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CITY OF SOUTH BEND REDEVELOPMENT COMMISSION REGULAR MEETING – July 9, 2026 <br /> <br />Page | 2 <br /> <br />2. Approval of Minutes <br />A. Approval of Minutes of the Regular Meeting of Thursday, June 25, 2026 <br /> <br />Upon a motion by Ophelia Gooden-Rodgers for approval, second by Karen <br />White, the motion carried unanimously; the Commission approved the <br />minutes of the regular meeting of June 25, 2026. <br /> <br />3. Approval of Claims <br />A. None <br /> <br />4. Old Business <br />A. None <br /> <br />5. New Business <br />A. River West Development Area <br />1. Development Agreement (Beacon Heights) <br />Erik Glavich, Director of Growth & Opportunity, presented agenda <br />items 5A1, 2, & 3 together. The City is partnering with L+M <br />Development Partners to renovate Beacon Heights; a residential <br />community located on Ardmore Trail and just North of Unity Gardens. <br />Built in the 1940s, the property includes approximately 174 apartment <br />units and has not undergone significant renovations since its original <br />construction. This project represents a major investment in preserving <br />and improving quality, affordable housing for current and future <br />residents. <br /> <br />The development includes upgrades to apartment units, community <br />spaces, and other site amenities that need substantial rehabilitation. <br />L+M plans to purchase the property and anticipate closing by the end of <br />July. The project has already received a 4% Low-Income Housing Tax <br />Credit (LIHTC) award, making local support an important component of <br />the overall financing package. As discussed at the previous meeting, a list <br />of planned improvements has been provided. Sophie Cohen from L+M is <br />available to answer any project-specific questions. <br /> <br />Today, staff are requesting approval of two items. First, approval of a <br />development agreement providing up to $1.25 million in project <br />assistance through a forgivable loan. As with previous forgivable loan <br />agreements, the approval process requires authorization by the <br />Redevelopment Commission, the Economic Development Commission, <br />the Common Council, and final approval by the Redevelopment <br />Commission. Second, staff is requesting approval of Resolution No. <br />3675, which authorizes the use of those funds in the form of a forgivable <br />loan.