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6F (3)
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10-25-11 Packet
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6F (3)
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11/1/2012 12:31:03 PM
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10/21/2011 12:26:34 PM
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1) SBHF will accept the Rushton Apts. from Indiana Landmarks. <br />2) SBHF will grant an easement and the Commission will accept said easement to a <br />portion of the Rushton Apts. <br />3) The Commission will complete the Commission Improvements as follows: <br />a) Under an agency agreement with the South Bend Board of Public works to <br />perform the following infrastructure improvements at a cost not to exceed <br />$65,000.00: <br />i) bringing in / upgrading site utilities <br />ii) fire suppression tap; and <br />iii) sidewalks and curbs. <br />b) parking lot, exterior lighting, and landscaping at the new parking lot at a cost <br />not to exceed $77,000. <br />c) exterior masonry repair & cleaning and new windows at a cost not to exceed <br />$151,000. <br />d) plus 10% contingency of the total of $29,300. <br />e) Commission's maximum commitment will be $322,300. <br />3) SBHF agrees to use its best efforts in applying for and securing low income tax <br />credits and historic tax credits. <br />4) The Commission's commitments are subject to appropriation by the South Bend <br />Redevelopment Commission at the time that the Commission's funds are required, which is <br />estimated to be early 2013. <br />5) Both parties' commitments are subject to approvals from the following authorities: <br />a) Indiana Division of Historic Preservation (historic tax credits) <br />b) Indiana Housing & Community Development Authority (low income tax <br />credits) <br />c) Indiana Landmarks (to approve the sale to SBHF) <br />d) Board of Zoning Appeals (approve rezoning of two lots on Colfax for off <br />street parking) <br />6) The parties will enter into a Development Agreement in substantially the form <br />attached as EXHIBIT B. <br />
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