Laserfiche WebLink
fRfiS <br />CITY OF SOUTH BEND <br />COMMUNITY INVESTMENT <br />October 19, 2022 <br />Councilmember Rachel Tomas Morgan, Chairperson <br />Community Investment Committee <br />South Bend Common Council <br />41h Floor, County -City Building <br />South Bend, IN 46601 <br />Dear Councilmember Tomas Morgan, <br />r LEF' K .:nl_1 I�H ["E_ lD, 511 <br />Attached please find a proposal for a $2.7 million forgivable economic development loan to <br />support the transformation of a 68-acre site at the US 20 and US 31 intersection into the Indiana <br />Dinosaur Museum, South Bend Chocolate Factory, and other amenities totaling more than $15 <br />million in private investment. <br />This transformative development would add an estimated 144 jobs and develop and exciting <br />tourism destination that is projected to attract 150,000 visitors per year. <br />The forgivable loan would be funded utilizing Tax Increment Financing funds, but requires <br />approval of Common Council, Redevelopment Commission, and Economic Development <br />Commission in order to be issued. <br />The bond would be forgivable provided the Indiana Dinosaur Museum and South Bend Chocolate <br />Factory open by June, 30, 2024 and private investment exceeds $15.4 million. <br />Sincerely, <br />Caleb Bauer <br />Acting Executive Director <br />Department of Community Investment <br />CC: Mark Tamer, South Bend Chocolate Company <br />Sandra Kennedy, Corporation Counsel <br />EXCELLENCE ACCOUNTABILITY j INNOVATION INCLUSION 1 EMPOWERMENT <br />1400S County -City Building 227 W. Jefferson Blvd. South Bend, Indiana 46601 p 574.235.9371 www.southbendin.gov <br />