENT PAGE 7 overall Madison Lifestyle District. The Parties acknowledge that the scope, timing, and configuration of Phase 2 have not yet been finalized, and that Phase 2 development will be subject to further planning, underwriting, and mutual agreement of the Parties. The Parties mutually reserve the right to initiate a separate notice to commence process for Phase 2 of the Project (a “Phase 2 Notice to Commence”). The Parties agree to work cooperatively and in good faith to initiate the Phase 2 Notice to Commence process no later than October 31, 2027. The Phase 2 Notice to Commence shall be a standalone operative document, developed collaboratively by the Parties, and shall address the scope, economics, municipal participation framework, timing, and implementation details applicable to Phase 2. The Parties mutually acknowledge and preserve their respective rights under the Development Agreement with respect to Phase 2. 8. Miscellaneous. (a) Counterparts; Electronic Signatures. This Commencement Agreement may be executed in counterparts, each of which shall be deemed an original, and all of which together shall constitute one and the same instrument. Electronic signatures shall be deemed valid and binding. (b) Entire Agreement; Amendments. This Commencement Agreement, together with the Development Agreement, Confirmation Agreement, and all prior amendments thereto, constitutes the entire agreement of the Parties with respect to the subject matter hereof. This Commencement Agreement may not be amended except by a written instrument signed by authorized representatives of both Parties. (c) Governing Law. This Commencement Agreement shall be governed by and construed in accordance with the laws of the State of Indiana. Venue for any dispute arising hereunder shall be in the courts of St. Joseph County, Indiana. (d) Authority. Each Party represents and warrants that it has full power and authority to execute this Commencement Agreement and to perform its obligations hereunder, and that the persons executing this Commencement Agreement on behalf of each Party are duly authoriz ed to do so. (e) Notices. All notices under this Commencement Agreement shall be in writing and delivered in accordance with the notice provisions of the Development Agreement, to the addresses on file for each Party, including any updated address as filed with the Commission. [Signature Page Follows] Docusign Envelope ID: 445E3BC9-B4DF-85DA-80E4-E5228A18F7BD NOTICE TO COMMENCE AGREEMENT PAGE 8 IN WITNESS WHEREOF, the Parties have executed this Notice to Commence Agreement effective as of the Effective Date first written above. SOUTH BEND REDEVELOPMENT COMMISSION By: ________________________________ Name: David Relos Title: President ATTEST: By: ________________________________ Name: Eli Wax Title: Secretary GREAT LAKES CAPITAL DEVELOPMENT LLC By: ________________________________ Name: Bradley J. Toothaker Title: Manager Docusign Envelope ID: 445E3BC9-B4DF-85DA-80E4-E5228A18F7BD NOTICE TO COMMENCE AGREEMENT – EXHIBIT B-1 PAGE 1 Exhibit B-1 Project Plan Subject to the Mutual Project Diligence, the Developer will complete the construction of a development known as the “Madison Lifestyle District,” which shall include the following components, all in accordance with the terms and conditions of this Agreement and in compliance with all applicable laws and regulations: Phase 1 • Construction of a multi-family residential apartment building with approximately one hundred ninety (190) units; and • Construction of nationally branded, upscale select-service, design-driven, and experience- focused hotel consisting of one hundred nineteen (119) guest rooms, together with a ground-floor café-style restaurant and hospitality amenities accessible to the public. Phase 2 • Construction of a mixed‑use building consisting of approximately ninety (90) residential apartment units, a portion of which shall be designated as workforce housing units, and retail space totaling not less than seven thousand (7,000) square feet. It is understood and agreed by the Parties that the scope, program, and timeline for Phase 2 of the Madison Lifestyle District may be modified from time to time, subject to the mutual written agreement of the Parties, provided that any such modifications r emain consistent with the overall development vision for the Madison Lifestyle District and the surrounding neighborhood, and otherwise comply with the terms and conditions of this Agreement. Each phase of the Project shall be deemed complete upon the issuance of Certificates of Occupancy pertaining for all components included within such phase, as described above. Docusign Envelope ID: 445E3BC9-B4DF-85DA-80E4-E5228A18F7BD NOTICE TO COMMENCE AGREEMENT – EXHIBIT C-1 PAGE 1 Exhibit C-1 Description of Local Public Improvements Subject to the Mutual Project Diligence, the Commission will complete, or cause to be completed, the following work in accordance with the terms and conditions of this Agreement and in compliance with all applicable laws and regulations: Phase 1 • Construction of a cast-in-place concrete parking structure with approximately six hundred twenty-five (625) parking spaces; • Improvements in pedestrian crossings on streets on and around the development site; and • Any other local public improvements eligible to be paid from tax increment finance revenues as agreed upon between the Parties, which may include, but is not limited to, site work, material purchases, or the exterior envelope of garage/multifamily structure. Phase 2 • Construction of a precast concrete parking structure with approximately three hundred (300) parking spaces; and • Any other local public improvements eligible to be paid from tax increment finance revenues as agreed upon between the Parties. It is understood and agreed by the Parties that the Commission will, at its sole cost and expense, cause