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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 : 8/26/2025 <br />FROM: Erik Glavich, Director of Growth & Opportunity <br />SUBJECT: Development Agreement, The Yard <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: Development Agreement with Earth Designs Real Estate, LLC, and related entities for the <br />redevelopment of property on East LaSalle Avenue between Hill Street and Niles Avenue <br />SPECIFICS: The proposed Development Agreement with local developer Frank Perri (Manager of Earth Designs <br />Real Estate, LLC, Greater Lowell Holdings LLC, and 520 E LaSalle LLC, collectively the “Developer”) would, if <br />approved, support the creation of an entertainment and hospitality destination known as “The Yard” on <br />underutilized property on East LaSalle Avenue west of Hill Street. The Yard will feature dining, entertainment, <br />and recreational attractions in a family-friendly urban environment. <br />Under the terms of the proposed agreement, the Developer would expend a minimum of $11 million on the <br />project. The Redevelopment would provide $3.075 million in support of the project, including the planned <br />construction of curbs, sidewalks, and/or walkways; fencing and parking lot repairs for property south of and <br />adjacent to The Yard which will be accessible to users of The Yard. The Developer would have until the end of <br />2029 to complete the project as described in the agreement. <br />In addition to the proposed support from the Commission, the St. Joseph County Board of Managers for Hotel- <br />Motel Tax awarded the project a $750,000 grant with matching funding from the Commission. <br />The project site has long faced challenges for redevelopment, and the Developer has made substantial <br />investments in redevelopment projects in and around the East Race and east downtown area. This includes the <br />acquisition of property located at 501 East LaSalle Avenue, a former gas station that had served as a barrier to <br />further redevelopment in the area. The Yard will be an important asset to South Bend and further accelerate <br />investment in the downtown area. <br />Staff recommend approval of the development agreement. <br />_________________________Pres/V-Pres <br />ATTEST: __________________Secretary <br />Date: ____________________ <br /> APPROVED Not Approved <br />SOUTH BEND REDEVELOPMENT COMMISSION <br />August 28, 2025 <br />