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CITY OF SOUTH BEND REDEVELOPMENT COMMISSION REGULAR MEETING – March 27, 2025 <br /> <br />3 <br /> <br />stemming from a fire in the 1930s, and the subsequent repairs do not <br />meet current standards. He also mentioned that the atrium space poses a <br />challenge as it is not rentable and negatively impacts the pro forma <br />numbers. Secretary Wax asked if there were any other developers or <br />ideas for the building that would preserve the skylight. Mr. Molnar <br />responded that there is no set plan at this time but emphasized the <br />building's historic value due to its civil rights heritage. <br /> <br />Commissioner Gooden-Rodgers inquired about the age of the building <br />and suggested that demolition might be a better path forward. Mr. Molnar <br />explained that the first two floors were constructed in 1898, with the top <br />three floors added in 1901. He noted that the building might be better <br />suited for offices due to their lighter structural weight. However, he <br />emphasized that demolition is not preferred because of the building's <br />historic value. He also mentioned that the building is currently not <br />deteriorating since the RDC replaced the roof, fixed the skylight, and <br />drainage system when we purchased it. Mr. Molnar also assured the <br />Commission that people are not accessing the building due to securing <br />entrance points and vandalism is not an issue. <br /> <br />Commissioner Ellison inquired whether a project could now include both <br />the Lafayette building and the church to the north. Mr. Molnar responded <br />that this could be a possibility since the purchase agreement has been <br />terminated. Councilwoman Rachel Tomas Morgan asked about the City's <br />investment in the building. Mr. Molnar stated that the City invested <br />$750,000 from a tax sale by the County in 2018 and has also removed <br />interior asbestos contamination along with other improvements. <br />Councilwoman Morgan expressed her support for preserving the building. <br /> <br />5. New Business <br /> <br />A. River West Development Area <br /> <br />1. 7th Amendment to Purchase Agreement (Real America Development, <br />LLC) <br /> <br />Joseph Molnar, Assistant Director of Growth and Opportunity, <br />presented the 7th. Amendment for the extension of the closing date for <br />market rate parcels until July 31st, 2025. Mr. Molnar recapped and <br />gave some insights into what's transpired over the past nine months. <br />The Redevelopment Commission entered into a purchase agreement <br />with Real America Development, LLC back in 2021 for a combined <br />low-income housing tax credit and market rate apartments project. This <br />project was planned to include a total of 150 units, with 60 being <br />affordable income-restricted and 90 being market rate. The agreement, <br />initiated in 2021, allowed them two years to apply for credits with the