02-15-08 Redevelopment Commission Minutes

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South Bend Redevelopment Commission Regular Meeting -February 15, 2008 6. NEW BUSINESS (CONT.) B. Housing (1) continued... Commission and South Bend Heritage Foundation to continue the project's low/moderate income availability for another 15 years, executing a plan to combine the West Washington Homes Project (WWHP) and HDCP and re-syndicate the combined entities into one new tax credit project, and recording a restrictive covenant which would allow for recapture of the funds used in the improvement of the property in the event there is a change in the use of the property to a use not eligible under the Rental Rehabilitation Program. C. South Bend Central Development Area (1) Commission approval requested for Certificate of Completion for property located at 105 N. Niles Avenue in the South Bend Central Development Area. (AM General Bldg.) Ms. Laurent noted that on May 11, 1989 the Commission entered into a development agreement with Holladay Corporation for the construction of the AM General office building on the East Bank. Holladay long ago fulfilled all obligations of the agreement within the time limits set forth to the satisfaction of the Department. This Certificate of Completion is needed to update the property owner's title work, appropriately removing notations of the Commission's interest in the property. Staff recommends approval. EXECUTING A PLAN TO COMBINE THE WEST WASHINGTON HOMES PROJECT (WWHP) AND HDCP AND RE-SYNDICATE THE COMBINED ENTITIES INTO ONE NEW TAX CREDIT PROJECT, AND RECORDING A RESTRICTIVE COVENANT WHICH WOULD ALLOW FOR RECAPTURE OF THE FUNDS USED IN THE IMPROVEMENT OF THE PROPERTY IN THE EVENT THERE IS A CHANGE IN THE USE OF THE PROPERTY TO A USE NOT ELIGIBLE UNDER THE RENTAL REHABILITATION PROGRAM 10