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SOUTH BEND HERITAGE <br />FOUNDATION <br />803 LINCOLNWAY WEST SOUTH BEND, IN 46616 <br />PHONE(S74)289 -1066 FAx(S74)289 -4SSO <br />October 17, 2011 <br />The South Bend Redevelopment Commission <br />1200 County-City Building <br />South Bend, In 46601 <br />RE: The Historic Rushton Apartments <br />Dear Commissioners, <br />South Bend Heritage Foundation (SBHF) and Historic Landmarks Foundation of Indiana, <br />are collaborating to acquire and rehabilitate The Rushton into a 23 -unit rental housing <br />development for seniors (see attached floor plans/photos). <br />As developer and owner, SBHF will form a new single -asset entity to apply for Low - <br />Income Housing Tax Credits (LIHTCs) by the November 1, 2011 deadline established by <br />the Indiana Housing & Community Development Authority (IHCDA). The project is <br />proposed as a 23 -unit, $3.4 million (total development costs), with $2.8 million in LIHTC <br />equity and $277,700 in Historic Tax Credits (HTCs). Upon completion of the project in <br />2013, The Historic Rushton Senior Apartments Limited Partnership (LP) will be a wholly <br />owned, managed and operated subsidiary of South Bend Heritage Foundation for no less <br />than fifteen (15) years. <br />We are respectfully requesting a partnership with the South Bend Redevelopment <br />Commission to transform this long - standing problem property into a signature <br />development for downtown and the historic West Washington Neighborhood. As you are <br />probably aware the building is in need of a complete "gut' rehab. As a result of the <br />extensive work required, a funding gap has resulted. To overcome this challenge, we are <br />proposing that roughly $322,300 (detailed below) from the West Washington TIF be <br />invested in the project. The request represents slightly less than 10% of the total <br />development costs of the project. <br />Netglbor VM"_ <br />CXAIM1163 M[MFFt <br />