25-12 Resolution Approving a Certain Declaratory Resolution for the River West Development Area Adopted by the South Bend Redevelopment Commission

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Council must now adopt and approve the Plan Commission's resolution before the River West Development Area can be amended. This is the purpose of Bill No. 25-12. Tax increment revenues from the new Riverwalk Allocation Area would be used to support—through the issuance of taxable economic development tax increment revenue bonds—a transformative$61.5 million redevelopment project(the Riverwalk Project) led by Indiana developer, J.C. Hart Company, Inc. The company will demolish the existing vacant south Crowe building and construct two new multi- family residential buildings (291 total apartments) and a 398-space parking garage. One of the buildings will wrap the parking garage. 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 the project. The City would have no payment obligations with regard to the bonds other than a portion of the new tax increment revenues generated by the Riverwalk Project, and the developer guarantees debt service payments for the City-issued bonds. Pending adoption by the Common Council of Bill No. 25-12, the Department of Community Investment would anticipate filing an ordinance to be considered by the Common Council at an upcoming meeting that would authorize the issuance of the bonds discussed above in support of the Riverwalk Project. Sincerely, Caleb Bauer Executive Director Department of Community Investment CC: South Bend Redevelopment Commission South Bend Plan Commission J.C. Hart Company, Inc. Sandra Kennedy, Corporation Counsel