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CITY OF SOUTH BEND REDEVELOPMENT COMMISSION REGULAR MEETING – August 28, 2025 <br /> <br />8 <br /> <br />were obligated not to interfere with those projects through the <br />construction of theirs. <br /> <br />As many of you know, both the Hydro Project and the Seitz Park <br />improvements experienced significant unforeseen delays—delays that <br />were entirely outside the developer’s control, as they were not <br />responsible for the other construction of those improvements. These <br />delays directly impacted the developer’s ability to begin Phase Two. <br />The agreement required the developer to accommodate the <br />construction timeline for the other projects, and in fact, much of the <br />Phase Two site was needed as a laydown area for Seitz Park <br />construction materials. Seitz Park officially reopened in summer 2025, <br />nearly three years later than originally expected. <br /> <br />To clarify: no RDC funding has been spent on Phase Two to date while <br />the developer waited to begin this portion of the project. <br /> <br />Mr. Molnar presented an image from 2023 showing the developer’s <br />parcel (outlined in blue) and the Riverwalk. You can see how the <br />Phase Two area was occupied by construction staging for Seitz Park, <br />making it impossible for the developer to proceed with their work <br />during that time. <br /> <br />Second Amendment Overview <br />The proposal before you today is the Second Amendment to the <br />original development agreement. This amendment updates several key <br />figures and reflects the evolution of the project: <br />• Total RDC funding increases from $5.237 million to $9.737 million <br />across both phases. <br />• The developer’s minimum private investment commitment <br />increases from $38.5 million to $63 million. <br />o That’s a $4.5 million increase in RDC commitment. <br />o And a $24.5 million increase in the developer’s commitment. <br /> <br />The amendment also includes an updated project plan for Phase Two. <br />Originally envisioned as a five-story building with a possible second <br />structure, the revised plan now calls for: <br />• A single eight-story tower with underground parking (similar to <br />Phase One). <br />• A minimum of 20-24 residential units. <br />• At least 10,000 square feet of commercial space. <br />• Flexibility for an additional floor of either residential or commercial <br />use. <br /> <br />The construction timeline is also updated: <br />• Start of construction: June 2026