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CITY OF SOUTH BEND REDEVELOPMENT COMMISSION REGULAR MEETING – March 26, 2026 <br /> <br />Page | 10 <br /> <br />rise developments. Mr. Panzika noted that while ongoing construction <br />has been challenging, it represents progress, and he believes the <br />completed project will be a major asset for downtown and the East Bank. <br />He thanked the Commission for its support and requested approval of <br />the amendment. <br /> <br />Commissioner Warner asked whether the increased costs reflected both <br />higher construction bids and the developer assuming responsibility for <br />streetscape work, and whether this would result in savings to the City. <br /> <br />Erik Horvath, Director of Public Works, explained that the streetscape <br />work will be completed by the developer using the same bid unit prices, <br />resulting in a net offset. Leslie Biek, Assistant City Engineer, stated that a <br />change order will be issued once final amounts are confirmed. <br /> <br />Secretary Wax asked about changes in the timeline and Mr. Molnar <br />stated that there is no amended timeline and construction should start <br />the end of April with completion in 2029. Commissioner Shaw <br />commended the Wharf Partners for their investment and partnership. <br />President Warner also spoke in favor of the project. <br /> <br />Upon a motion by Troy Warner for approval, seconded by Ophelia <br />Gooden-Rodgers, the motion carried unanimously; the Commission <br />approved the Amendment as presented on March 26, 2026. <br /> <br />E. Administrative <br />1. 2025 Fiscal Report <br />Erik Glavich, Director of Growth and Opportunity, explained that higher <br />costs in 2024 were driven by several major projects funded through TIF, <br />while 2025 expenditures were significantly lower. Key 2025 <br />investments included the Dream Center, City Hall improvements, and <br />approximately $2.5 million in support for affordable housing developed <br />by 466 Works. Despite relatively flat revenues, expenditure declined, <br />resulting in a stronger year-end fund balance. Debt service remained <br />stable with no significant changes. <br /> <br />Mr. Glavich clarified that the report presented reflects a snapshot of <br />fund balances as of January 1, 2026, and serves as preparation for the <br />State-required TIF Management Report due April 15, as well as the <br />annual spending plan later in the year. In response to questions <br />regarding cash on hand versus existing commitments, staff reported that <br />approximately $56.5 million was encumbered as of January 1, <br />representing about two-thirds of the total fund balance. These <br />commitments relate to long-term, multi-year projects, and staff <br />emphasized that the Commission maintains a healthy balance and