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February 12, 2024 <br /> <br /> <br />Commissioner Zapata asked about background of RealAmerica. <br /> <br />Mr. Surak stated that they are a vertically integrated real estate development and <br />construction and different company, and the company was started about almost thirty <br />years ago by Ronda, Shrewsbury with the intent and purpose of developing affordable <br />housing throughout the state of Indiana. <br /> <br />Shortly after the development company was created, the RealAmerica management was <br />started to manage the properties that we opened and make sure that they are being held <br />to the same standards of which we were, you know, developing and building the <br />properties too. Shortly after that RealAmerica construction was created to be the general <br />contractor on all of the projects. To date we have done approximately forty development <br />and ninety-six of those are affordable housing developments utilizing low-income housing <br />tax credits. <br />We have done several market rate and what we what we would kind of call missing metal <br />market rate developments where one of which is the LaSalle and hotel conversion . <br /> <br />We have done similar projects in Fort Wayne and then we've done a mix of middle market <br />rate senior housing at affordable rates. We hate projects from South Bloomington, <br />Columbus, Indianapolis to South Bend and Elkhart. <br /> <br />Legacy25 is a non-profit organization that is affiliated with RealAmerica that provides <br />services to residents. RealAmerica is a for profit organization. <br /> <br />Secretary Renata Matousova asked if market research was done into the demand for <br />apartments in the area. <br /> <br />Mr. Glavich stated yes there is still a significant need for both market rate and affordable <br />housing. <br /> <br />Motion was made by Commissioner Morton and seconded by Secretary Renata <br />Matousova, the motion carried unanimously, the Commission approved the <br />project report for RealAmerica on February 12, 2024. <br /> <br />C. Public Hearing regarding loan <br />A notice went out on January 28, 2024, regarding the public hearing on the RealAmerica <br />loan today. <br /> <br />A Public Hearing regarding the loan was opened up for Commission comments and <br />considerations. No Comments were made. The Commission portion was closed. <br /> <br />A Public Hearing regarding the loan was opened up to the public for comments and <br />considerations. No Comments were made by the public. The Public Hearing was closed. <br /> <br />D. Presentation of form of loan agreement and form of Ordinance <br />Mr. Erik Glavich Presented a Presentation of form of loan agreement and form of <br />Ordinance. See above presentation by Mr. Glavich and Mr. Surak. <br /> <br />Motion was made by Commissioner Morton and seconded by Secretary Renata <br />Matousova, the motion carried unanimously, the Commission approved form of