2A Redevelopment Commission Minutes 2.27.25 - Signed

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CITY OF SOUTH BEND REDEVELOPMENT COMMISSION REGULAR MEETING – February 27, 2025 4 No. 3630 that the RDC is asked to consider is called the TIF pledge and is aligned with the development agreement. Commissioner Gooden-Rodgers asked about the rendering of the complex and Chandler Sturgis with J. C. Hart Company stated that it is an accurate picture from their architect. President Warner asked about the timeline of the project an Mr. Sturgis stated that it’s contingent upon the City completing the utility work underneath the site and then the real construction can start and would take approximately 30 months. He explained that the parking garage would take 12 months, and the E- shaped building would take approximately 20 months to complete. Mr. Sturgis also wanted to add that the company has been in business since 1976, has won many architectural awards and currently has over 7,000 units in Indiana and Ohio. President Warner also stated that the RDC owns three buildings to the South of this site and hopes in the future to develop that into housing, commercial or restaurants. Secretary Wax asked what happens if there is an excess of 90% of the TIF revenues in the next 20 years. Tom Everett, Barnes & Thornburg LLP explained that the City can use those to redeem the bonds early and then with respect to the 4% that is retained by the Commission, which will then become 10% after that 6% drops that can be used by the Redevelopment Commission for any purposes under the redevelopment statute and would stay in the allocation area. Mr. Everett also clarified that the bonds are anticipated to run the full period of the 25-year allocation area under the development agreement and that will be how the bonds are structured. Secretary Wax also asked if the City has any ideas for future plans in the area and Mr. Glavich stated that the City did not. Secretary Wax also asked if the City has any plans to redevelop the rest of the riverwalk itself and Sarah Schaefer, Deputy Director of Community Investment, stated that we do have some initial designs and plans but have not secured the funding yet, however, some of the potential excess could go to that. Commissioner Shaw reiterated, $5 million from the READI 2.0 grant will finance the utility relocation, $61.5 million is J. C. Harts obligation per the development agreement and the City will use $1.3 million for the wrapped parking garage, and the RDC would not be at risk. Vice President Relos asked what the next steps are, and Mr. Molnar explained that the Resolution would be recorded with the County, filed with the Department of Local Government Finance 2025 (DLGF) and the assessed value would be from this past January 1. In January of 2026, the assessed value will be re-assessed after demolition and the same process will again take place. A notice was published in the South Bend Tribune on February 14, 2025, regarding the public hearing to consider further the Amendment