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<br />South Bend Redevelopment Commission <br />227 West Jefferson Boulevard, Room 1308, South Bend, Indiana <br /> <br /> <br /> <br />Redevelopment Commission Agenda Item <br /> <br />DATE : 1/6/25 <br /> <br />FROM: Erik Glavich, Director of Growth & Opportunity <br /> <br />SUBJECT: Declaratory Resolution, Establishing New <br />Allocation Area <br /> <br /> <br />Funding Source* (circle) River West; River East; South Side; Douglas Road; West Washington; RDC General; Riv. East Res. <br />* Funds are subject to the City Controller's determination of availability; if funds are unavailable, as solely determined by the City Controller, then the <br />authorization of the expenditure of such funds shall be void and of no effect. <br /> <br />PURPOSE OF REQUEST: Resolution to establish a new separate allocation area in the River West Development <br />Area for the purpose of supporting redevelopment <br /> <br />SPECIFICS: The Resolution to be presented to the Commission for consideration would amend the River West <br />Development Area for the purpose of establishing a new allocation area to support the redevelopment of <br />property on the west bank of the St. Joseph River. The new allocation area would be known as the “Riverwalk <br />Allocation Area” and would be comprised of property on which the southern half of the Crowe complex currently <br />resides. The northern Crowe building would not be included in the new allocation area. <br /> <br />The adoption of the Resolution would begin the process of establishing a new allocation area that would <br />dedicate Tax Increment Financing for the issuance of bonds in support of a certain redevelopment project led by <br />Indiana developer, J.C. Hart Company, Inc. This will be an estimated $61.5 million project for the Developer and <br />will entail the demolition of the southern Crowe building and subsequent construction of 2 multi-family <br />residential buildings (totaling 291 apartments) and a 398-space structure parking garage. One of the apartment <br />buildings will be wrapped around the parking garage. As stated in the Resolution, the full development of the <br />Riverwalk Allocation Area with these improvements would not proceed as planned without the contribution of <br />tax increment revenues to be derived from the Riverwalk Allocation Area to this project. <br /> <br />In addition to establishing the new Riverwalk Allocation Area itself, the Resolution asserts, among other things, <br />that the establishment of the new allocation area would promote economic growth, will be a public utility and <br />benefit, and meets other purposes of state law, and establishes that incremental tax proceeds of the new area <br />be paid into an allocation fund designated as the “Riverwalk Allocation Area Allocation Fund.” The new Area will <br />result in new property taxes in the Riverwalk Project Allocation Area that would not have been generated but for <br />its adoption. The Area’s designation would expire after 25 years. <br /> <br />Adoption of the Declaratory Resolution by the Commission is the initial step in establishing the Riverwalk <br />Allocation Area. Moreover, staff will present resolutions for adoption to the South Bend Plan Commission, the <br />Economic Development Commission, and the Common Council in the next few months. <br /> <br /> <br /> _________________________Pres/V-Pres <br /> <br />ATTEST: __________________Secretary <br /> <br />Date: ____________________ <br /> <br /> APPROVED Not Approved <br />SOUTH BEND REDEVELOPMENT COMMISSION