EDC Minutes 7.9.2024 - Laserfiche WebLink

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CITY OF SOUTH BEND I ECONOMIC DEVELOPMENT COMMISSION July 9, 2024 The motion carried with 4 YEAs and 1 Abstain; the Commission approved Resolution No. 2024-2 on July 9, 2024. E. Presentation of Project: Affordable HomeMatters Indiana LLC / Intend Indiana (Lincoln Park Project) Mr. Glavich, Director of Growth and Opportunity, presented on the Lincoln Park Project. A map was shown as to where the development will take place. Project cost is $25.01M and the City would support the project through a $S.OM EDC statute forgivable loan. Money would be disbursed annually at a maximum of $1.125M per year. Private investment commitment is $20.OM and committed completion date is end of 2029. 92 homes will be built. The Board of Public Works recently approved the transfer of 43 vacant lots to Intend Indiana for the project. At least 40 of the homes will be sold to households earning less than 80% AMI; at least 17 homes will be sold to houses earning 80-12% AMI; and the remaining homes would be sold at market -rate. On June 27 the Redevelopment Commission approved a development agreement that authorized the $S.OM of TIF funds and established the commitments of Intend Indiana. The Redevelopment Commission also approved a resolution that authorized the TIF funds to be used through the form of a forgivable loan. The ordinance was introduced at the July 8 Common Council meeting and received its first reading. Secretary Renata Matousova asked if the draws on the loan would be based on the building of a house. Mr. Bauer explained that the developer would be able to draw up to $1.125M at the beginning of the construction season and that the amount would be subject to an annual appropriation from the Redevelopment Commission. President Cecilia Lopez Monterrosa asked about the developer's plans and how many homes they hope to build. Mr. Bauer indicated the developer plans to build 20 homes in the first year. F. Public Hearing regarding loan A notice was published in the South Bend Tribune on June 28, 2024, regarding the public hearing on the Affordable HomeMatters Indiana LLC / Intend Indiana loan. A Public Hearing regarding the loan was opened up to the public for comments and considerations. No comments were made by the public. The Public Hearing was closed.