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CITY OF SOUTH BEND REDEVELOPMENT COMMISSION REGULAR MEETING – June 26, 2025 <br /> <br />3 <br /> <br /> <br />2. Fourth Amendment to Purchase Agreement (The Monreaux) <br /> <br />Joseph Molnar, Assistant Director of Growth and Opportunity, <br />presented this Amendment to extend the timeline for the former Fat <br />Daddy’s site purchase agreement and would extend the contingency <br />date to September 30, 2025. <br /> <br />On July 14, 2022, the Commission approved a Purchase Agreement <br />with Devereaux Peters for the sale of the site designated for a Low- <br />Income Housing Tax Credit Project. The project received tax credit <br />allocation during the Fall 2023 cycle with a minimum investment of <br />$17.7 million and an RDC commitment of $3.3 million for fifty-seven <br />(57) units. Subsequently, on November 25, 2024, the Commission <br />approved a Third Amendment to the Purchase Agreement, extending <br />the contingency deadline to June 30, 2025. <br /> <br />As The Monreaux, LLC prepares for closing, they have been working <br />to obtain an updated environmental report for the property through a <br />firm selected by their lender. However, the report has been delayed. <br />This Fourth Amendment accounts for the additional time required to <br />complete the environmental review, which is the final document <br />needed to proceed with the property closing. <br /> <br />Upon a motion by Gillian Shaw for approval, seconded by David Relos, <br />the motion carried unanimously; the Commission approved the <br />Amendment as presented on June 26, 2025. <br /> <br />B. River East Development Area <br /> <br />1. Request for Proposals – Northside Blvd. & Louise St. (Former YMCA <br />Northside Blvd.) <br /> <br />Joseph Molnar, Assistant Director of Growth and Opportunity, <br />presented that in 2024, the Redevelopment Commission (RDC) <br />acquired the former YMCA property located at Northside Blvd. and <br />Louise St. as part of a broader agreement to establish a fully <br />operational YMCA in downtown South Bend. Since the acquisition, all <br />existing structures on the site have been cleared, and the property is <br />now ready for redevelopment. The attached Request for Proposals <br />(RFP) invites developers to submit proposals for the site’s <br />redevelopment. The property spans nearly six (6) acres and is situated <br />along the St. Joseph River, in close proximity to key cultural and <br />recreational amenities such as the South Bend Farmers Market, <br />Market District shops, and the riverwalk leading to Howard Park and <br />downtown South Bend. <br />