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South Bend Redevelopment Commission <br />Regular Meeting —July 12, 2012 <br />with Mr. Davis opposed. <br />(2) 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 />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 />On May 31, 2012, the Commission approved <br />Resolution No. 3035 and an Addendum to <br />the Master Agency Agreement, for the Board <br />20 <br />