HomeMy WebLinkAbout1 RDC Packet 3.9.23
South Bend Redevelopment Commission
227 West Jefferson Boulevard, Room 1308 , South Bend, Indiana
Agenda
Regular Meeting, March 9, 2022 – 9:30 a.m.
http://tiny.cc/__RDC2023 or BPW Conference Room 13th Floor
1. Roll Call
2. Approval of Minutes
A. Minutes of the Regular Meeting of Thursday, February 23, 2023
3. Approval of Claims
A. Claims Allowance Request 2.22.23
B. Claims Allowance Request 3.1.23.
4. Old Business
5. New Business
A. Multiple Development Areas
1. Budget Request (2023 TIF Road Funding Request)
B. River West and West Washington Development Area
1. Memo (Scattered Site RFP Proposals)
C. River West Development Area
1. First Amendment to Development Agreement and Report (Gemini-Colfax)
6. Progress Reports
A. Tax Abatement
B. Common Council
C. Other
7. Next Commission Meeting:
Thursday, March 23, 9:30 am
Adjourn
South Be n d
Redevelopment Commission
227 West Jefferson Boulevard, Room 1308, South Bend, IN
SOUTH BEND REDEVELOPMENT COMMISSION
SCHEDULED REGULAR MEETING
February 23, 2023 – 9:30 am
http://tiny.cc/__RDC2023 or BPW 13th Floor
Presiding: Troy Warner, Vice-President
The meeting was called to order at 9:30 a.m.
1. ROLL CALL
Members Present: Troy Warner, Vice-President – IP
Vivian Sallie, Secretary - IP
Eli Wax, Commissioner - IP
IP = In Person V = Virtual
Members Absent: Marcia Jones, President
Dave Relos, Commissioner
Leslie Wesley, Commissioner
Legal Counsel: Sandra Kennedy, Esq.
Redevelopment Staff: Mary Brazinsky, Board Secretary
Joseph Molnar, RDC Staff
Others Present:
Erik Glavich
Laura Althoff
Tim Corcoran
Angela Rose
Chaise Cope
Leslie Biek
Charlotte Brach
Zach Hurst
Matt Barrett
DCI - IP
DCI – V
DCI – IP
DCI – V
DCI – V
Engineering – V
Engineering – V
Engineering – IP
Resident
South Bend Redevelopment Commission Regular Meeting – February 23, 2023
2. Approval of Minutes
• Approval of Minutes of the Regular Meeting of Thursday, February 9, 2023
Secretary Sallie stated there were a few errors in the minutes and listed those
changes.
Upon a motion by Commissioner Wax, seconded by Vice-President Warner, the
motion carried unanimously, with the amended changes per Secretary Sallie,
the Commission approved the minutes of the regular meeting of Thursday,
February 9, 2023.
3. Approval of Claims
• Claim Submitted for February 15, 2023
Upon a motion by Commissioner Wax, seconded by Secretary Sallie, the
motion carried unanimously, the Commission approved the claim for February
15, 2023
4. Old Business
5. New Business
A. Receipt of Bids
1. Property at LWW/Leland/Marion
Mr. Molnar Presented the Property at LWW/Leland/Marion receipt of bids. No bids
were received.
2. Property at Salvation Army Building
Mr. Molnar Presented Property at Salvation Army Building receipt of bids. No bids
were received.
3. Property at Masterbilt/18 Chestnut
Mr. Molnar Presented Property at Masterbilt/18 Chestnut receipt of bids. No bids
were received.
B. South Side Development Area
1. Second Amendment to Development Agreement (Miami Hills)
Mr. Hurst, Project Engineer, Presented Second Amendment to Development
Agreement (Miami Hills). The main focus of this amendment is a correction of a
scrivener’s error in the funding amount. The funding amount was listed incorrectly
in the First Amendment and should be $1,654,305 which reflects the total dollar
amounts contributed by both the City of South Bend and Miami Hills ownership.
The funding amount should also reflect the contracts that we will execute through
the Board of Public Works namely, $70,000 architects’ contract and a contract that
is set to be approved through the Board of Public Works in the amount of
South Bend Redevelopment Commission Regular Meeting – February 23, 2023
$1,584,305 with H&H Renovations to perform siding installation and window repair
at Miami Hills project site. The Second Amendment corrects the above stated
errors and acknowledges that Miami Hills has wired the city the $654,000 to move
forward with the contract. Commission approval is requested.
Mr. Molnar added that staff received the progress report from Miami Hills dated
December 31, 2022, showing an investment from ownership at a little over $3.6M
and that they are well on their way to completing the agreement.
Upon a motion by Commissioner Wax, seconded by Secretary Sallie, the
motion carried unanimously, the Commission approved Second Amendment to
Development Agreement (Miami Hills) submitted on Thursday, February 23,
2023.
