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CITY OF SOUTH BEND REDEVELOPMENT COMMISSION REGULAR MEETING – September 25, 2025 <br /> <br />9 <br /> <br /> <br />1. 75-Year Parking Lease – Transfers the 27 existing parking spaces <br />to Leighton Garage for Jefferson Centre tenants at standard <br />reserved rates. <br />2. 30-Year Parking Lease – Adds 53 more spaces under similar <br />terms. <br />3. Property Transfer Agreement – In exchange for the parking leases, <br />the owner will transfer ownership of the parcel at 333 N. Dr. Martin <br />Luther King Jr. Blvd. to Great Lakes Capital, completing the land <br />acquisition for the Madison Lifestyle District project. <br /> <br />Together, these agreements support the development while helping <br />the Jefferson Centre offer parking to its tenants. The Leighton Garage <br />has enough capacity to handle this—currently less than 50% full during <br />peak hours, and Beacon’s lease for 90 spaces will expire in 2026, <br />freeing up even more room. Importantly, the parking spaces must be <br />tied to actual leases to ensure they’re used appropriately. Mr. Glavich <br />reviewed the economic estimates, and the break-even year would be <br />year 17. <br /> <br />Caleb Bauer, Executive Director of Community Investment, reiterated <br />that in the original development agreement with Great Lakes Capital, if <br />neither party issued a notice to proceed on this block, there was an <br />option for the Redevelopment Commission to purchase all properties <br />owned by Great Lakes Capital for $1.00. This property would fall under <br />the same option and be subject to equivalent terms—essentially <br />absorbed into that original agreement structure. <br /> <br />Danielle Campbell Weiss, Senior Asst. City Attorney noted, one small <br />change needed in both Parking Lease Agreements: there’s an <br />incorrect reference in the assignment clause. The last sentence <br />currently reads: “The Developer shall not assign its rights.” However, it <br />should say: “The Tenant shall not assign its rights.” The rest of the <br />paragraph consistently refers to the Tenant, and this was just an <br />oversight. President Warner asked that at this time, I would request a <br />motion to amend the agreements as proposed by legal counsel. <br /> <br />Upon a motion by Eli Wax to amend the agreements as proposed by <br />legal counsel, seconded by Troy Warner, the motion carried <br />unanimously; the Commission approved the amended language as <br />presented on September 25, 2025. <br /> <br />Secretary Wax expressed reservations with the terms of the 30-Year <br />Parking Lease. Caleb Bauer responded that the City has a strong long- <br />term interest in developing these two blocks, which are located near <br />other major downtown investments. These blocks are key to the overall