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CITY OF SOUTH BEND ECONOMIC DEVELOPMENT COMMISSION MEETING – February 5, 2026 <br /> <br />Page | 3 <br /> <br />• Rafael Morton, Vice-President: YEA <br />• Renata Matousova, Secretary: YEA <br />• Luis Zapata, Commissioner: YEA <br />• Karen White, Commissioner: YEA <br /> <br />The motion carried with all 5 YEAs and the Commission approved Renata <br />Matousova to be the Secretary on February 5, 2026. <br /> 4. New Business <br />A. Colfax Corner Project (Colfax Corner ML, LLC) <br /> <br />a. Overview of Documents for Approval <br />i. Report of the South Bend Economic Development Commission <br />Concerning the Proposed Financing of Economic Development <br />Facilities for Colfax Corner ML, LLC <br />ii. Form of Trust Indenture <br />iii. Form of Financing and Loan Agreement <br />iv. Form of Common Council Bond Ordinance <br /> <br /> Caleb Bauer, Executive Director of Community Investment, presented the <br />overview of documents. The proposed economic development agreement <br />applies to Colfax Corner MLLLC, which owns the former South Bend <br />Tribune building, as well as the Main Street Row properties. These <br />properties are currently part of active negotiations. There is more than $1.1 <br />billion in private investment already planned for downtown South Bend. <br />This tool helps turn those plans into reality and could support even more <br />investment from future projects that are not yet under negotiation. <br /> <br />The district boundaries were intentionally drawn to focus on areas with low <br />current property value, such as parking lots, vacant sites, and underused or <br />deteriorating buildings. Higher-value properties were largely excluded. This <br />is because only new tax revenue generated after the district is established <br />will be captured, and the goal is to avoid redirecting revenue from <br />properties that already contribute significantly. An agreement between the <br />City of South Bend and the State of Indiana, signed by the Indiana Economic <br />Development Corporation (IEDC), governs how funds are distributed to the <br />City, the Redevelopment Commission, and the Economic Development <br />Commission. The Innovation Development District (IDD) was established as <br />of March 15 of this year. That date sets the baseline for sales and income tax <br />revenue within the district. Any revenue above that baseline is considered <br />incremental and can be captured for up to 30 years. The district can capture <br />up to $15 million per year in combined state sales and income tax revenue. <br />It will take many years to reach that level. The first $7.5 million each year is <br />automatically returned to the City for use within the district. The second <br />$7.5 million requires prior approval from IEDC, which ensures coordination