Redevelopment Commission Minutes 09.25.25 - Signed

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CITY OF SOUTH BEND REDEVELOPMENT COMMISSION REGULAR MEETING – September 25, 2025 8 • November 2024: Two agreements approved: o Assignment Agreement: Allows the City to be reimbursed directly for work funded by the READI grant. o Confirmation Agreement: Clarifies that the City remains responsible for building the garages, even if READI funds are used for other parts of the project. Linda Brotherson with Great Lakes Capital explained that the main reason for extending the due diligence period is to give us more time to finalize several items outlined in the development agreement between the City and Great Lakes Capital (GLC). One key item is the INDOT right-of-way approval—we haven’t finalized the exact specifications yet, but we’re comfortable with the direction things are heading, and the project is still moving forward. Other items include tax abatement details, which GLC is still working through. There are also smaller issues, like the ongoing work on the parking lot, which will provide access to Phase 1 of the site. That work has been slightly delayed, so we’re not yet ready to finalize the parking license agreement. This extension gives us time to properly document everything and avoid rushing into a notice to commence or similar agreement prematurely. Upon a motion by Gillian Shaw for approval, seconded by Eli Wax, the motion carried unanimously; the Commission approved the Second Amendment as presented on September 25, 2025. 7. Two Parking Lease Agreements (Leighton Garage) and Property Transfer Agreement (Madison Lifestyle District) Erik Glavich, Director of Growth and Opportunity, presented these three (3) interrelated agreements as a package. As part of the Madison Lifestyle District project, there was one key parcel needed for Phase 2 that wasn’t owned by Beacon when the development and purchase agreements were signed. It’s located at the northeast corner of Madison and Dr. Martin Luther King Jr. Blvd and is currently a parking lot with 27 spaces. The owner also owns the Jefferson Centre building downtown. This parcel is essential for Phase 2 to move forward. Negotiations with the owner began about a year ago. He expressed concern about the lack of dedicated parking for Jefferson Centre tenants, which has made it difficult to lease the building, it’s only about 50% occupied. Previously, tenants used a parking garage that was demolished in the early 2000s to make way for the Courtyard by Marriott. To address this, we propose using Leighton Garage, which is directly across the street from Jefferson Centre. The three agreements are: