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<br />South Bend Redevelopment Commission <br />227 West Jefferson Boulevard, Room 1308, South Bend, Indiana <br /> <br /> <br /> <br />Redevelopment Commission Agenda Item <br /> <br />DATE : 2/10/25 <br /> <br />FROM: Joseph Molnar, <br />Assistant Director of Growth & Opportunity <br /> <br />SUBJECT: Development Agreement Grand Leader Building <br /> <br /> <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 /> <br />PURPOSE OF REQUEST: Development Agreement for property located at 229 & 225 S. Michigan Street <br />formerly Center City Building <br /> <br />SPECIFICS: The Commission will consider a Development Agreement with Benjamin Miller, who with his wife <br />Christina Miller, are in the process of purchasing the former Center City Building. The developer will be <br />completing a multi-year rehabilitation project of the building including renovating the ground floor for new retail <br />opportunities as well as renovation of the top two (2) floors for a hotel. The project plan also envisions restoring <br />the historic 1920s façade of the building. <br /> <br />This Agreement specifies that (1) the Funding Amount provided by Redevelopment Commission will not exceed <br />$900,000 (2) the Developers will take possession of the building no later than July 31, 2025, and (3) the Private <br />Investment by the Developers will be no less than $5.1 million. The Developer agrees to complete the project by <br />the end of 2028. The Funding Amount will be used to replace the roof, restoration of historic façade including <br />new windows, and reconnecting utilities. <br /> <br />The reactivation of this long vacant building will restore a historic structure while also bringing vitality and <br />increased commercial activity to downtown South Bend. <br /> <br />Staff recommends approval. <br /> <br /> <br /> <br /> <br /> <br /> <br /> _________________________Pres/V-Pres <br /> <br />ATTEST: __________________Secretary <br /> <br />Date: ____________________ <br /> <br /> APPROVED Not Approved <br />SOUTH BEND REDEVELOPMENT COMMISSION