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CITY OF SOUTH BEND REDEVELOPMENT COMMISSION REGULAR MEETING – November 24, 2025 <br /> <br />Page | 15 <br /> <br />• 2024 actual revenues were much higher than projected because <br />December disbursements—especially in River West, River East, and <br />South Side—exceeded expectations. <br />• For 2025, we estimate $41.6M using the same method, then add 3% <br />for 2026. Actual numbers may be higher once December <br />disbursements come in. <br />• We’ll provide a district-level breakout in the annual TIF management <br />report, which is published after neutralization in the Spring and <br />presented to both RDC and Common Council. <br />We’ll also review why 2024 revenues were so strong and confirm if <br />adjustments to the formula are needed. <br /> <br />Motion was made by Gillian Shaw to approve and request more <br />information as to our December 2025 revenues in January 2026, second <br />by Ophelia Gooden-Rodgers. <br /> <br />On the motion: <br />• Eli Wax, Secretary: Yea <br />• Gillian Shaw, Commissioner: Yea <br />• Ophelia Gooden-Rodgers, Commissioner: Yea <br /> <br />The motion carried; the Commission approved Resolution No. 3658 as <br />presented on November 24, 2025. <br /> <br />6. Progress Reports <br />A. Tax Abatement <br />None <br /> <br />B. Common Council <br />None <br /> <br />C. Other <br />Joseph Molnar, Assistant Director of Growth and Opportunity, gave an <br />update, the state has announced winners of the Low-Income Housing Tax <br />Credit (LIHTC) competitive awards, which provide federal tax credits for <br />affordable housing projects. <br /> <br />Key Highlights for South Bend: <br />• Three projects in South Bend received awards, the most in city history <br />and tied with Indianapolis for the highest number statewide. <br />• Total investment: $75 million for 272 new affordable housing units <br />across various income levels (30%–80% AMI), including permanent <br />supportive housing.