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CITY OF SOUTH BEND REDEVELOPMENT COMMISSION REGULAR MEETING – September 25, 2025 <br /> <br />7 <br /> <br />5. Disposition of 1302 Elwood Ave. (Elwood Shopping Center) <br /> <br />Upon a motion by Eli Wax for approval, seconded by Troy Warner, the <br />motion carried unanimously; the Commission approved the Bid <br />Specifications, Notice of Intended Disposition and Resolution No. 3651 <br />as presented on September 25, 2025. <br /> <br />6. Second Amendment to Development Agreement (Great Lakes Capital <br />Development, LLC) <br /> <br />Erik Glavich, Director of Growth and Opportunity, presented this <br />second amendment to the development agreement to extend the due <br />diligence period by 6 months. <br /> <br />The Madison Lifestyle Development Agreement was approved in <br />March 2024. The Redevelopment Commission committed $24 million <br />to support this major project just south of Memorial Hospital. <br /> <br />Public Improvements <br />The City agreed to build two parking garages (Phase 1 and Phase 2) <br />and handle other necessary infrastructure work. <br /> <br />Private Investment <br />Great Lakes Capital committed $102 million in private investment. <br />Their due diligence period ends this month, but this proposed <br />amendment would extend it by 6 months until March 28, 2026. <br /> <br />Timeline <br />Each phase must be completed within two years after the City finishes <br />its part of the work. <br /> <br />Safeguard Clause <br />If Great Lakes Capital doesn’t meet its obligations, the Redevelopment <br />Commission has the option to buy back the land and find a new <br />developer. <br /> <br />Project Details <br />• Phase 1: 150-unit apartment building, 105-bed hotel, and 35,000+ <br />sq ft of retail space. <br />• Phase 2: 91-unit apartment building and 7,000+ sq ft of retail <br />space. <br />• Both phases will include wrapped parking garages built by the City. <br /> <br />Past Amendments <br />• August 2024: First amendment approved to include a small parcel <br />that was missing.