Laserfiche WebLink
South Bend Redevelopment Commission <br /> Regular Meeting—October 11, 2011 <br /> 4. COMMUNICATIONS (CONT.) <br /> A. West Washington-Chapin Development Area <br /> (1) continued... <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 /> Summary of Costs <br /> CATEGORY AMOUNT <br /> Site Utilities/Fire Tap $30,000 <br /> Sidewalks/Curbs $35,000 <br /> Parking Lots Improvements $50,000 <br /> 5 <br />