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CITY OF SOUTH BEND REDEVELOPMENT COMMISSION REGULAR MEETING – April 24, 2025 <br /> <br />5 <br /> <br />issuance of TIF revenue bonds. This would be the final public step <br />needed. Mr. Molnar also noted the Public Hearing will follow. <br /> <br />Vice President Relos asked about when the IEDC Board approval <br />would happen for the grant. Caleb Bauer, Executive Director of <br />Community Investment, stated possibly this summer. Commissioner <br />Gooden-Rodgers inquired about the likelihood of us receiving the <br />grant. Mr. Bauer stated that we don't have an exact date for the <br />approval from the IEDC board for the grant, but the Ready 2.0 blight <br />and redevelopment funds are administered by the state of Indiana and <br />IEDC. These funds come from the Lilly Endowment. The statewide <br />READI 2.0 blite program has $500 million, and an additional $250 <br />million was contributed to other state-run programs by Lilly <br />Endowment. This means the funds are not dependent on the state <br />budget. Although the IEDC board still needs to sign off, we are <br />confident we will get the contract. We're just sharing that it hasn't been <br />signed yet, but we're working towards that. <br /> <br />Secretary Wax asked, “Do you have an estimate of how much <br />additional funding is needed to get the project ready for development”? <br />Mr. Molnar stated that we don't have a specific number right now, but <br />we estimated $6 million for public utilities. With $3.5 million from the <br />grant and $2.5 million from the loan, we're close to that amount but not <br />quite there. Sarah Schaefer, Deputy Director of Community <br />Investment, stated we're not aware of any other major expenses <br />needed to prepare the project, though it's early stages and costs can <br />increase. We believe $6 million should cover most of what we need, <br />but we'll monitor any additional funding requirements. <br /> <br />Commissioner Shaw inquired about the $3.5 million from the Lilly <br />Endowment for READI 2.0, does it have the same matching <br />requirements as the rest of READI 2.0? Is it true that this loan can <br />serve as a match? Are there other private investment requirements we <br />need to meet to unlock these additional funds? Mr. Bauer explained <br />yes, our submission included the capital stack for the development <br />site, using two nonprofit developers: South Bend Heritage and Intend <br />Indiana. However, until we have signed contracts and development <br />agreements, these details aren't finalized. We're still negotiating, but <br />we aim to secure the loan quickly. The IFA is eager to move forward, <br />and we feel confident about closing the loan and continuing <br />negotiations while signing the contract with the IEDC. We have <br />agreements coming before the Commission that will solidify all private <br />investments related to this site. <br /> <br />Matt Barrett asked where the remaining $1 million will come from and <br />will we satisfy the 6-month term from the bond agreement. Caleb