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CITY OF SOUTH BEND I REDEVELOPMENT AUTHORITY MEETING- July 22, 2026 <br />Mr. Molnar also outlined the approval process, noting that the <br />Redevelopment Commission has already completed its required actions. <br />Following consideration by the Redevelopment Authority, approval will be <br />required from the Common Council, the Authority again in August, and <br />final public approval before the bonds can be issued. If all approvals are <br />secured, bond issuance and closing are anticipated in October. <br />Secretary Fitts asked do we have sufficient capacity within the proposed <br />bond funding to account for interest rate fluctuations and ensure these <br />projects can continue moving forward without delays? Specifically, will key <br />projects like the Drewrys redevelopment have enough funding to begin <br />implementation and leverage other available funding sources? Mr. Molnar <br />answered Yes. The projections include contingency funding to help <br />manage potential interest rate fluctuations and other market changes, <br />allowing projects to continue moving forward as planned. In several cases, <br />bond proceeds are not intended to fully fund a project but rather provide a <br />significant portion of the funding needed to unlock additional resources. <br />For example, the Drewrys redevelopment requires local matching funds to <br />access state READI dollars that have already been awarded. The bond <br />funding would provide enough support to begin Phase 1 of the project and <br />make meaningful progress on the site. As development gains momentum — <br />through improvements such as retail activation, housing development, and <br />other visible investments —it can help attract additional funding for future <br />phases and associated infrastructure improvements. <br />Commission members noted the importance of the Drewrys project in <br />reconnecting neighborhoods, activating a long -vacant site, and leveraging <br />its proximity to the Coal Line Trail to create broader community benefits. <br />Upon a motion by Erin Hanig and seconded by Anthony Fitts, the motion <br />carried unanimously, the Authority approved Resolution No. 220 on July <br />22, 2026. <br />5. Adjournment <br />The Authority adjourned the meeting at 1:36 p.m. <br />s <br />- - - - - - - - - - - - <br />Richard Klee, Jr., President <br />_ ------------z ------ <br />Anthony Fitts, Secretary <br />_-_ .- __--____ <br />lanigg, Vice resi ent <br />Page 15 <br />