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CITY OF SOUTH BEND REDEVELOPMENT COMMISSION REGULAR MEETING – December 12, 2024 <br /> <br />4 <br /> <br />Erin Michaels, Property Development Manager, stated that no bids <br />were received, and the staff can now negotiate with interested parties. <br /> <br />2. Budget Request (Studebaker Museum HVAC Project) <br /> <br />Patrick Sherman, Project Manager, presented a budget request for <br />$15,000 for two (2) failing HVAC units and a very large commercial unit <br />to finish the project this Spring. Vice President Relos also noted that <br />the Commission owns the building. <br /> <br />Upon a motion by Gillian Shaw for approval, seconded by Eli Wax, the <br />motion carried unanimously; the Commission approved the Budget <br />Request as presented on December 12, 2024. <br /> <br />3. Budget Request (Riverfront West Survey) <br /> <br />Leslie Biek, Assistant City Engineer, presented a budget request for <br />$150,000 to increase the road network, confirm utilities, and confirm <br />the land. Ms. Biek displayed a map detailing the location. <br />Commissioner Wax asked about the cost and Sarah Schaefer, Deputy <br />Director of DCI explained that we cut out some of the request (LIDAR <br />imaging) to get to this amount and hope to have the survey completed <br />by January. <br /> <br />Upon a motion by Eli Wax for approval, seconded by Vivian Sallie, the <br />motion carried unanimously; the Commission approved the Budget <br />Request as presented on December 12, 2024. <br /> <br />4. Second Amendment to Purchase Agreement (Advantix) <br /> <br />Joseph Molnar, Assistant Director of Growth and Opportunity, <br />presented the amendment specifically for land located at the <br />intersection of Lincolnway West and Marian St. for eight (8) parcels to <br />build 50 total units of affordable housing with 10 on these parcels and <br />the rest on parcels from the Board of Public Works with a closing date <br />of December 31, 2024. The amendment is to extend the closing date <br />to June 30, 2025 to allow for more time to market LIHTC credits with <br />the groundbreaking scheduled for the Summer of 2025. Commissioner <br />Wax asked about the value of pushing the date out and Mr. Molnar <br />explained that the interest rates change and by waiting the credits will <br />be worth more. Matt Barrett asked about tax implications and Mr. <br />Molnar stated that Advantix has two (2) active buyers and are waiting <br />for interest rates to go up, however, the implication of property tax will <br />not take effect until the houses are built. <br />