Redevelopment Commission Minutes 09.25.25 - Signed

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CITY OF SOUTH BEND REDEVELOPMENT COMMISSION REGULAR MEETING – September 25, 2025 11 no charge to tenants of Jefferson Centre would not lower revenues. President Warner commented that he agreed with that point. Upon a motion by Eli Wax for approval, seconded by Gillian Shaw, the motion carried unanimously; the Commission approved 75-Year Parking Lease as presented on September 25, 2025. Upon a motion by Gillian Shaw for approval, seconded by Troy Warner, the motion carried via voice vote; however, Eli Wax voted no; the Commission approved 30-Year Parking Lease as presented on September 25, 2025. Upon a motion by Eli Wax for approval, seconded by Troy Warner, the motion carried unanimously; the Commission approved Property Transfer Agreement as presented on September 25, 2025. 8. Fifth Amendment to Purchase Agreement (The Monreaux) Joseph Molnar, Assistant Director of Growth and Opportunity, presented this amendment to extend the contingency date until November 30, 2025 and gave background of the project. Devereaux Peters explained that we’re moving full steam ahead toward closing, but with so many funding sources involved, the paperwork and terms can get complicated. Unfortunately, we’ve faced some unexpected delays with our Freddie Mac loan. Our original underwriter resigned, which set us back about three weeks while we waited for a replacement. Then, the new underwriter also resigned just two weeks after starting. These hurdles were beyond our control, but despite the setbacks, we’re making fast progress toward closing and beginning construction. Tina Patton, President Warner and other Commissioners spoke in favor of the project. Upon a motion by Ophelia Gooden-Rodgers for approval, seconded by David Relos, the motion carried unanimously; the Commission approved the Fifth Amendment as presented on September 25, 2025. 6. Progress Reports A. Tax Abatement None B. Common Council