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CITY OF SOUTH BEND REDEVELOPMENT COMMISSION REGULAR MEETING – May 22, 2025 <br /> <br />3 <br /> <br />Secretary Wax inquired about whether there have been any new <br />appraisals lately and Ms. Michaels stated that the purchase price was <br />the average of two appraisals from 2021 and not much has changed <br />since. Commissioner Relos recommended as part of the developer’s <br />due diligence; that she should contact Hamilton Towing regarding <br />environmental studies done in the past. <br /> <br />Upon a motion by David Relos for approval, seconded by Eli Wax, the <br />motion carried unanimously; the Commission approved the Purchase <br />Agreement as presented on May 22, 2025. <br /> <br />2. License Agreement for Temporary Use for 332 W. Jefferson Blvd. <br />(Historic Hearthstone LLC) <br /> <br />Erin Michaels, Property Development Manager, proposed a license <br />agreement for temporary use of 332 W. Jefferson by the adjacent <br />property owner and would permit the adjacent property owner, Historic <br />Hearthstone LLC, to store one commercial-sized dumpster on the <br />parcel located at 332 W Jefferson that is currently owned by the <br />Redevelopment Commission. The Redevelopment Commission <br />previously approved a Development Agreement for Historic <br />Hearthstone LLC for the renovation of the neighboring property at 321 <br />W. Wayne. The proposed License Agreement will further aid in the <br />redevelopment of a long-underutilized structure for a minimum <br />investment of $1.5 million with a RDC commitment of $70,000. <br /> <br />The term for the proposed license agreement is for five (5) years <br />commencing from the effective date of this agreement and can be <br />terminated by either party with thirty (30) days’ notice for one (1) <br />commercial-sized dumpster. <br /> <br />Regina Emberton with Historic Hearthstone LLC stated that the new <br />tenant leasing the building is called Ivy Alley Social House, a family- <br />friendly restaurant with duckpin bowling. Commissioner Shaw asked <br />about the timeline for the project and Ms. Emberton stated it should <br />start in November, 2025 and go for the full 5 years. <br /> <br />Upon a motion by Eli Wax for approval, seconded by Ophelia Gooden- <br />Rodgers, the motion carried unanimously; the Commission approved <br />the License Agreement as presented on May 22, 2025. <br /> <br />3. Resolution No. 3639 Authorizing Use of Increased TIF Revenues and <br />Amending Development Agreement (Monreaux) <br /> <br />Erik Glavich, Director of Growth and Opportunity, presented Resolution <br />No. 3639 which would amend the development agreement and final