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South Bend Redevelopment Commission <br />227 West Jefferson Boulevard, Room 1308, South Bend, Indiana <br />o Change the minimum number of units dedicated to households at 50% or lower AMI to 24 units, <br />with an additional 21 residential units dedicated to households at 80% or lower AMI (original <br />agreement committed 23 units for 50% or lower AMI and an additional 23 units for 80% or lower <br />AMI). <br />As with the original agreement, the Commission support is provided through the Developer in the form of a <br />forgivable loan. If the Amendment to Development Agreement is adopted, the Developer would no longer be <br />required to incorporate masonry features preserved from the former buildings that once stood on the site. <br />In alignment with the Real Estate Purchase Agreement, as amended, the Developer agrees to complete the <br />project within 36 months of the Closing Date. <br />Staff recommends approval of Resolution No. 3639. The Monreaux project is vital to the stabilization and <br />continued growth of the southern end of downtown South Bend. In addition to providing needed affordable <br />housing options, the project along with others in the area will be transformative.