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CITY OF SOUTH BEND REDEVELOPMENT COMMISSION REGULAR MEETING – August 28, 2025 <br /> <br />10 <br /> <br />cities. And when people come to South Bend, they're very impressed <br />that we have that sort of product. And we were able to attract many <br />people who came here from out of town and chose to live downtown <br />instead of in Granger because South Bend was able to provide that <br />walkable metro lifestyle. He stated that the support of the <br />Redevelopment Commission and Community Investment has really <br />been key to their success to make the product affordable and <br />attainable, not only to people coming in from out of town, but to local <br />people as well. <br /> <br />Caleb Bauer added that it’s important to consider how construction <br />materials impact the city’s long-term return on investment. In this case, the <br />building is being constructed with post-tensioned concrete, which offers a <br />much longer lifespan compared to traditional wood-frame (or “stick-built”) <br />structures. While wood-frame buildings can last several decades, they <br />often begin to show wear after 40 to 50 years. In contrast, a concrete <br />structure like this could last close to 100 years or more. That means it <br />can continue generating property tax revenue for the city over a much <br />longer period. <br /> <br />So, while we are being asked to support this project, we’re also <br />investing in a building that will be a long-term asset on the riverfront— <br />likely serving the community for generations. <br /> <br />Secretary Wax asked about (Subsection F) of the Amendment and <br />why that provision wasn’t updated. Mr. Molnar explained that we’re <br />keeping it as it was in the original agreement. Its inclusion in the document in <br />the packet was simply an error, and oversight wasn’t something we had <br />discussed with the developer. That said, the question is valid. Based on <br />past experience, we’ve learned the importance of updating certain <br />provisions in our standard agreements, especially when there’s a <br />significant new investment being made. The fee provision, in particular, <br />is meant to protect the city’s interests. There is value in updating the <br />language, and we did try to strengthen parts of the agreement where <br />possible. However, since this agreement dates back to 2018, our goal <br />was to keep the amendment focused—updating the project plan and <br />terms without rewriting the entire document. That’s why we didn’t raise <br />this specific change during negotiations. <br /> <br />Also, this is the last agreement still in progress that predates current <br />staff, so we aimed to maintain consistency with how similar <br />agreements have been handled. <br /> <br />Commissioner Ellison asked about what is planned for the retail space, <br />and Mr. Perri is open to ideas but would like to see a complimentary <br />breakfast/lunch or day spa on the first floor. Commissioner Gooden- <br />Rodgers asked about how many condos are expected, Mr. Perri stated