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South Benq Redevelopment Commission <br />Regular M eting —July 12, 2012 <br />6. NEW BUSINESS (CONT.) <br />C. est Washington- Chapin Development Area <br />(1 continued... <br />Mr. Downes made a motion to approve <br />Resolution No. 3055. Mr. Alford seconded. <br />The motion passed on a vote of four to one <br />with Mr. Davis opposed. <br />Revised Development Agreement with <br />South Bend Heritage Foundation for <br />rehabilitation and renovation of the <br />Rushton Building (Northwest corner <br />William and Washington Streets). <br />Mr. Relos noted that on October 25, 2011, <br />the Commission-entered into an MOU with <br />South Bend Heritage Foundation, for the <br />rehabilitation of the historic Rushton <br />Building, at the northwest corner of W. <br />Washington and William St.' Because the <br />Rushton was built with: common kitchen and <br />dining areas, and has stood vacant since <br />2002, extensive remodeling of the building is <br />required. The building will be converted into <br />a 23 unit, low to moderate income senior <br />housing complex. <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. <br />On March 27, 2012, the Commission <br />approved a Development Agreement, which <br />delineated each party's responsibilities. <br />Commission improvements will allow off- <br />22 <br />COMMISSION APPROVED RESOLUTION NO. 3055 <br />AUTHORIZING THE TRANSFER OF REAL PROPERTY <br />TO HE SOUTH BEND BOARD OF PUBLIC WORKS <br />(HANSEL CENTER). <br />