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CITY OF SOUTH BEND REDEVELOPMENT COMMISSION REGULAR MEETING – February 27, 2025 <br /> <br />6 <br /> <br />partner and will be coming to provide an update in person soon. After <br />the RDC took ownership in August of 2024, there were many points of <br />entry, and the building was difficult to secure. In the Fall of 2024, <br />funding was approved for the demolition of the building and Mr. Molnar <br />shared photos of the cleared site and stated that nearby neighbors are <br />happy with the project. He also stated that the project came in slightly <br />under budget and all excess funds will be returned to the River East <br />TIF fund. The next steps will be in the Spring of 2025, the property will <br />be up for sale and go through the disposition process per state law at <br />the assessed value and if no minimum bids are received, City staff will <br />proceed with a request for proposals in the Summer of 2025. Vice <br />President Relos asked if we have received inquiries and Mr. Molnar <br />stated yes. Secretary Wax asked if the RDC is obligated to take the <br />highest bid and Mr. Molnar explained that staff can make <br />recommendations as well as reject all bids. He explained that he is <br />hopeful that this will be a very attractive site for developers since it’s <br />located on the river and there are many draws to this area. <br /> <br />Sarah Schaefer, Deputy Director of Community Investment, also <br />wanted to thank Zach Hurst, Senior Engineer, for his leadership and <br />hard work with all of the unique difficulties with this challenging project. <br />Secretary Wax also thanked everyone from the City for the exciting <br />progress in this entire area. <br /> <br />7. Progress Reports <br /> <br />A. Tax Abatement <br /> <br />Erik Glavich, Director of Growth and Opportunity, stated The Common <br />Council approved 3 declaratory resolutions for tax abatements, two <br />concerned the Inwood’s building at 425 S. Michigan St. that has been <br />vacant for 25 years and needs care. Penny Hill Homes, a female owned <br />company purchased the building. The first was a vacant building which <br />abates existing taxes over the next two years as well as a 10-year real <br />property tax abatement that would abate the new incrementally assessed <br />value of the building. The Council also approved a 7-year abatement for <br />the new headquarters for HRP Construction, which are consolidating their <br />operations to a new campus within the City limits in South Bend on the far <br />West side which has been annexed to expand their services and will hire <br />six (6) new employees. President Warner stated that these three (3) <br />resolutions total $8-10 million in private investment. Mr. Glavich also <br />stated that he will present to the Common Council the ordinance for the <br />issuance of the bonds for the River Walk project on March 10th. <br /> <br />B. Common Council <br />