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CITY OF SOUTH BEND REDEVELOPMENT COMMISSION REGULAR MEETING –January 9, 2025 <br /> <br />5 <br /> <br />to a loan agreement to the developer. The obligation is for the City to <br />act as a conduit, essentially, the City is not at risk. Mr. Bauer explained <br />that this plays into the broader strategy in the downtown area of adding <br />housing units that will enhance again the viability of retail and <br />restaurants and then bring more full-time employees back into the <br />downtown area from large employers as well as providing housing for <br />all income levels. <br /> <br />Matt Barrett asked that residential property does not increase in value <br />and does not affect TIF zones. Mr. Bauer clarified that single family <br />residential only applies to this not apartments which are considered <br />commercial property, but this project would be considered commercial <br />property. Mr. Matt Eckerle, with Baker Tilly stated that apartment <br />complexes are assessed at 2% tax cap rules. Tina Patton asked about <br />how long until the complex should be fully occupied, and Mr. Sturgis <br />stated that there are many variables however, roughly 42 months from <br />the Summer of 2025. Ms. Julie Morgan via Teams chat asked if there <br />would be handicapped accessible units planned and Mr. Sturgis stated <br />per building codes there would be 4 ground units and possibly more <br />with the elevator. Commissioner Relos asked about the progress of the <br />survey and Mr. Bauer stated the survey is on-going. <br /> <br />Upon a motion by Eli Wax for approval, seconded by David Relos, the <br />motion carried unanimously; the Commission approved Resolution No. <br />3626 as presented on January 9, 2025. <br /> <br />2. Resolution No. 3627 Establishing New Allocation Area (J.C. Hart <br />Company) <br /> <br />Upon a motion by Eli Wax for approval, seconded by David Relos, the <br />motion carried unanimously; the Commission approved Resolution No. <br />3627 as presented on January 9, 2025. <br /> <br />3. Bid Specifications for Disposition of Property (808 S. Lafayette Blvd.) <br /> <br />Joseph Molnar, Assistant Director of Growth and Opportunity, <br />presented together Items 6A3, 6A4 and 6A5. The Bid Specifications & <br />Design Considerations, Notice of Intended Disposition, and Resolution <br />No. 3625 to begin the Disposition process for the property at 808 S. <br />Lafayette Blvd. have already been through the disposition process and <br />are tabled. <br /> <br />Upon a motion by Eli Wax to table Items 6A3, 6A4 and 6A5, seconded <br />by Troy Warner, the motion carried unanimously; the Commission <br />tabled Items 6A3, 6A4 and 6A5 on January 9, 2025. <br />