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South Bend <br />Redevelopment Commission <br /> 215 S. Dr. Martin Luther King, Jr. Blvd., Room 301, South Bend, Indiana <br />Redevelopment Commission Agenda Item <br />DAT E : 5/7/2026 <br />FROM: Joseph Molnar, Deputy Director of Community <br />Investment <br />SUBJECT: Real Estate Purchase Agreement – Scott Street <br />Parcels <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, <br />then the authorization of the expenditure of such funds shall be void and of no effect. <br />PURPOSE OF REQUEST: Requesting approval of Real Estate Purchase Agreement for twelve (12) lots on <br />Scott St to Near Northwest Neighborhood for income-based housing <br />SPECIFICS: The Redevelopment Commission (“RDC”) currently owns twelve (12) vacant lots on Scott St. <br />These parcels were put through the disposition process in 2024 and no bids were received. <br />The Near Northwest Neighborhood, Inc. (the “NNN”) is a local community development corporation that <br />constructs income-based new housing and renovates existing homes in the Near Northwest <br />Neighborhood. <br />The NNN is applying for an affordable housing grant through the Federal Home Loan Bank of Indianapolis <br />(the “AHP Grant”) to construct a minimum of (11) units consisting of income-based single family and <br />multi-family housing on these parcels. The sale of this property would only proceed if the NNN is awarded <br />this grant. The proposed purchase agreement commits the NNN to the following: <br />-Purchase Price: $1,000 <br />-Minimum Investment: $3,000,000 <br />-Construct a minimum of eleven (11) income-based housing units <br />-Closing Deadline: December 31, 2027 <br />o This would allow the NNN to apply to the 2026 and 2027 round of the AHP Grant <br />-If the NNN does not receive the AHP Grant award the purchase agreement will be terminated <br />-Construction Start Deadline: 12 months after closing <br />-Construction Completion Deadline: 36 months after construction start <br />The sale of this property would bring more income-based housing to the Near Northwest Neighborhood <br />and bring long-vacant parcels back to active use. Staff recommends approval of this agreement. <br />______________ ___________Pres/V-Pres <br />ATTEST: __________ _______ _ <br />Date: _____________ _______ <br /> APPROVED Not Approved <br />SOUTH BEND REDEVELOPMENT COMMISSION <br />May 14, 2026 <br />