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South Bend <br />Redevelopment Commission <br />215 S. Dr. Martin Luther King, Jr. Blvd., Room 301, South Bend, Indiana <br />Redevelopment Commission Agenda Item <br />DATE: 12/5/2025 <br />FROM: Joseph Molnar, <br />Assistant Director of Growth & Opportunity <br />SUBJECT: First Amendment <br />Liberty Tower 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, <br />then the authorization of the expenditure of such funds shall be void and of no effect. <br />PURPOSE OF REQUEST: Approval of First Amendment Liberty Tower Agreement <br />SPECIFICS: The Commission and the Developer entered into a certain Development Agreement dated <br />effective April 12, 2023, to renovate, rehabilitate, and activate the top half of Liberty Tower in downtown <br />South Bend. The Developer committed to converting the top floors into 90 apartment units, repair and <br />rehabilitate the attached parking garage, create meeting/event spaces, and open a 7th floor commercial <br />establishment. The Developer ’s minimum investment commitment was $13.1 million for the <br />improvements. <br />The Developer has made significant progress towards the completion of the above commitments, <br />including exceeding the minimum investment amount by several million dollars. While the <br />improvements to the parking garage and event spaces are complete, the apartments will not be fully <br />completed by the December 31, 2025, deadline Delays resulting from delayed material deliveries due <br />to the Tariffs implemented in the spring of 2025 contributed significantly to delaying completion. <br />Certificate of Occupancy are expected to be issued for all the apartments in the next few months. <br />The attached First Amendment extends the completion of Phase I of the project to June 30, 2026, and <br />Phase II of the project which is rehabilitating 4,000 square feet of commercial and/or retail space until <br />June 30, 2027. The First Amendment also increases the minimum commitment by the Developer to $18 <br />million while not increasing the Commission’s contribution to the project. <br />Staff recommend approval. <br />______________ ___________Pres/V-Pres <br />ATTEST: __________ ________Secretary <br />Date: _____________ _______ <br /> APPROVED Not Approved <br />SOUTH BEND REDEVELOPMENT COMMISSION <br />December 11, 2025 <br />