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CITY OF SOUTH BEND REDEVELOPMENT COMMISSION REGULAR MEETING – March 27, 2025 <br /> <br />4 <br /> <br />state. In November 2022, they were awarded low-income housing tax <br />credits. In February 2024, the purchase agreement was amended to <br />separate the closing dates for the low-income housing tax credit <br />project and the market rate parcels, providing some context for our <br />current situation. Mr. Molnar explained that in 2024, the <br />Redevelopment Commission transferred the LIHTC parcel, and <br />construction began in the fall of that year. The estimated completion is <br />by the end of 2025, and the project is progressing well. He shared <br />some photos, showing that the market rate portion was delayed due to <br />the findings from the phase one and phase two environmental <br />assessments. Environmental cleanup was necessary for that part of <br />the parcel, which is why we originally decided to split the project. Mr. <br />Molnar explained that the Indiana Brownfields program, a state <br />initiative, funded and carried out the work, making it a beneficial <br />partnership with the state. In total, 189 tons of hazardous lead- <br />contaminated soil and over 1,300 tons of non-hazardous lead- <br />contaminated soil, which still exceeded residential limits, were <br />excavated. Approximately 1,500 tons of soil were removed from the <br />site, requiring over 68 truckloads. The total cost of the cleanup reached <br />about $250,000, which was covered by Indiana Brownfields, benefiting <br />both the developer and the Redevelopment Commission (RDC). <br />Although the cleanup is officially complete, we are awaiting the final <br />release of the site in the form of a comfort letter from Indiana <br />Brownfields. They have communicated via email to both Real America <br />and the city that the approval is forthcoming. The final steps are <br />expected to be completed by April 2025. Indiana Brownfields has <br />indicated that since the RDC was the initial owner, they prefer the RDC <br />to maintain ownership until the comfort letter is issued. <br /> <br />Secretary Wax asked if this is the last step before closing and Mr. <br />Molnar stated yes, and they have full-build plans as well. Vice <br />President Relos asked if the hole would need to be filled and Allison <br />Doctor, Project Manager confirmed that it has already been backfilled. <br /> <br />Upon a motion by Eli Wax for approval, seconded by Gillian Shaw, the <br />motion carried unanimously; the Commission approved the Purchase <br />Agreement as presented on March 27, 2025. <br /> <br />2. Development Agreement (Milkweed Gardens Inc.) <br /> <br />Joseph Molnar, Assistant Director of Growth and Opportunity, <br />presented this agreement with EmpowerHer Development LLC, <br />Milkweed Gardens Inc. and Herstoric Properties LLC for the <br />Restoration of 512, 516, 520, and 530 S. Michigan St. The proposed <br />development agreement with the above developers will help lead to the <br />renovation of two buildings located at 530 S. Michigan and 516 S.