5B2 Second Amendment to Development Agreement (Cascade Wharf) - Signed

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South Bend Redevelopment Commission 227 West Jefferson Boulevard, Room 1308, South Bend, Indiana Redevelopment Commission Agenda Item D ATE : 8/25/25 FROM: Joseph Molnar, Assistant Director of Growth & Opportunity SUBJECT: Second Amendment Cascade (Wharf) Development Agreement 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: Second Amendment to the Development Agreement with Wharf Partners, LLC, for completion of the Cascade development SPECIFICS: The Redevelopment Commission (RDC) entered into a Development Agreement with Wharf Partners LLC (the “Developer”) effective February 22, 2018. That Development Agreement was amended by a First Amendment effective December 13, 2018 (collectively, the “Agreement”). The Agreement envisioned a two-phase project for the complete redevelopment of the property located just northwest of Seitz Park along the eastern bank of the St. Joseph River. Phase I was completed on December 23, 2019, with the completion of the seven-story tower and underground parking garage. The Developer’s commercial tenant opened a ground floor restaurant open to the public on August 15, 2024, and the jobs created by Phase 1 are more than double the number required by the Agreement. The Agreement established the RDC’s $5,237,000.00 in total for Phases I and II. To date, the RDC has expended $2,737,000.00 of the funding amount through the completion of Phase I. The Agreement also established a Private Investment commitment of not less than $38,500,000 for Phases I and II. Through the completion of Phase I, the Developer has expended $24,500,000 of the Private Investment. Under the Agreement, the Developer had an obligation to accommodate the needs of the City’s parks and trails projects, the project commonly known as the Notre Dame hydroelectric project, reconstruction of Seitz Park, and any other construction or improvement projects in the vicinity of the project site to avoid disruption of the completion of those projects. The Notre Dame hydroelectric project and the City’s Seitz Park project occurred at a location adjacent to the Cascade project, and each of those projects experienced significant unforeseen delay, which were outside the Developer’s reasonable control and impacted the Developer’s ability to proceed with Phase II. _________________________Pres/V-Pres ATTEST: __________________Secretary Date: ____________________ APPROVED Not Approved SOUTH BEND REDEVELOPMENT COMMISSION August 28, 2025 