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<br />South Bend <br />Redevelopment Commission <br />215 S. Dr. Martin Luther King, Jr. Blvd., Room 301, South Bend, Indiana <br /> <br /> <br /> <br />Redevelopment Commission Agenda Item <br /> <br />DATE : May 26, 2026 <br /> <br />FROM: Erik Glavich, <br /> Director of Growth & Opportunity <br /> <br />SUBJECT: Fourth Amendment to Development <br />Agreement (Great Lakes Capital Madison <br />Lifestyle) <br /> <br /> <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 /> <br />PURPOSE OF REQUEST: Fourth Amendment to the Development Agreement with GLC, extending the <br />Mutual Project Diligence period for 1 additional month <br /> <br />SPECIFICS: On March 28, 2024, the Redevelopment Commission approved a Development Agreement <br />with Great Lakes Capital for the Madison Lifestyle District. The First Amendment (August 22, 2024) <br />corrected an omitted parcel, and the Second Amendment (September 25, 2025) extended the Mutual <br />Project Diligence period from 18 to 24 months. At the end of March, the Commission approved a Third <br />Amendment that extended the due diligence period to 26 months. <br /> <br />This Fourth Amendment further extends the Mutual Project Diligence period to 27 months (to the end of <br />May) to provide City staff and GLC the time to finalize building plans, project coordination, and financing. <br />Demolition, site work, and utility work are underway; finalizing project details is complex and requires <br />careful coordination. <br /> <br />This extension of the Mutal Project Diligence period allows GLC and City staff time to finalize the Notice <br />to Commence. <br /> <br /> <br /> ______________ ___________Pres/V-Pres <br /> <br /> <br />ATTEST: __________ ________Secretary <br /> <br />Date: _____________ _______ <br /> <br /> APPROVED Not Approved <br />SOUTH BEND REDEVELOPMENT COMMISSION