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South Bend Redevelopment Commission <br />227 West Jefferson Boulevard, Room 1308, South Bend, Indiana <br />Redevelopment Commission Agenda Item <br />DATE : 11/7/2024 <br />FROM: Joseph Molnar, Assistant Director of <br />Growth & Opportunity <br />SUBJECT: Stoic Beverages Purchase 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 a Purchase Agreement for 410 W Wayne Street Stoic Beverages <br />SPECIFICS: Attached is a Purchase Agreement (“Agreement”) with Stoic Beverages LLC (“Stoic”) for the purchase <br />of the former Gates Service Building at 410 W Wayne Street. Stoic submitted a response to the Redevelopment <br />Commission’s (“RDC ”) Request for Proposal for the property earlier this year and are proposing redeveloping the <br />property as a full-service distillery with a publicly opened tasting room. The Agreement commits Stoic to the <br />following terms following closing on the property: <br />-Purchase price of Twenty Thousand Dollars ($20,000) <br />-Commence construction within twelve (12) months <br />-Complete construction within thirty-six (36) months <br />-Operate a full-service distillery and tasting room <br />-Minimum Three Hundred Thousand ($300,000) investment in improvements to the property <br />Stoic Beverages has provided documentation to RDC staff demonstrating financing secured for the project. Staff <br />believe this project will activate long-vacant property, create new jobs, and bring vitality to downtown South <br />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 />