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y 4)uTN'6 I <br /> U/�f 1.w y <br /> ... - PEACE <br /> x x <br /> 186 5 <br /> OFFICE OF THE CITY CLERK <br /> KAREEMAH FOWLER, CITY CLERK <br /> COMMUNITY INVESTMENT MAY 13, 2019 3:30 P.M. <br /> Committee Members Present: Gavin Ferlic, Regina Williams-Preston, Sharon L. McBride <br /> (late), Sara Boukdad (citizen member) <br /> Committee Members Absent: Oliver Davis <br /> Other Council Present: Jo M. Broden, John Voorde, Karen White, Jake Teshka <br /> (late) <br /> Other Council Absent: Tim Scott <br /> Others Present: Bianca Tirado, Joseph Molnar, Bob Palmer <br /> Presenters: Chase Schulte, Janine Betsey, Tim Corcoran, Randy <br /> Rompola <br /> Agenda: Bill No. 19-34- Economic Development Revenue Bonds <br /> 2018 (Cedar Glen) <br /> Bill No. 19-35- Resolution to Approve of the Written Order <br /> of the Area Plan Commission Regarding the Proposed Tax <br /> Increment Finance(TIF) Area Realignment <br /> Committee Chair Gavin Ferlic called to order the Community Investment Committee meeting at <br /> 3:30 p.m. He introduced members of the Committee and proceeded to give the floor to the <br /> presenters. <br /> Bill No. 19-34- Economic Development Revenue Bonds 2018 (Cedar Glen) <br /> Chase Schulte, Merchants Affordable Housing Corp with offices located at 11555 N. Meridian <br /> Street, Suite 590, Carmel, IN, stated, We are here with bond counsel as well to present to you <br /> Cedar Glen Apartments. We are submitting Cedar Glen Apartments to the South Bend Common <br /> Council for full approval of the bond induced resolution. A bit of background, we are submitting <br /> this project to the State for tax credits. It is an acquisition rehab of about one hundred and seventy- <br /> nine (179) units. These are on the east side of South Bend and will be about $4 million of <br /> rehabilitation and about a $5 million acquisition price. There are a number of queued upgrades <br /> including HVAC, plumbing and a number of other items. We are a 501(c)3 non-profit located in <br /> Indianapolis, Indiana (referencing a slide in a presentation which is available in the City Clerk's <br /> Office). We have about 2,300 units across the State of Indiana. A majority of those are all four <br /> percent (4%)low-income tax credit units. <br /> INTEGRITY' SERVICE'ACCESSIBILITY <br /> JENNIFER M.Corr,.AN BIANCA L.TIRAUO JOSEPH R.MOLNAR <br /> CHIEF DEPUTY/DIRECTOR OF OPERATIONS DEPUTY/DIRECTOR OF POLICY ORDINANCE VIOLATION CLERK <br /> EXCELLENCE I ACCOUNTABILITY I INNOVATION I INCLUSION I EMPOWERMENT <br /> 455 County-City Building 1227 W.Jefferson Blvd.I South Bend,Indiana 46601 I p 574.235.9221 I f 574.235.9173 I www.southbendin.gov <br />