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C_ C6 •° jg o Community & Economic Development r' 1200 County -City Building, 227 West Jefferson, South Bend, Indiana 46601 -1830 Phone 574/235 -9371 Fax 574/235 -9021 To: Redevelopment Commission From: David Relos, Economic Development Planner 01k• Subject: Master Agency Agreement Addendum & Resolution No. 3035 Rushton Building, 501 W. Washington Date: May 31, 2012 On October 25, 2011, the Commission entered into an MOU with South Bend Heritage Foundation, for the rehabilitation of the historic Rushton Building, at the northwest corner of W. Washington and William St. Because the Rushton was built with common kitchen and dining areas, and has stood vacant since 2002, extensive remodeling of the building is required. The building will be converted into a 23 unit, low to moderate income senior housing complex. Total development costs are estimated to be $3.4 million. Funding for the project will come from $2.8 million Low Income Housing Tax Credits and $277,700 Historic Tax Credits. To fully fund the project, $322,300 in West Washington Chapin Development Area TIF was approved. To facilitate this work, the Commission approved Access and Development Agreements on March 27, 2012. Commission improvements will allow off street parking for residents and visitors, necessary site utility upgrades, sidewalks and curbs, landscaping and lighting, exterior tuck pointing and cleaning, and new thermo windows. Staff requests approval of Resolution No. 3035, and the Master Agency Agreement Addendum with the Board of Public Works, for the rehab of the historic Rushton Building at 501 W. Washington. What We Do Today Makes A Difference!