Resolution No. 3604 (466 Works Additional Appropriations)

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CITY OF SOUTHBEND REDEVELOPMEN Redevelopment Commission Agenda DATE: 7/23/24 T COMMISS - N Item �ff1P�ir�e�s/V-Pres ATTEST: `� ya �/�C�cr-etary Date: 7 2 s 2- FROM: Erik Glavich, Director, Growth & Opportunity Approved D Not Approved SUBJECT: Resolution No. 3604 (466 Works) SOUTH BEND REDEVELOPMENT COMMISSION Which TIF? circle one River West; River East; South Side Dou las Road West Washington PURPOSE OF REQUEST: Resolution No. 3604 appropriating TIF revenues for 466 Works scattered site infill housing project SPECIFICS: The Commission will consider a resolution that will appropriate an amount not to exceed $1.25 million for the first draw for the 466 Works scattered site infill housing project. 466 Works will build 30 new single-family homes over 3 years and can draw up to $116,000 for each house it plans to build each year. On June 25, the Commission approved a development agreement and a resolution, respectively, providing TIF funds for the project. As a reminder, the total funding provided by Commission will not exceed $3,500,000 and the private investment by the Developer will be no less than $5,283,000. The Developer agrees to complete the project by December 31, 2027. Funding will be provided via a loan that will be forgiven if the Developer completes the project as committed. INTERNAL USE ONLY: Project Code: Total Amount new/change (inc/dec) in budget: Break down: Costs: Engineering Amt: ; Other Prof Sery Amt Acquisition of Land/Bldg (circle one) Amt: ; Street Const Amt Building Imp Amt : Sewers Amt ; Other (specify) Amt: Going to BPW for Contracting? Y/N Is this item ready to encumber now? Existing PO# Inc/Dec $ EXCELLENCE ACCOUNTABILITY INNOVATION INCLUSION EMPOWERMENT 1400S County -City Building 227 W. Jefferson Blvd. South Bend, Indiana 46601, p 574.235.9371 f 574.235.9021 www.southbendin.gov