Resolution No. 3627 Establishing New Allocation Area (J.C. Hart Company) - Signed

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South Bend Redevelopment Commission 227 West Jefferson Boulevard, Room 1308, South Bend, Indiana Redevelopment Commission Agenda Item DAT E : 1/6/25 FROM: Erik Glavich, Director of Growth & Opportunity SUBJECT: Declaratory Resolution, Establishing New Allocation Area Funding Source* (circle) River West; River East; South Side; Douglas Road; West Washington; RDC General; Riv. East Res. * Funds are subject to the City Controller's determination of availability; if funds are unavailable, as solely determined by the City Controller, then the authorization of the expenditure of such funds shall be void and of no effect. PURPOSE OF REQUEST: Resolution to establish a new separate allocation area in the River West Development Area for the purpose of supporting redevelopment SPECIFICS: The Resolution to be presented to the Commission for consideration would amend the River West Development Area for the purpose of establishing a new allocation area to support the redevelopment of property on the west bank of the St. Joseph River. The new allocation area would be known as the “Riverwalk Allocation Area” and would be comprised of property on which the southern half of the Crowe complex currently resides. The northern Crowe building would not be included in the new allocation area. The adoption of the Resolution would begin the process of establishing a new allocation area that would dedicate Tax Increment Financing for the issuance of bonds in support of a certain redevelopment project led by Indiana developer, J.C. Hart Company, Inc. This will be an estimated $61.5 million project for the Developer and will entail the demolition of the southern Crowe building and subsequent construction of 2 multi-family residential buildings (totaling 291 apartments) and a 398-space structure parking garage. One of the apartment buildings will be wrapped around the parking garage. As stated in the Resolution, the full development of the Riverwalk Allocation Area with these improvements would not proceed as planned without the contribution of tax increment revenues to be derived from the Riverwalk Allocation Area to this project. In addition to establishing the new Riverwalk Allocation Area itself, the Resolution asserts, among other things, that the establishment of the new allocation area would promote economic growth, will be a public utility and benefit, and meets other purposes of state law, and establishes that incremental tax proceeds of the new area be paid into an allocation fund designated as the “Riverwalk Allocation Area Allocation Fund.” The new Area will result in new property taxes in the Riverwalk Project Allocation Area that would not have been generated but for its adoption. The Area’s designation would expire after 25 years. Adoption of the Declaratory Resolution by the Commission is the initial step in establishing the Riverwalk Allocation Area. Moreover, staff will present resolutions for adoption to the South Bend Plan Commission, the Economic Development Commission, and the Common Council in the next few months. APPROVED Not Approved SOUTH BEND REDEVELOPMENT COMMISSION _________________________Pres/V-Pres ATTEST: __________________Vice President Date: _______January 9, 2025_____________ 