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September 18, 2025 <br />basis, meaning unused funds may need to be returned. <br />• Another foundation grant of $1.5 million will become available once the <br />construction manager sets a start date, which is expected to happen <br />this week. <br />• No risk of losing secured grants: All current grants are contracted and <br />secure, despite concerns raised in committee discussions about <br />budget-related funding withdrawals. <br /> <br />There was a follow up question about whether New Day is unable to <br />secure full funding, and if the project doesn’t move forward, the City can <br />recover the loan, as it will remain outstanding. Tom Everett, Barnes & <br />Thornburg explained. <br /> <br />• This is an unsecured loan — meaning there is no collateral tied to it. <br />• The loan is not eligible for forgiveness until the project is completed, <br />and all requirements are met. If they are not met, the loan will be <br />repaid. <br />• It’s structured as a drawdown loan, meaning: <br />o New Day will submit draw requests to the city. <br />o Funds will be released incrementally, based on construction <br />progress and approval of each request. <br /> <br />Vice President Rafael Morton asked about the completion date of the <br />project and Ms. McCarthy stated both Phase I and Phase II should be <br />completed by the end of next year. President Cecilia Lopez Monterrosa <br />asked about the location and site details and Mr. Bauer displayed a map <br />and explained that both residential properties located nearby the site have <br />executed agreements with the City for the acquisition of their respective <br />properties at fair market value. It was also noted that one of the <br />neighboring properties to the west is owned by St. Joseph County. <br /> <br />President Cecilia Lopez Monterrosa, Vice President Rafael Morton, <br />Commissioner Karen White and Richard Nussbaum spoke in favor of the <br />project and commend all of the work the City and the New Day team has <br />done to make this happen. <br /> <br />B. Public Hearing Regarding Project and Loan <br /> <br />A notice was published in the South Bend Tribune on September 9, 2025, <br />regarding the public hearing to consider the approval of the project and <br />loan. <br /> <br />A Public Hearing regarding the project and loan was opened to the public <br />for comments and considerations. Jessica Velez, reporter with South <br />Bend Tribune, asked about what specific resources will be available at the <br />facility to support people staying there. Also, is there a plan to help them