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CITY OF SOUTH BEND REDEVELOPMENT COMMISSION REGULAR MEETING – April 10, 2025 <br /> <br />2 <br /> <br /> <br />A. Approval of Minutes of the Regular Meeting of Thursday, March 27, 2025 <br /> <br />Upon a motion by David Relos for approval, second by Eli Wax, the <br />motion carried unanimously with one notation of Charity Stowe’s last <br />name was spelled incorrectly; the Commission approved the minutes of <br />the regular meeting of March 27, 2025. <br /> <br />3. Approval of Claims <br /> <br />A. No Claims Allowances <br /> <br />4. Old Business <br /> <br />A. None <br /> <br />5. New Business <br /> <br />A. River West Development Area <br /> <br />1. Resolution No. 3633 (Tax Increment Revenue Bonds for <br />Drewrys/Portage Elwood) <br /> <br />Joseph Molnar, the Assistant Director of Growth and Opportunity, <br />presented a resolution regarding tax increment revenue bonds. He <br />explained that the Residential Infrastructure Fund (RIF) program, <br />managed by the Indiana Finance Authority (IFA), provides fin ancial <br />support to municipalities for residential housing construction. The <br />bonds have a 20-year term, with an interest rate to be determined at <br />closing, not exceeding 5.5%. In January 2025, the City was awarded <br />$2.57 million for the Drewrys/Portage Elwood site, which will include 89 <br />single-family homes and 21 multi-family units. <br /> <br />Mr. Molnar explained Resolution No.3633 would authorize the <br />preliminary determination to issue bonds up to a maximum amount of <br />$2.57 million. This funding would be allocated exclusively to the City to <br />support infrastructure and other site work. The bond payments would <br />be made from the River West Development area. Both parcels <br />involved are located within the River West TIF. The resolution also <br />authorizes the notice of a public hearing, notice of decision, and any <br />necessary actions to facilitate the issuance of the bonds. After <br />approval today, the next steps will be to approve the bond resolution, <br />appropriation resolution and the Common Council to approve issuance <br />of the TIF revenue bonds. <br />