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CITY OF SOUTH BEND REDEVELOPMENT COMMISSION REGULAR MEETING –June 12, 2025 <br /> <br />3 <br /> <br />5. New Business <br /> <br />A. River West Development Area <br /> <br />1. Resolution No. 3643 (Regarding the Establishment of a Residential <br />Housing Development Program) <br /> <br />Joseph Molnar, Assistant Director of Growth and Opportunity, <br />introduced a Resolution outlining the necessary steps to establish a <br />Residential Housing Development Program. This includes issuing <br />public notice and initiating a three-month process. The Resolution <br />serves as the first formal step and authorizes RDC staff to begin <br />implementation. Mr. Molnar also gave a brief overview about how <br />Residential TIF’s function. <br /> <br />The Lincoln and Kennedy Park Neighborhoods currently have a high <br />vacancy rate, with approximately 50% of unoccupied lots. In <br />response, Intend Indiana plans to construct at least 92 new housing <br />units in the area over the next five years. Additionally, the newly <br />opened MLK Dream Center is located within the neighborhood. These <br />major investments are expected to catalyze further residential infill <br />development, helping to stabilize the community and activate <br />underutilized land. <br /> <br />To support this momentum, staff propose the creation of a Residential <br />Housing Development Program targeting specific parcels in the Lincoln <br />and Kennedy Park neighborhoods. The program would facilitate the <br />construction of new homes and the renovation of existing ones. It <br />would also enable the capture of tax increment from new <br />developments, allowing those funds to be reinvested directly into the <br />neighborhood. <br /> <br />This initiative would form a new residential-focused subset within the <br />broader River West Economic Development Area. Functioning as a <br />distinct residential TIF district, it would complement the existing <br />commercial-oriented River West TIF by concentrating solely on single- <br />family housing development. Mr. Molnar also shared the schedule of <br />the steps in this process of establishing a Residential TIF. <br /> <br />Tom Everett, with Barnes & Thornburg LLP explained that in 2019, the <br />Indiana state legislature amended the Statute to authorize the creation <br />of residential Tax Increment Financing (TIF) areas, aiming to stimulate <br />new housing development across the state. As the city recognizes this <br />need, it is proposing to do exactly what the legislature intended— <br />establish a residential TIF area to capture the incremental assessed <br />value generated by new development. Vice President Relos asked if