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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 : 11/1/2024 <br />FROM: Joseph Molnar, Assistant Director of <br />Growth & Opportunity <br />SUBJECT: 321 W. Wayne Development Agreement <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: Approval of the 321 W Wayne Development Agreement <br />SPECIFICS: Historic Hearthstone LLC, a local development group, has proposed redevelopment of a century old <br />warehouse building at 321 W Wayne Street in downtown South Bend. The attached Development Agreement <br />(Agreement) commits the developer to investing $1,500,000 into the building and the establishment of a <br />brewery with a family friendly entertainment activity. The Agreement commits the Redevelopment Commission <br />to $70,000 in local public improvements to aid the project. <br />Staff believe that this investment will eliminate blight, activate a currently vacant building, and create a cultural <br />and entertainment destination that enhances the vibrancy of downtown South Bend. <br />Staff recommends approval. <br />_________________________Pres/V-Pres <br />ATTEST: __________________Secretary <br />Date: ____________________ <br /> APPROVED Not Approved <br />SOUTH BEND REDEVELOPMENT COMMISSION <br />11-14-2024 <br />