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<br />South Bend <br />Redevelopment Commission <br />215 S. Dr. Martin Luther King, Jr. Blvd., Room 301, South Bend, Indiana <br /> <br /> <br /> <br />outstanding items necessary for completion of the project and required under the Development <br />Agreement, including final approvals, permits, and related project agreements, while allowing <br />construction to proceed. <br /> <br />• Financial Metrics and Commission Support: The Development Agreement established a target <br />return on cost of 8%. This Notice reflects GLC’s agreement to proceed with a reduced 7.5% return <br />threshold and defines the Commission’s commitments intended to support achievement of that <br />threshold. <br /> <br />• Leveraging the South Bend IDD: This Notice incorporates the use of the South Bend IDD as a <br />component of project support in lieu of City support via tax abatement. To support the project, <br />the City will pursue the issuance of approximately $17.99 million in IDD-backed developer- <br />purchased bonds and the pass-through of construction-related sales tax revenues generated by <br />the project, each subject to IEDC approval. <br /> <br />• IDD Reporting Obligations: This Notice establishes that the Developer is responsible for <br />ensuring data is reported by contractors and subcontractors to support IDD revenue tracking <br />and compliance and to maximize the availability of IDD funds back into the project. <br /> <br />• Phase 2 Timing and Obligations: The Parties acknowledge that Phase 2 remains subject to further <br />planning and agreement. The Notice establishes the process and timeline for Phase 2, including a <br />deadline of October 31, 2027, for execution of a separate Phase 2 Notice to Commence. If Phase 2 <br />does not proceed, the Commission may require GLC transfer the Phase 2 property back to the <br />Commission in accordance with the Agreement.