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CITY OF SOUTH BEND REDEVELOPMENT COMMISSION REGULAR MEETING –June 12, 2025 <br /> <br />5 <br /> <br />Erin Michaels, Property Development Manager, presented a proposed <br />Purchase Agreement for RDC-owned parcels located at 2018–2020 S <br />Main St. The agreement is with KCG Development LLC, which plans to <br />apply for low-income housing tax credits to support the construction of <br />a multi-family housing development. The project will include a <br />minimum of fifty (50) affordable, income-restricted units. <br /> <br />The sale of the property is contingent upon KCG Development being <br />awarded the Low-Income Housing Tax Credits (LIHTC), which are <br />expected to be announced in November of 2025 and 2026. The <br />agreement includes a purchase price of $1,000 and requires a <br />minimum investment of $14 million. Project completion is expected <br />within thirty (30) months of the Construction Commencement Date. <br /> <br />Megan Schuetz, with KCG Companies stated they're looking forward to <br />an opportunity to bring additional affordable housing into that <br />neighborhood and it would be the first affordable housing in that <br />census tract. Ms. Schuetz states KCG covers ten (10) states, and this <br />is their first affordable housing project in Indiana. Secretary Wax <br />inquired about a development agreement for this project and Mr. <br />Molnar stated that yes in the future one will be brought to the <br />Commission for their review, but this would occur after LIHTC credits <br />were awarded for the project. <br /> <br />The development of a new apartment building on currently vacant land <br />will bring renewed vitality to the Main Street corridor and provide much- <br />needed quality affordable housing. Staff recommend approval of the <br />agreement. Also noted at the meeting, the funding will be from the <br />South Side TIF not River West development area. Vice President <br />Relos asked if the property would need to be re-zoned and Mr. Molnar <br />stated that yes and it would need to go back to Council for approval. <br /> <br />Upon a motion by David Relos for approval, seconded by Gillian Shaw, <br />the motion carried unanimously; the Commission approved the <br />Purchase Agreement as presented on June 12, 2025. <br /> <br />4. Opening of Bids (4022 Old Cleveland Rd.) <br /> <br />Joseph Molnar, Assistant Director of Growth and Opportunity, stated <br />we received no bids prior to the deadline. Mr. Molnar stated that staff <br />have a 30-day waiting period before the Commission could enter into <br />any purchase agreement <br /> <br />5. Budget Request (Dylan Dr. Lighting Improvements) <br />