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South Bend Redevelopment Commission <br />227 West Jefferson Boulevard, Room 1308, South Bend, Indiana <br />Redevelopment Commission Agenda Item <br />D ATE : 9/22/25 <br />FROM: Joseph Molnar, Assistant Director of Growth & <br />Opportunity <br />SUBJECT: Fifth Amendment to Real Estate Purchase <br />Agreement for The Monreaux <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: Extending the Timeframe for former Fat Daddy’s Site Purchase Agreement <br />SPECIFICS: This Fifth Amendment to the Real Estate Purchase Agreement between the Redevelopment <br />Commission and The Monreaux, LLC would extend the contingency date to November 30, 2025. On July 14, <br />2022, the Commission approved a Purchase Agreement with Devereaux Peters for the sale of the site for a Low- <br />Income Housing Tax Credit Project. The project was awarded tax credits as part of the fall 2023 period. The <br />agreement has been amended several times to extend the contingency date. <br />In preparation for closing The Monreaux, LLC has been finalizing the overall financing for the project. The <br />anticipated financial closing date is set for mid-October 2025. This Fifth Amendment would take into <br />consideration the additional time needed for the financial closing, which would be the last step needed to close <br />on the property and transfer ownership from the RDC. <br />The Fifth Amendment also updates the Default language in the Agreement, placing the stipulation that if the <br />Buyer does not close on all financing necessary for the construction of the full project, the RDC shall have the <br />right to reenter and take possession of the Property. <br /> Staff requests approval of this Amendment. <br />_________________________Pres/V-Pres <br />ATTEST: __________________Secretary <br />Date: ____________________ <br /> APPROVED Not Approved <br />SOUTH BEND REDEVELOPMENT COMMISSION <br />September 25, 2025 <br />