5A1 Development Agreement (KCG) - Signed

Home Browse Search

South Bend Redevelopment Commission 215 S. Dr. Martin Luther King, Jr. Blvd., Room 301, South Bend, Indiana Redevelopment Commission Agenda Item DATE : 3/8/26 FROM: Joseph Molnar Assistant Director, Growth & Opportunity SUBJECT: Development Agreement – KCG Development 2018-2020 S. Main Street Funding Source* (circle) River West; River East; South Side; Douglas Road; West Washington; RDC General; Riv. East Res. * Funds are subject to the City Controller's determination of availability; if funds are unavailable, as solely determined by the City Controller, then the authorization of the expenditure of such funds shall be void and of no effect. PURPOSE OF REQUEST: Approval of Development Agreement with KCG Development for an affordable housing project at 2018- 2020 S. Main St. SPECIFICS: The Redevelopment Commission approved a Purchase Agreement on June 12, 2025 with KCG Development LLC for RDC owned property located at 2018-2020 S. Main Street. KCG applied for low- income housing tax credits for a multi-family apartment building with fifty (50) affordable income housing units. KCG was awarded the tax credits from the IHCDA in November 2025. For the KCG application to be awarded as many points as possible and increase the chance of a successful application, the City partnered with KCG in support of the project. As part of that support, the attached Development Agreement commits the RDC to funding $1,000,000 from the South Side Development Area funds. The Development Agreement commits KCG to investing $13,000,000 in private funding into the site. Construction of a new apartment building on currently vacant land will add vitality to the Main Street corridor as well as providing quality affordable housing. Staff recommends approval ______________ ___________Pres/V-Pres ATTEST: __________ ________Secretary Date: _____________ _______ APPROVED Not Approved SOUTH BEND REDEVELOPMENT COMMISSION March 12, 2026 