Laserfiche WebLink
CITY OF SOUTH BEND REDEVELOPMENT COMMISSION REGULAR MEETING – November 24, 2025 <br /> <br />Page | 10 <br /> <br /> <br />Mr. Bauer’s response was: <br />• The amounts are pro-rated based on revenues from each <br />development area, about 1% of each area’s revenue. <br />• This is a one-time allocation to create funds. As projects move <br />forward, we’ll reimburse the account when development agreements <br />include appropriations. <br />• For very large projects, additional funding will still be needed later <br />for full design work. <br />• This fund is only for early-stage due diligence—like cost estimates <br />and preliminary analysis, so agreements we bring to the Commission <br />are accurate and minimize future surprises. <br />• The goal is to avoid coming back for extra appropriations by having <br />better estimates upfront and more precise underwriting. <br /> <br />The biggest benefit of this fund will be for market-rate multifamily <br />projects. It allows us to compare the developer’s proposed rent <br />expectations with what our own market analysis suggests. This ensures <br />the numbers align—or, if they differ, that there’s a clear and legitimate <br />explanation. <br /> <br />Secretary Wax asked if this is a one-time allocation to fully fund the <br />account at this level. However, some expenses may not be reimbursed <br />during the year, so we might need to top it off next year. Mr. Bauer <br />explained we’ll report back around this time next year with a full update <br />as part of the annual spending report, including: <br />• How the pre-development services account was used <br />• Current balance <br />• Whether additional funding is needed <br />To clarify, we do not expect to request 1% of revenues from each district <br />every year—this is not an ongoing annual appropriation. <br /> <br />Matt Barrett asked will the $350,000 be combined or kept separate by <br />district? And will there be public announcements when funds are used <br />for a project? <br />Mr. Bauer answered: <br />• The funds will be district-specific, not commingled. For example, <br />River West has a larger share because more projects are located <br />there. <br />• All claims will still come before the Commission for approval. <br />• For Commission-owned properties, we will continue to use the RFP <br />process to attract multiple proposals.