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CITY OF SOUTHBEND <br />REDEVELOPMEN <br />Redevelopment Commission Agenda <br />DATE: 7/23/24 <br />T <br />COMMISS ON <br />Item Pres/V-Pres <br />ATTEST: aLi mcretary <br />Date: <br />FROM: Erik Glavich, Director, Growth & Opportunity <br />© Approved ❑Not Approved <br />SUBJECT: Resolution No. 3605 (Affordable HomeMatters SOUTH BEND REDEVELOPMENT COMMISSION <br />Indiana LLC/Intend Indiana) <br />Which TIF? circle one River West; River East; South Side; Douglas Road; West Washin ton <br />PURPOSE OF REQUEST: Resolution No. 3605 appropriating TIF revenues for Affordable HomeMatters <br />Indiana LLC/Intend Indiana scattered site infill housing project <br />SPECIFICS: The Commission will consider a resolution that will appropriate an amount not to <br />exceed $1.125 million for the first draw for the Affordable HomeMatters Indiana LLC/Intend <br />Indiana scattered site infill housing project. Affordable HomeMatters Indiana LLC/Intend <br />Indiana will build 92 new single-family homes over 5 years and can draw up to the appropriated <br />amount of $1.125 million per year. <br />On June 25, the Commission approved a development agreement and a resolution, <br />respectively, providing TIF funds for the project. As a reminder, the total funding provided by <br />Commission will not exceed $5 million and the private investment by the Developer will be no <br />less than $20 million. The Developer agrees to complete the project by December 31, 2029. <br />Funding will be provided via a loan that will be forgiven if the Developer completes the project <br />as committed. <br />INTERNAL USE ONLY: Project Code: <br />Total Amount new/change (inc/dec) in budget: ; Break down: <br />Costs: Engineering Amt: ; Other Prof Sery 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? <br />Is this item ready to encumber now? Existing PO# Inc/Dec S <br />Y/N <br />EXCELLENCE ACCOUNTABILITY INNOVATION INCLUSION EMPOWERMENT <br />1400S County -City Building' 227 W. Jefferson Blvd. South Bend, Indiana 46601 p 574.235.9371 f 574.235.9021 www.southbendin.gov <br />