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CITY OF SOUTH BEND REDEVELOPMENT COMMISSION REGULAR MEETING – December 18, 2025 <br /> <br />Page | 6 <br /> <br />Commissioner Shaw asked, does establishing these new allocation areas <br />remove them from the existing River West allocation area entirely, or <br />does it simply reset the base so that we can capture both sales-tax <br />increment and property-tax increment from these parcels? Mr. Bauer <br />stated that it simply creates the new master allocation area. It does not affect <br />our ability to capture the state sales-tax increment. These boundaries define <br />the Innovation Development District, so anything located within these <br />published allocation areas will be eligible for state reporting and for <br />capturing incoming sales-tax increment. <br /> <br />Item 5A2 is an Economic Development Agreement for Colfax Corner <br />ML, LLC. Caleb Bauer covers the project located at the former Tribune <br />building and the Main Street Row site. The project will be anchored by <br />the University of Notre Dame, which acquired the property a few years <br />ago and is partnering with Ancora, a national private developer with <br />experience in northern Indiana, including the Electric Works project. <br />Colfax Corner will bring together university research, industry partners, <br />and private-sector tenants in the heart of downtown. The project is <br />expected to support more than 400 full-time employees in over 200,000 <br />square feet of space. <br /> <br />The existing Tribune building will be renovated, and a new multi-story <br />office building will be constructed on the Main Street Row site, <br />connected by an activated courtyard with mid-block pedestrian access. <br />This is a major investment—approximately $154 million—making it the <br />largest downtown development since Memorial Hospital’s patient <br />tower. Over the next decade, it is projected to generate at least $750 <br />million in direct economic impact. About one-third of the space will <br />house university functions, with the remaining two-thirds for industry <br />partners the university is currently working to secure. The development <br />also includes community-focused components, including partnerships <br />with the Boys & Girls Club and South Bend City Church, as well as plans <br />to attract additional tenants to the district and use 90% of our local labor <br />force. Also, we will purchase a developer-backed bond of up to $30.8 <br />million value with a shared solution for planning around stormwater <br />management with a separate timeline as Resolution No. 3661. <br /> <br />Peter Isaac and Tom Sardelli, with Ancora spoke on behalf of the project. <br />Commissioners Relos, Gooden-Rodgers and Wax all spoke in favor of the <br />project. President Warner also thanked staff for their work. Mr. Bauer <br />also acknowledged our legislators for their involvement. <br /> <br />Upon a motion by Eli Wax for approval, seconded by Ophelia Gooden- <br />Rodgers, the motion carried unanimously; the Commission approved <br />Resolution No. 3661 as presented on December 18, 2025.