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CITY OF SOUTH BEND REDEVELOPMENT COMMISSION REGULAR MEETING – February 12, 2026 <br /> <br />Page | 2 <br /> <br />2. Approval of Minutes <br />A. Approval of Minutes of the Regular Meeting of Thursday, January 22, 2026 <br /> <br />Upon a motion by Ophelia Gooden-Rodgers for approval, second by Eli Wax, <br />the motion carried unanimously; the Commission approved the minutes of <br />the regular meeting of January 22, 2026. <br /> <br />3. Approval of Claims <br />A. Claims Allowances January 3, 2026 <br /> <br />Upon a motion by David Relos for approval second by Gillian Shaw, the <br />motion carried unanimously; the Commission approved the claims <br />allowances of January 22, 2026. <br /> <br />4. Old Business <br />A. None <br /> <br />5. New Business <br />A. River West Development Area <br />1. Public Hearing and Adopt Confirming Resolution No. 3664 (River West <br />Economic Development Area, New Allocation Areas for IDD) <br /> <br />Caleb Bauer, Executive Director of Community Investment, presented <br />both 5A1 and 5A2 together. These items represent the final steps in the <br />approval process for establishing the Innovation Development District <br />(IDD) and issuing the related economic development bonds for the Colfax <br />Corner ML LLC project. <br /> <br />Item 5A1 requires a public hearing and adoption of Resolution 3664, <br />previously approved by the Common Council with a favorable <br />recommendation from the Plan Commission. This resolution establishes <br />new TIF allocation areas that align with the boundaries of the Innovation <br />Development District. <br /> <br />Item 5A2 Resolution 3665 pledges tax increment revenues toward <br />taxable economic development revenue bonds supporting the Colfax <br />Corner project, a partnership between Ancora Real Estate and the <br />University of Notre Dame. The project includes redevelopment of the <br />former South Bend Tribune building and construction of a new office <br />building, totaling more than 200,000 square feet, a $154 million <br />investment, and over 400 full-time equivalent jobs. The University will <br />occupy approximately 35% of the space, and construction is expected to <br />use 90% local labor. Eighty-eight percent of the property tax increment <br />will be applied to bond debt service, with the remaining 12% retained by <br />the Commission. One hundred percent of state income and sales tax