EDC Minutes 7.9.2024 - Laserfiche WebLink

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REPORT OF THE SOUTH BEND ECONOMIC DEVELOPMENT COMMISSION CONCERNING THE PROPOSED FINANCING OF ECONOMIC DEVELOPMENT FACILITIES FOR J.C. HART COMPANY, INC. The South Bend Economic Development Commission (the "Commission") proposes to recommend to the Common Council of the City of South Bend, Indiana (the "City"), that it provide the net proceeds of certain taxable economic development tax increment revenue bonds (the "Bonds") to J.C. Hart Company, Inc. (together with any affiliate thereof, collectively, the "Developer") for the financing of a portion of certain economic development facilities consisting of the development and construction of mixed -use development in the City. In connection therewith, the Commission hereby reports as follows: A. The proposed economic development facilities consist of the development and construction of 2 buildings housing approximately 291 apartments and an approximately 398 space structured garage which shall be located in the Riverwalk Allocation Area designated by the South Bend Redevelopment Commission (collectively, "Project"). B. The Commission estimates that except for those public works and services for which funds of the City and other parties are expected to be available, there are no public works or services, including public ways, schools, water, sewer, street lights and fire protection, which will be made necessary or desirable by the Project, because any such works or services already exist or will be provided from proceeds of the Bonds or by the Developer or other parties. C. The Commission estimates that the total costs of the Project, including capitalized interest on the Bonds, and costs related to the issuance of the Bonds, for which funding is not otherwise available will not exceed $17,000,000. D. The Commission estimates that completion of the Project will result in the creation of approximately six (6) new permanent full-time jobs with average annual salaries ranging from $39,400 to $70,100 and approximately 225 temporary construction jobs having an average hourly rate of $65.00 and that the Project will result in the expansion of further business opportunities in the City. E. The Project will have not have an adverse competitive effect on similar facilities already constructed or operating in the City as the project will compliment similar facilities and provide further opportunities for residential, retail and commercial growth in the City. [SIGNATURES FOLLOW ON NEXT PAGE]