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South Bend Redevelopment Commission <br />227 West Jefferson Boulevard, Room 1308, South Bend, Indiana <br />Redevelopment Commission Agenda Item <br />D ATE : 1/6/25 <br />FROM: Caleb Bauer, Executive Director of Community <br />Investment <br />SUBJECT: Resolution No. 3626 & J.C. Hart Development <br />Agreement <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 />PURPOSE OF REQUEST: Resolution approving the Development Agreement for J.C. Hart Company, Inc., <br />supporting redevelopment project in the Riverwalk Allocation Area <br />SPECIFICS: The Commission will consider a resolution that, if adopted, would approve a Development Agreement <br />with J.C. Hart Company, Inc. (the “Developer”) to provide support of a transformative redevelopment project at a <br />property on the west bank of the St. Joseph River (the southern half of the Crowe campus). The Developer will <br />demolish the existing south building and construct 2 new multi-family residential buildings (291 total <br />apartments) and a 398-space parking garage. <br />The Development Agreement specifies the funding support provided by the Commission to the Developer will be <br />in the form of Pledged TIF Revenues, which will consist of a percentage of incremental property tax revenue for <br />the Riverwalk Allocation Area generated by the development. The bond will generate $14,845,000 in net <br />proceeds at closing to unlock the project with $29,748,550 in debt service obligations over 20 years, funded <br />entirely from property tax increment generated by the development. <br />The City will also undertake the necessary public infrastructure improvements including utilities and streets to <br />support the Project. The street network established and utilities installed will also complement future <br />development in the River Glen office park area to the south. In the event of a material default by the Developer, <br />the City would be entitled to be reimbursed for its actual costs expended in furtherance of the necessary public <br />improvements. <br />The Developer commits to invest no less than $61.5 million and complete the project by the end of 2028. <br />_________________________Pres/V-Pres <br />ATTEST: __________________Secretary <br />Date: ____________________ <br /> APPROVED Not Approved <br />SOUTH BEND REDEVELOPMENT COMMISSION <br />January 9, 2025 <br />