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South Bend Redevelopment Commission <br />227 West Jefferson Boulevard, Room 1308, South Bend, Indiana <br />Redevelopment Commission Agenda Item <br />D ATE : October 22nd, 2024 <br />FROM: Caleb Bauer, Exec, Dir., Community Investment <br />SUBJECT: Elwood Plaza Purchase Agreement Assignment <br />Funding Source* (circle) River West; River East; South Side; Douglas Road; West Washington; RDC General; Riv. East Res. <br />* Funds are subject to the City Controller's determination of availability; if funds are unavailable, as solely determined by the City Controller, then the <br />authorization of the expenditure of such funds shall be void and of no effect. <br />PURPOSE OF REQUEST: Staff requests a $1,400,000 budget appropriation to fund assignment and assumption of <br />a purchase agreement for the Elwood Shopping Plaza <br />SPECIFICS: <br />City staff have been in conversations with Tom Gryp, CEO of Notre Dame Federal Credit Union, for more than a <br />year as he worked to facilitate the purchase of the Elwood Shopping Plaza from Spigel Properties. Mr. Gryp has <br />reached a purchase agreement that is acceptable to the City and is seeking to assign it to the Redevelopment <br />Commission. <br />The purchase price would be $1,400,000 for the 8.6-acre shopping plaza, which is adjacent to the Commission- <br />owned former Drewrys Brewery parcel. <br />_________________________Pres/V-Pres <br />ATTEST: __________________Secretary <br />Date: ____________________ <br /> APPROVED Not Approved <br />SOUTH BEND REDEVELOPMENT COMMISSION <br />10-24-2024 <br />