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Please know the TIF funds would not be needed until late 2012 but a "soft" commitment <br />from the Redevelopment Commission is required in order for the project to receive a <br />LIHTC reservation from (IHCDA). LIHTC reservations are scheduled to be announced <br />in February, 2012 following the review of applications submitted by November 1, 2011 <br />deadline. As such, the LIHTC application for The Historic Rushton Apartments depends <br />upon receiving conditional approval from the Redevelopment Commission for the <br />aforementioned TIF request. <br />Summary of Coats <br />CATEGORY <br />AMOUNT <br />Site Utilities/Fire T <br />$ 30,000 <br />SidewaWCwbs <br />$35,000 <br />Parking Lots Improvements <br />$ 50,000 <br />Exterior Li <br />$ 20,000 <br />Landscaping <br />$ 7,000 <br />Exterior Masonry Rgmir/Cleaning <br />5 35000 <br />Window&—inchWing replacement of frames <br />$116,000 <br />Subtotal <br />$293,000 <br />Contingency 10% <br />5 29,300 <br />Total Requea <br />$322,300 <br />We are excited about the opportunity to serve a growing senior population in need of <br />high quality, well managed, affordable housing in our community. Given its great <br />location adjacent to downtown South Bend amenities, medical services and historic <br />district attractions like the Northern Indiana Center for History, the Rushton is perfectly <br />situated to be a highly sought after senior housing project. It is also important to note that <br />should this project receive an award, it will provide local construction jobs and bring <br />much needed private investment (via tax credit investors) to one of our most important <br />downtown neighborhoods. <br />Thank you for considering this important request. If you have questions or require <br />additional information, please contact me at 289 -1066 ext 216. <br />Sincerely, <br />dx�x� <br />Marco Marian <br />Executive Director <br />