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September 18, 2025 <br />years. <br />o This operating agreement is not part of the development <br />agreement. <br /> <br />Mr. Bauer explained the Timeline & Reporting Overview for the Facility <br />Project <br />• Construction & Opening: <br />New Day will have 36 months from the start of construction to open the <br />facility. <br />The loan agreement with the city must be signed before January 1, <br />2026 — a timeline that is considered achievable. <br />• Reporting Requirements: <br />For 10 years after the project is substantially completed, New Day will <br />need to be reported annually to the Redevelopment Commission. <br />These reports will include: <br />o Housing placement data <br />o Operational updates <br />o Benchmarks and outcomes related to services provided <br />• Operating Agreement Status: <br />The operating agreement is still being finalized with New Day. <br />It will build on the reporting terms outlined in the development <br />agreement and include more detailed expectations. <br />• Funding Breakdown: <br />The forgivable loan will be funded proportionally from three economic <br />development areas: <br />o River West - $2,475,686 <br />o River East - $1,058,937 <br />o South Side - $465,377 <br />Each area's contribution is based on its annual revenue size. <br />• Forgiveness Terms: <br />Once the project is completed and all reporting and operational <br />requirements are met; the loan may be fully forgiven. <br /> <br />Secretary Renata Matousova asked where the remaining funding will be <br />coming from. Ms. McCarthy stated that for Phase One of the project, the <br />New Day team has been actively fundraising through a capital campaign. <br />Several foundations have already committed funding, and additional <br />conversations are ongoing. There is also support from the State of <br />Indiana, which adds to the financial backing with a Department of Mental <br />Health and Addiction (DMHA) grant. With the proposed $4 million <br />forgivable loan, the project would be 95% funded toward its Phase One <br />goal of $14.3 million. Commissioner Luis Zapata asked about the timing of <br />receiving the funding. Ms. McCarthy explained the grant & funding status. <br /> <br />• The DMHA grant of $2.5 million is already being used. It must be <br />expended by December 2026. This grant operates on a reversion