the Local Public Improvements to be completed and deliver the Project Property in pad ready condition (as contemplated in the Confirmation Agreement). Docusign Envelope ID: 445E3BC9-B4DF-85DA-80E4-E5228A18F7BD NOTICE TO COMMENCE AGREEMENT – EXHIBIT 1 PAGE 1 EXHIBIT 1 Description of Property Subject to Transfer to the Commission Pursuant to Section 3 Parcel Key Number: 71-08-01-358-001.000-026 Local Parcel Number: 018-1003-0100 Legal Description: Lot 176 Ex 55'E End O P So Bend Commonly Known As: 336 N. Main Street Parcel Key Number: 71-08-01-358-005.000-026 Local Parcel Number: 018-1003-0101 Legal Description: 55'E End Lot 176 O P So Bend & W 1/2 Vac alley E & adj 25/26 VAC ORD #11137-24 10/01/2024 Commonly Known As: 114 W. Madison Street Parcel Key Number: 71-08-01-358-002.000-026 Local Parcel Number: 018-1003-0102 Legal Description: N 30 Ft Lot 175 O P So Bend & W 1/2 Vac alley E & adj 25/26 VAC ORD #11137-24 10/1/2024 Commonly Known As: 328 N. Main Street Parcel Key Number: 71-08-01-358-003.000-026 Local Parcel Number: 018-1003-0103 Legal Description: 36 Ft S Side Lot 175 O P So Bend & W 1/2 Vac alley E & adj 25/26 VAC ORD #11137-24 10/01/2024 Commonly Known As: 324 N. Main Street Parcel Key Number: 71-08-01-358-006.000-026 Local Parcel Number: 018-1003-0112 Legal Description: Lot 169 & 25'N End Lot 170 O P So Bend & E 1/2 Vac alley W & adj 25/26 VAC ORD #11137-24 10/01/2024 Commonly Known As: 333 N. Dr. Martin Luther King Jr. Boulevard Parcel Key Number: 71-08-01-358-007.000-026 Local Parcel Number: 018-1003-0111 Legal Description: Lot 171 & So 41ft Lot 170 & N 1/2 Vac Alley S & adj Op South Bend & E 1/2 Vac alley W & adj 25/26 VAC ORD #11137-24 10/01/2024 Commonly Known As: 321 N. Dr. Martin Luther King Jr. Boulevard Parcel Key Number: 71-08-01-358-008.000-026 Local Parcel Number: 018-1003-0107 Legal Description: Lot 172 & S 1/2 Vac Alley N & adj OP South Bend & E 1/2 Vac alley W & adj 25/26 VAC ORD #11137-24 10/01/2024 Commonly Known As: 309 N. Dr. Martin Luther King Jr. Boulevard Parcel Key Number: 71-08-12-103-002.000-026 Local Parcel Number: 018-1003-0125 Docusign Envelope ID: 445E3BC9-B4DF-85DA-80E4-E5228A18F7BD NOTICE TO COMMENCE AGREEMENT – EXHIBIT 1 PAGE 2 Legal Description: Lots 72 & 73 O P South Bend & E 1/2 Vac alley W & adj 25/26 VAC ORD #11137-24 10/01/2024 Commonly Known As: 307 N. Dr. Martin Luther King Jr. Boulevard Parcel Key Number: 71-08-01-359-001.000-026 Local Parcel Number: 018-1003-0117 Legal Description: 56x100 Ft Nw Pt Lot 115 O P South Bend Commonly Known As: 332 N. Dr. Martin Luther King Jr. Boulevard Parcel Key Number: 71-08-01-359-005.000-026 Local Parcel Number: 018-1003-0118 Legal Description: 56' Ne Pt Lot 115 & S 22.75' Vac Madison St N & Adj O P South Bend Commonly Known As: 110 E. Madison Street Docusign Envelope ID: 445E3BC9-B4DF-85DA-80E4-E5228A18F7BD South Bend Redevelopment Commission 215 S. Dr. Martin Luther King, Jr. Blvd., Room 301, South Bend, Indiana Redevelopment Commission Agenda Item DATE : June 25th, 2026 FROM: Patrick Sherman Director of Project Management SUBJECT: Budget Request- Rum Village 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: This budget request is for $2M for improvements to Rum Village Park. These funds will be used for improvements in the park, primarily re-paving the central road, safety upgrades, wayfinding, and connectivity improvements. SPECIFICS: It is requested that the Redevelopment commission approves $2,000,000 from South Side TIF. The City of South Bend and the community have recently been undergoing a process to identify improvements at Rum Village Park through a Master Planning process. Through a series of public engagement events, and a planning process, the City has identified a variety of improvements at the park backed by the community. This budget request allows the City to begin working on a number of the items identified through the planning process as needed improvements to the park. The primary improvement from this request will be repaving the road that rings the park and making a better and safer experience for cars, bikes, and pedestrians. The request will also support other items identified in the Master Plan including improving the internet connectivity in the park, improve the signage and wayfinding, and other guest experience improvements. Thank you for your consideration of this request. ______________ ___________Pres/V-Pres ATTEST: __________ ________Secretary Date: _____________ _______ APPROVED Not Approved SOUTH BEND REDEVELOPMENT COMMISSION South Bend Redevelopment Commission 215 S. Dr. Martin Luther King, Jr. Blvd., Room 301, South Bend, Indiana Redevelopment Commission Agenda Item DATE : June 18, 2026 FROM: Nifemi Oluwatomini Senior Engineer SUBJECT: Budget Request- Ewing trail design 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: This budget request is for $200,000 for the design of Ewing trail located on the south side of Ewing Ave from Gertrude to Olive SPECIFICS: The budget request represents the first funding request toward the design of the New Ewing Trail, a proposed 10-foot separated multi-use path that will connect the existing trail south of E. Ewing Avenue to Olive Street. The initial request is for $200,000, which will cover design services through Stage 1 Review, equivalent to 30% design plans. In addition to the trail design, the funding will support an engineering assessment of the Ewing Avenue/Prairie Avenue intersection to help guide the City’s selection of an appropriate intersection improvement. The project is INDOT funded, with 80% of the costs being reimbursed. It is requested that the Redevelopment commission approves $200,000 from South Side TIF to cover the design until the stage 1 review (30%). ______________ ___________Pres/V-Pres ATTEST: __________ ________Secretary Date: _____________ _______ APPROVED Not Approved SOUTH BEND REDEVELOPMENT COMMISSION