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South Bend Redevelopment Commission <br /> Regular Meeting—March 27, 2012 <br /> 6. NEW BUSINESS (CONT.) <br /> C. West Washington-Chapin Development Area <br /> (1) continued... <br /> Total development costs are estimated to be <br /> $3.4 million. Funding for the project will <br /> come from $2.8 million Low Income <br /> Housing Tax Credits and $277,700 Historic <br /> Tax Credits. To fully fund the project, <br /> $322,300 in West Washington Chapin <br /> Development Area TIF was approved. To <br /> facilitate this work, SBHF is granting the <br /> Commission access to the site via an Access <br /> Agreement. <br /> Commission improvements will allow off- <br /> street parking for residents and visitors, <br /> necessary site utility upgrades, sidewalks and <br /> curbs, landscaping and lighting, exterior tuck <br /> pointing and cleaning, and new thermo <br /> windows. <br /> Commission participation was contingent on <br /> SBHF being granted the Low Income Tax <br /> Credits through the Indiana Housing & <br /> Community Development Authority, which <br /> were granted last month. As part of the <br /> MOU, the parties are to enter into a <br /> Development Agreement in substantially the <br /> form as Exhibit B of the MOU. This <br /> Development Agreement is attached to this <br /> staff report. <br /> Construction is scheduled to begin October <br /> 2012, with project completion October 2013. <br /> Staff requests Commission approval of this <br /> Development& Access Agreement, to allow <br /> this signature building to be repurposed into <br /> a senior housing complex on the edge of the <br /> 20 <br />