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CITY OF SOUTH BEND REDEVELOPMENT COMMISSION REGULAR MEETING – September,26, 2024 <br /> <br />6 <br /> <br /> <br />6. Progress Reports <br /> <br />A. Tax Abatement <br /> <br />Erik Glavich, Director of Growth and Opportunity presented that the <br />Common Council approved a declaratory resolution for an 8-year <br />multifamily tax abatement for Property Bros., LLC. In June of this year, the <br />Redevelopment Commission adopted both a purchase agreement and a <br />development agreement for Property Bros. In support of phase two of a <br />residential project that they are in the process of building at the corner of <br />Lincoln Way and Sherman. Mr. Richardson, CEO of Property Bros. <br />recently closed on lots and agreed to provide through a purchase <br />agreement and acquiring the tax abatement. Once that tax abatement is <br />confirmed at the next Common Council meeting that will enable property <br />growth to proceed with the next phase of project in accordance with the <br />purchase agreement and the development agreement. <br /> <br /> <br />B. Common Council <br /> <br />None <br /> <br />C. Other <br /> <br />Joseph Molnar, Assistant Director of Growth and Opportunity presented <br />photos of the grocery store and also retail spaces at the corner of Western <br />and Olive. This property was sold by the RDC for the development of a <br />grocery store. Staff is very excited about the nice appearance of the <br />building now that the masonry is complete and are hopeful for opening <br />day in the Spring, the developer is on track to meet their requirements of <br />the purchase agreement. <br /> <br />Vice President David Relos asked about the Real America site at the <br />Northwest corner of Lafayette and Monroe. Mr. Molnar stated they're <br />actively constructing the LIHTC portion of the property. MACOG helped <br />the city and Real America get a grant to do some limited environmental <br />cleaning up at market rate portion of the site. Real America may come to <br />the Commission later for a revision on the timeline to the purchase <br />agreement and things are moving as planned. <br /> <br />7. Next Commission Meeting <br />Thursday, October 10, 2024, 9:30 a.m., BPW Conference Room 13th Floor <br /> https://tinyurl.com/RDC-Meeting-10102024 <br /> <br />8. Adjournment