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<br />South Bend <br />Redevelopment Commission <br />215 S. Dr. Martin Luther King, Jr. Blvd., Room 301, South Bend, Indiana <br /> <br /> <br /> <br />Redevelopment Commission Agenda Item <br /> <br />DATE : 1/5/2025 <br /> <br />FROM: Joseph Molnar, <br /> Assistant Director of Growth & Opportunity <br /> <br />SUBJECT: 2026 Appropriation for 466 Works Loan <br /> <br /> <br /> <br /> <br />Funding Source* (circle) River West; River East; South Side; Douglas Road; West Washington; RDC General; Riv. East Res. <br />* Funds are subject to the City Controller's determination of availability; if funds are unavailable, as solely determined by the City Controller, <br />then the authorization of the expenditure of such funds shall be void and of no effect. <br /> <br />PURPOSE OF REQUEST: Appropriation of $1,160,000 in funding for the EDC statute forgivable loan to <br />466 Works to build new housing on the south side <br /> <br />SPECIFICS: <br /> <br />466 Works is building 30 homes on the south side. The City is funding a portion of the construction costs <br />through a $3.5 million EDC statute forgivable loan financed by TIF revenues. Per Section 2.2B of the <br />Funding and Reimbursement Agreement between the City and the Redevelopment Commission, <br />approved in June 2024, the Commission will consider annual appropriations to reimburse the City for <br />draws on the loan to finance a portion of construction costs for the project. The annual appropriations will <br />not exceed $116,000 per house expected to be built in the ensuing year and will not exceed $3,500,000 <br />total over three years. <br /> <br />To date, five (5) homes have been completed and sold to new homeowners and eleven (11) are currently <br />under construction. The project is on pace to complete all 30 homes by the end of 2027. <br /> <br />The City is requesting appropriation of $1.16 million for construction of an additional 10 homes in 2026. <br />The specific funding for each house will not be dispersed to 466Works until proof of contract is provided <br />throughout the year. <br /> <br />Staff recommends approval. <br /> <br /> <br /> <br /> <br /> ______________ ___________Pres/V-Pres <br /> <br /> <br />ATTEST: __________ ________Secretary <br /> <br />Date: _____________ _______ <br /> <br /> APPROVED Not Approved <br />SOUTH BEND REDEVELOPMENT COMMISSION