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transformative $61.5 million redevelopment project(the Riverwalk Project) led by <br /> Indiana developer, J.C. Hart Company, Inc. The company will demolish the existing <br /> vacant south Crowe building and construct two new multi-family residential buildings <br /> (291 total apartments)and a 398-space parking garage. One of the buildings will wrap <br /> the parking garage. <br /> The full development of the Riverwalk Allocation Area with these improvements <br /> would not proceed as planned without the contribution of tax increment revenues to <br /> be derived from the Riverwalk Allocation Area to the project. The City would have <br /> no payment obligations with regard to the bonds other than a portion of the new tax <br /> increment revenues generated by the Riverwalk Project, and the developer guarantees <br /> debt service payments for the City-issued bonds. <br /> Should you approve this ordinance,we would anticipate closing on the bonds in late <br /> March. <br /> Sincerely, <br /> ‘ii/sZ.----.—^ <br /> Caleb Bauer <br /> Executive Director <br /> Department of Community Investment <br /> CC: South Bend Redevelopment Commission <br /> South Bend Plan Commission <br /> J.C. Hart Company, Inc. <br /> Sandra Kennedy, Corporation Counsel <br />