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CITY OF SOUTH BEND REDEVELOPMENT COMMISSION REGULAR MEETING –November 25, 2024 <br /> <br />8 <br /> <br />to meet their 66% of dollars spent. The READI 2.0 funds will need to <br />be spent by December 2028. Mr. Bauer stated that this is a new <br />condition added by the IDC. Matt Barrett asked if there is any <br />additional liability incurred. Danielle Campbell Weiss, Assistant City <br />Attorney, explained we are responsible for the entire project. If it goes <br />South, we would also be responsible for the redevelopment authority <br />portion as a fund holder, so if the funds would have to be repaid by <br />GLC, we'd also have to reimburse them for those funds. Mr. Bauer <br />explained that a parking garage constructed on the site is not <br />something that is lacking in value, and if GLC ultimately were not able <br />to deliver the mixed-use development that has been started, other <br />developers would be able to use that garage and move forward. <br /> <br />Upon a motion by David Relos for approval, seconded by Troy Warner, <br />the motion carried unanimously; the Commission approved the <br />Assignment Agreement as presented on November 25, 2024. <br /> <br />9. Confirmation Agreement (Great Lakes Capital) <br /> <br />Upon a motion by Eli Wax for approval, seconded by Vivian Sallie, the <br />motion carried unanimously; the Commission approved the <br />Confirmation Agreement as presented on November 25, 2024. <br /> <br />6. Progress Reports <br /> <br />A. Tax Abatement <br /> <br />Erik Glavich, Director of Growth and Opportunity, stated that we will be <br />bringing a tax abatement to the Council for the old Hope Rescue Mission <br />building for rehabbing the building. <br /> <br />B. Common Council <br /> <br />None <br /> <br />C. Other <br /> <br />Caleb Bauer, Executive Director of Community Investment, stated that the <br />Indiana Code does allow the Commission to meet to receive information <br />only on commercial prospects. Without a need for the public notice <br />requirement, we would like to briefly meet with the Commission after this <br />meeting. Per that provision of Indiana code, to share some information. <br /> <br /> <br />7. Next Commission Meeting <br />Thursday, December 12, 2024, 9:30 a.m.