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South Bend Redevelopment Commission <br />Regular Meeting — October 11, 2011 <br />with the South Bend Redevelopment <br />Commission to transform this long- standing <br />problem property into a signature <br />development for downtown and the historic <br />West Washington Neighborhood. As you are <br />probably aware, the building is in need of a <br />complete "gut" rehab. As a result of the <br />extensive work required, a funding gap has <br />resulted. To overcome this challenge, we are <br />proposing that roughly $322,300 (detailed <br />below) from the West Washington TIF be <br />invested in the project. The request <br />represents slightly less than 10% of the total <br />development costs of the project. <br />Please know the TIF funds would not be <br />needed until late 2012, but a "soft" <br />commitment from the Redevelopment <br />Commission is required in order for the <br />project to receive a LIHTC reservation from <br />IHCDA. LIHTC reservations are scheduled <br />to be announced in February 2012, following <br />the review of applications submitted by the <br />November 1, 2011 deadline. <br />As such, the LIHTC application for This <br />Historic Rushton Apartments depends upon <br />receiving conditional approval from the <br />Redevelopment Commission for the <br />aforementioned TIF request. <br />Summqu of Costs <br />CATEGORY <br />AMOUNT <br />Site Utilities/Fire Tap <br />$30,000 <br />Sidewalks /Curbs <br />$35,000 <br />Parking Lots Improvements <br />$50,000 <br />Exterior Lighting <br />$20,000 <br />Landscaping <br />$7,000 <br />Exterior Masonry <br />Repair/Cleaning Repair/Cleaning <br />$35,000 <br />Windows --- including- <br />$116,000 <br />