5A2 Notice to Commence Agreement (Madison Lifestyle, Great Lakes Capitol) - Fully Executed

Home Browse Search

South Bend Redevelopment Commission _ iaea 215 S. Dr. Martin Luther King, Jr. Blvd., Room 301, South Bend, Indiana Redevelopment Commission Agenda Item DATE: June 23, 2026 FROM: Erik Glavich, Director of Growth & Opportunity SUBJECT: Notice to Commence (Great Lakes Capital Madison Lifestyle) Funding Source* (circle River West; fiver East; South Side, Douglas rr Pres/V-Pres ATTEST Secretary 4Date: C�J,� 2—G APPROVED ❑ Not Approved SOUTH BEND REDEVELOPMENT COMMISSION Road: West Washington: RDC General: Riv. East Res. * Funds are subject to the Ci er'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: Notice to Commence Agreement with Great Lakes Capital (GLC) to begin construction of Phase 1 of the Madison Lifestyle District project SPECIFICS: On March 28, 2024, the Redevelopment Commission approved a Development Agreement with GLC for the Madison Lifestyle District. At the time, several key elements of the project were yet to be fully determined, so the Development Agreement contemplated that the Commission and GLC would enter into a Mutual Project Diligence period, after which a separate Notice to Commence would be required before construction by GLC would occur. The Agreement was subsequently amended to extend the Mutual Project Diligence period to June 28, 2026, by which date GLC and the Commission must issue a Notice to Commence for construction to proceed. The recent establishment of the Innovation Development District (IDD) has also informed and modified the analysis related to City/RDC support of the project since the original Development Agreement was executed. DCI Staff has been negotiating with GLC to set forth the terms of the Notice to Commence Agreement between the Commission and GLC, which authorizes commencement of construction of Phase 1 of the project, confirms the status of certain conditions and updates various obligations of the parties, and memorializes the Parties' mutual agreement regarding further process for Phase 2 planning of the project. • Authorization to Commence Construction: Through adoption of this Agreement, the Commission and GLC confirm that the conditions to Notice to Commence set forth in the Development Agreement are satisfied or otherwise waived. GLC further agrees that any outstanding items will not delay commencement of Phase 1 construction. • Phase 1 Project Plan: Since adoption of the Development Agreement in March 2024, the scope of Phase 1 has evolved. This Notice amends the Project Plan to reflect the updated scope, including: o Increase in multifamily units to approximately 190 units (from 150 units). o Increase in hotel scale to approximately 119 keys (from 105 beds). • Commitment to Complete Remaining Obligations: Section 4 of the Notice outlines the commitment of both the Commission and GLC to continue working in good faith to complete