5A2 Agreement to Release Easement (JC Hart) - Signed

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South Bend Redevelopment Commission 227 West Jefferson Boulevard, Room 1308, South Bend, Indiana Redevelopment Commission Agenda Item D ATE: May 5, 2025 FROM: Danielle Weiss, Senior Assistant City Attorney SUBJECT: Agreement to Release Easement 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 the Release of Easement Agreement benefitting the River Glen Office Park site. SPECIFICS: On January 9, 2025 the Redevelopment Commission (“RDC”) and JC Hart Company (the “Developer”) entered into an Economic Development Agreement (the “Development Agreement”). The Development Agreement committed both the RDC and the Developer to certain commitments in relation to a transformational project on the western bank of the St. Joseph River in downtown South Bend. The project site is just north of the former River Glen Office Park. The RDC acquired the office park on May 6, 2024, and as the owner, is a beneficiary of a non-exclusive ingress and egress easement for pedestrian and vehicular access to and from Wayne Street/Jefferson Boulevard (the “Easement”). In partnership with the Developer’s intention to develop the Riverwalk Project, the RDC has agreed through the Development Agreement (which was amended on March 13, 2025 to provide further detail of the RDC’s commitments) to construct and dedicate certain public roadways, sidewalks, and related improvements paid for substantially through a READI 2.0 grant from the State of Indiana. These roadway improvements, once completed, will provide access to and from the River Glen Office Park. On March 13, 2025, the RDC, as property owner of the River Glen Office Park, approved a certain Agreement to Suspend and Release Easement which provided RDC would (i) suspend all use of the Easement during the development of the Riverwalk Project and (ii) release and relinquish the Easement upon the roadway completion and opening. Since that time, this document has been held in escrow, pending the closing of the real estate transaction by which the Developer would acquire the Developer Property. This prior agreement has not yet been recorded. The Developer has recently requested the prior approved document be superseded by a new document titled “Release of Easement,” which will result in the release of the easement occurring sooner. Instead of temporarily suspending the easement rights during construction and fully releasing the easement once construction is completed, the easement would be fully released now. If approved, this new Release of Easement would replace the prior agreement, and the prior agreement would become null and void. _________________________Pres/V-Pres ATTEST: __________________Secretary Date: ____________________ APPROVED Not Approved SOUTH BEND REDEVELOPMENT COMMISSION May 8, 2025 