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Redevelopment Commission Agenda Item <br />DATE: 12/1/2022 <br />FROM: Joseph Molnar <br />SUBJECT: Second Amendment Real America <br />Which TIF? (circle one) River West; River East; South Side; Douglas Road; West Washington <br />PURPOSE OF REQUEST: Extension of Contingency Date and Closing Date <br />Specifics: In 2021, Real America and the RDC approved an agreement to sell RDC owned real <br />estate for the construction of affordable apartment units. The agreement gave Real America <br />two years to receive Indiana State Tax Credits for the project. The second round of tax credits <br />were initially scheduled to be awarded in November of 2022. However, due to the rise in <br />interest rates, the State desired that applicants resubmit their projects with updated financial <br />considerations in January 2023. <br />This extension allows Real America to apply for the tax credits in January with enough time for <br />due diligence afterwards if awarded the tax credits. <br />Staff requests approval. <br />INTERNAL USE ONLY: Project Code: _______________________________________________; <br />Total Amount new/change (inc/dec) in budget: _______________; Break down: <br />Costs: Engineering Amt: ______________________; Other Prof Serv Amt_________________; <br />Acquisition of Land/Bldg (circle one) Amt: ___________; Street Const Amt ________________; <br />Building Imp Amt_________; Sewers Amt_________; Other (specify) Amt: ________________ <br />___________________________________________. Going to BPW for Contracting? Y/N <br />Is this item ready to encumber now? ____ Existing PO#__________ Inc/Dec $_____________ <br />_________________________Pres/V-Pres <br />ATTEST: __________________Secretary <br />Date: ____________________ <br /> APPROVED Not Approved <br />SOUTH BEND REDEVELOPMENT COMMISSION <br />ITEM 5A2