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CITY OF SOUTH BEND REDEVELOPMENT COMMISSION REGULAR MEETING – March 27, 2025 <br /> <br />7 <br /> <br />a significant increase in parking with the new City Hall needs at the <br />MLK and Wayne parking garage for city employees and attendees of <br />public meetings. We anticipate a large surplus of parking in that <br />garage. Bringing this garage online, especially with all the <br />developments happening just to the south, will provide an excellent <br />parking option for people coming downtown. This will be particularly <br />beneficial on busy days at the library, such as during science fairs, <br />when parking extends for blocks in every direction. Getting this garage <br />operational will be very helpful. <br /> <br />The Vice President Relos inquired about which elevator was being <br />discussed, and Mr. Molnar clarified that it is the main elevator that <br />goes to the top deck. Secretary Wax asked if the garage would be <br />managed by the same company as the other garages. Mr. Molnar <br />confirmed that it would, under the same agreement with VPA and LAZ. <br /> <br />Secretary Wax then inquired about the revenues generated, and Mr. <br />Molnar explained that the revenues would go towards maintenance. <br />Mr. Wax also asked if there would be a capital campaign to promote <br />these garages and highlight their affordability. Mr. Molnar stated that <br />the new General Manager from VPA aims to rejuvenate and promote <br />downtown parking options to ensure the garages are more utilized. <br />Commissioner Gooden-Rodgers asked if there would be any cost <br />savings by replacing both elevators at the same time. Mr. Molnar <br />responded that there would not be. <br /> <br />Upon a motion by Eli Wax for approval, seconded by Gillian Shaw, the <br />motion carried unanimously; the Commission approved the Budget <br />Request as presented on March 27, 2025. <br /> <br />B. Administrative <br /> <br />1. Fiscal Report for the Redevelopment Commission <br /> <br />Erik Glavich, Director of Growth and Opportunity, presented the fiscal <br />report which Indiana Code requires from the fiscal officer. We reviewed <br />the incremental property tax revenues for the past year compared to <br />2023. This review focused solely on incremental tax revenue and did <br />not include grants or other items. The report shows a significant <br />increase in expenses, nearly 60% higher in 2024 compared to 2023. <br />This increase is detailed in the report, and I can provide further insights <br />into where these expenses originated. Regarding debt service, I <br />included the projected 2025 debt service, which is not in the report's <br />table but gives an idea of this year's debt service payments. For the <br />recently approved Riverfront allocation area, the city will pay interest <br />only on the debt, approximately $460,000 per payment, totaling