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South Bend Redevelopment Commission <br />227 West Jefferson Boulevard, Room 1308, South Bend, Indiana <br />Redevelopment Commission Agenda Item <br />DATE : 5/4/2026 <br />FROM: Erin Michaels – Property Development Manager <br />SUBJECT: Purchase Agreement – MAW Brokerage LLC– <br />23931-23977 Brick Road <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 />PURPOSE OF REQUEST: Approval of Purchase Agreement with MAW Brokerage LLC for Sale of 23931-23977 Brick <br />Road <br />SPECIFICS: The proposed Purchase Agreement (the “Agreement”) is for a property owned by the Redevelopment <br />Commission (“RDC”) located at 23931-23977 Brick Road. The RDC acquired this property from in 2004 and the <br />property was approved for disposition on August 11, 2016 with no bids received on September 15, 2016 <br />4MAW Brokerage LLC, an entity created by Bradley Company for this project, proposes to redevelop the property <br />into two buildings to be leased as industrial flex space in a phased approach. <br />The Agreement commits MAW Brokerage LLC to the following terms: <br />-Purchase Price: $25,000.00 <br />-Due Diligence Period: 120 days <br />-Closing Deadline: 60 days after due diligence period <br />-Minimum Investment: $1,800,000.00 total <br />o Phase 1: $1,000,000 for a minimum 8,000 SF building <br />o Phase 2: $800,000 for a minimum 6,000 SF building <br />-Construction Start Deadline <br />o Phase 1: 18 months after closing <br />o Phase 2: 36 months after closing <br />-Construction Completion Deadline <br />o Phase 1: 24 months after closing <br />o Phase 2: 48 months after closing <br />-Certificate of Completion issued by the RDC once construction is complete for each Phase <br />The sale of this property will bring currently vacant land to productive use, while promoting new business <br />growth in the City of South Bend. Staff recommends approval. <br />_________________________Pres/V-Pres <br />ATTEST: __________________Secretary <br />Date: ____________________ <br /> APPROVED Not Approved <br />SOUTH BEND REDEVELOPMENT COMMISSION <br />May 14, 2026 <br />