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CITY OF SOUTH BEND REDEVELOPMENT COMMISSION REGULAR MEETING – February 12, 2026 <br /> <br />Page | 3 <br /> <br />generated by the project will also support the bonds. There is no financial <br />obligation or backup tax levy from the City; all risk is borne by the <br />developer, who will purchase the bonds. <br /> <br />The project also coordinates with broader downtown stormwater <br />management planning serving the northern downtown area. <br />Representatives from Ancora, the University of Notre Dame, legal <br />counsel, and municipal finance advisors are available for questions. <br /> <br />Vice President Relos asked about the anticipated base assessed value <br />date and Mr. Bauer stated January 1, 2026. Secretary Wax inquired <br />about when the tax revenue will be sufficient to cover the bond. Mr. <br />Bauer stated that typically, we use capitalized interest—three years in <br />this case, which covers interest through issuance. After that period, debt <br />service begins, starting at a lower level and gradually increasing over time <br />and will be paid out of the bond proceeds. <br /> <br />A notice was published in the South Bend Tribune on January 30, 2026, <br />regarding the public hearing to consider the Economic Development <br />Area, New Allocation Areas for IDD. <br /> <br />A Public Hearing regarding the Economic Development Area, New <br />Allocation Areas for IDD was opened to the public for comments and <br />considerations. There were no questions or comments. The Public <br />Hearing was closed. <br /> <br />Commissioners Warner, Relos, Wax and Shaw thanked staff for their <br />hard work with all of the details in this process. <br /> <br />Upon a motion by Eli Wax for approval, seconded by Gillian Shaw, the <br />motion carried unanimously; the Commission approved Resolution No. <br />3664 as presented on February 12, 2026. <br /> <br />2. Resolution No. 3665 (Pledging Certain Tax Increment Revenues To The <br />Payment Of Certain Taxable Economic Development Revenue Bonds Of <br />The City Of South Bend For The Colfax Corner ML, LLC Project) <br />Statement <br /> <br />Upon a motion by Eli Wax for approval, seconded by Troy Warner, the <br />motion carried unanimously; the Commission approved Resolution No. <br />3665 as presented on February 12, 2026. <br /> <br />3. Opening of Bids (1818 W. Sample St.) <br />Joseph Molnar, Assistant Director of Growth and Opportunity, stated <br />we received no bids prior to the deadline for the disposition process, and