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08-25 Authorizing the City to Issue One or More Series of its Taxable Economic Development Tax Increment Revenue Bonds and Approving and Authorizing Other Actions in Respec Thereto in Connection With the J. C. Hart Development Project
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08-25 Authorizing the City to Issue One or More Series of its Taxable Economic Development Tax Increment Revenue Bonds and Approving and Authorizing Other Actions in Respec Thereto in Connection With the J. C. Hart Development Project
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2/19/2025 11:09:27 AM
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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 />
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