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<br />South Bend Redevelopment Commission <br />227 West Jefferson Boulevard, Room 1308, South Bend, Indiana <br /> <br /> <br /> <br />Redevelopment Commission Agenda Item <br /> <br />DATE : 10/2/2025 <br /> <br />FROM: Joseph Molnar – Assistant Director of Growth & <br />Opportunity <br /> <br />SUBJECT: Purchase Agreement – Michigan Motorsports – <br />3315 William Richardson Court <br /> <br /> <br />Funding Source* (circle) River West; River East; South Side; Douglas Road; West Washington; RDC General; Riv. East Res. <br />* Funds are subject to the City Controller's determination of availability; if funds are unavailable, as solely determined by the City Controller, then the <br />authorization of the expenditure of such funds shall be void and of no effect. <br /> <br />PURPOSE OF REQUEST: Approval of Purchase Agreement with 4Boys4 Investments LLC for 3315 William <br />Richardson Court <br /> <br />SPECIFICS: The proposed Purchase Agreement (the “Agreement”) is for a property owned by the Redevelopment <br />Commission (“RDC”) located at 3315 William Richardson Court. The RDC acquired this property from the <br />Industrial Revolving Fund (“IRF”) on June 25th 2019 and per the Memorandum of Understanding dated <br />December 13, 2018 between the RDC and IRF this transfer was solely to permit the RDC to market and sell the <br />property to a third party and the proceeds of the sale will be transferred to IRF. <br /> <br />4Boys4 Investments LLC is an entity of Michigan Motorsports who wish to move their business to the City of <br />South Bend from Niles, MI. Michigan Motorsports is a family-owned business that provides high-quality, <br />affordable performance parts for various automotive engines. <br /> <br />The Agreement commits Michigan Motorsports to the following terms: <br />- Purchase Price: $50,000.00 <br />- Due Diligence Period: 90 days <br />- Closing Deadline: 30 days after due diligence period <br />- Minimum Investment: $4,000,000.00 <br />- Construction Start Deadline: 12 months after closing <br />- Construction Completion Deadline: 36 months after closing <br />- Certificate of Completion issued by the RDC once construction is complete <br />- Job Creation Requirement: 20 full-time jobs and maintain for 5 years after Construction Completion Date <br />- Reporting must be submitted to RDC on June 30th and December 31st of each year until substantial <br />completion of construction and on April 15th of each year after completion of construction <br /> <br />The sale of this property will bring currently vacant land to productive use, while bringing a successful business <br />to the City of South Bend. Staff recommends approval. <br /> <br /> <br /> <br /> _________________________Pres/V-Pres <br /> <br />ATTEST: __________________Secretary <br /> <br />Date: ____________________ <br /> <br /> APPROVED Not Approved <br />SOUTH BEND REDEVELOPMENT COMMISSION