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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 />D ATE : June 10, 2026 <br />FROM: Joseph Molnar, Deputy Director of <br />Community Investment <br />SUBJECT: Purchase Agreement for Sale of 126 N Niles <br />Ave <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: Real Estate Purchase Agreement for Sale of 126 N. Niles Ave nue <br />SPECIFICS: The Commission owns the real property at 126 N. Niles Ave nue, which was the former East <br />Race Headquarters. This property was put through disposition in September 2017 with 4 bids received <br />on September 28, 2017. The RDC approved the rejection of those bids on October 26, 2017. <br />Greater Lowell Holdings LLC has inquired about purchasing the building and would redevelop it into an <br />active retail use. The Commission will consider a purchase agreement with Greater Lowell Holdings LLC <br />with the following terms: <br />•Purchase Price: $83,000, which is the market rate value of parcel <br />•Due Diligence Period: 90 days <br />•Closing Deadline: 90 days after conclusion of due diligence <br />•Necessary Property Improvements (e.g., roof, mechanical systems, windows & doors); Buyer also <br />commits to have an active retail use for 1 year after construction completion <br />•Construction Start Deadline: 12 months after closing <br />•Construction Completion Deadline: 24 months after closing <br />The sale of this property would bring a currently vacant building back to productive use, while bringing <br />new business to the River East Development Area. <br />______________ ___________Pres/V-Pres <br />ATTEST: __________ _______ _ <br />Date: _____________ _______ <br /> APPROVED Not Approved <br />SOUTH BEND REDEVELOPMENT COMMISSION <br />June 11, 2026 <br />