5B1 Second Amendment to Development Agreement (J.C. Hart Co., Inc) - Signed

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South Bend Redevelopment Commission 215 S. Dr. Martin Luther King, Jr. Blvd., Room 301, South Bend, Indiana Redevelopment Commission Agenda Item DAT E : 12/8/25 FROM: Erik Glavich, Director of Growth & Opportunity SUBJECT: Second Amendment to Economic Development Agreement (J.C. Hart) 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: Approval of a Second Amendment to JC Hart Development Agreement SPECIFICS: This Second Amendment to the JC Hart development agreement simply extends the completion date, and other associated end dates, by one year to accommodate delays due to efforts to relocate utilities on and around the project site. Demolition of the existing building is ongoing and the City’s utility work is proceeding. This Second Amendment would make the following amendments to the development agreement: •Project Completion: The date by which JC Hart commits to have completed the project is changed to December 31, 2029, from December 31, 2028. •Closing with Respect to the Bonds: The date by which the closing with respect to the bonds must take place is updated to December 31, 2026, from December 31, 2025. As background, on January 9, 2025, the Commission entered into an economic development agreement with J.C. Hart Company in support of the transformational project taking place on the western bank of the St. Joseph River in downtown South Bend. The Developer commitments included the demolition of an existing office building, construction of two (2) new multi-family residential buildings with a minimum of two hundred and ninety-one (291) units, and a three hundred and ninety-eight (398) parking space garage. The minimum Developer investment is $61.5 million. The City committed to undertaking the construction of public infrastructure improvements to support the project, including those necessary to re-establish a street grid and utility network at the project site, including construction of new streets, curbs and sidewalks, installation of lighting, relocation of existing or building of new utilities serving the project site, and other improvements in support of the project as agreed upon between the parties. The agreement was amended on March 13, 2025 (the First Amendment) to better clarify the Local Public Improvements to which the City committed to complete. ______________ ___________Pres/V-Pres ATTEST: __________ ________Secretary Date: _____________ _______ APPROVED Not Approved SOUTH BEND REDEVELOPMENT COMMISSION December 11, 2025 