C. Administrative
1. Estoppel Agreement (RDC and MarMain)
Mr. Glavich, Director Growth & Opportunity Presented Estoppel Agreement (RDC
and MarMain). MarMain is seeking additional financing for their project. The
Redevelopment Commission approved their Development Agreement in October
2022.
Sandra Kennedy, Corporation Counsel explained that MarMain is refinancing, and
they are turning their construction loan into a mortgage loan. The lender has
asked for a document that confirms they are not in violation of their Development
Agreement with the City of South Bend. If there is an act of non-
compliance/default, we would notify the lender and the lender would have an
opportunity to cure the default. They are doing the same with the Housing
Authority. Their agreement states they are to have 48 units that are Section 8. If
they become in default, the lender would like the opportunity to cure and make
sure they have Section 8 housing requirements.
Secretary Sallie asked if they are still on schedule to complete the project in 2024.
Mr. Glavich stated that they are. They have 18 apartments that are on track to
refurbish and rehab. They are inline with the contractual agreement.
Mr. Hurst noted that we have Slate lined up so it is likely that the roof will be
replaced no later than Labor Day of 2023.
Secretary Sallie asked if someone from the City of South Bend visits the site to
check on progress.
Mr. Hurst stated that he was there six to eight weeks ago during a pre-bid meeting
for the roof. There were a few contractors and there was obviously construction
activity, and they were moving ahead with the project.
Vice-President Warner stated that we have been discussing periodic reporting.
South Bend Redevelopment Commission Regular Meeting – February 23, 2023
Mr. Glavich noted that we do not have a written report, but he will follow up after
the meeting with them to get that.
Matt Barrett, resident asked for the periodic reports to be added to the agenda and
packet for public record in the future. He also asked for the Commission to review
the portion of the agreement regarding attorney’s fees and ask that the defaulting
party should pay those fees.
Upon a motion by Commissioner Wax, seconded by Secretary Sallie, the
motion carried unanimously, the Commission approved Estoppel Agreement
(RDC and MarMain) submitted on Thursday, February 23, 2023.
6. Progress Reports
A. Tax Abatement
B. Common Council
C. Other
1. Mr. Molnar noted that at the next meeting he will be bringing proposals to the
Commission regarding Scattered Sites in which the Commission sent out requests
for in 2022. Staff is currently reviewing all of the proposals to be sure all of the
requirements necessary have been met. Staff is encouraged by what we have
seen thus far. These are only proposals at this time, not agreements.
2. Commissioner Wax asked if we have seen improvement on progress report
compliance?
Mr. Glavich and Joe have been working on a new system to turn the process into
an online reporting system where staff can send reminders and keep track of each
process. We want to make sure that we have a paper report not a verbal report.
Secretary Sallie asked how many we are tracking.
Mr. Molnar stated approximately 11 at this time. Not all of them report at the same
time or with the same information, depending on their individual agreements. We
are working to streamline this process.
3. Mr. Barrett, resident, asked for an update on 300 E LaSalle and RDA findings.
Ms. Kennedy stated that would need to be brought forth to the Commission in an
Executive Session as it relates to legal strategy. Mr. Matthews has retained a
member of Clint Bayliss firm and they have filed for an extension that was awarded
to the date of March 27, 2023.
Secretary Sallie asked if we should schedule that meeting.
Board Secretary Brazinsky stated that she would contact members of the
Commission to schedule the meeting in conjunction with the next Redevelopment
Commission meeting.
South Bend Redevelopment Commission Regular Meeting – February 23, 2023
7. Next Commission Meeting:
Thursday, March 9, 2023
8. Adjournment
Thursday, February 23, 2023, 9:53 a.m.
Vivian Sallie, Secretary Troy Warner, Vice-President
City of South Bend
Department of Administration & Finance
Claims Allowance Request
To:South Bend Redevelopment Commission
From:Kyle Willis, City Controller
Date:Wednesday, February 22, 2023
Pursuant to Indiana Code 36-4-8-7, I have audited and certified the attached claims and
submit them for allowance in the following amounts:
GBLN-0052098 $115,458.11
GBLN-0000000 $0.00
GBLN-0000000 $0.00
Total:$115,458.11
_______________________________
Kyle Willis
The attached claims described above were allowed in the following
total amount at a public meeting on the date stated below:115,458.11$
South Bend Redevelopment Commission
By:_______________________________
Name:
Date:
Attest:_______________________________
Name:
City of South Bend
Department of Administration & Finance
Claims Allowance Request
To:South Bend Redevelopment Commission
From:Kyle Willis, City Controller
Date:Wednesday, March 1, 2023
Pursuant to Indiana Code 36-4-8-7, I have audited and certified the attached claims and
submit them for allowance in the following amounts:
GBLN-0052202 $6,896,744.27
GBLN-0052387 $397,319.18
GBLN-0000000 $0.00
Total:$7,294,063.45
_______________________________
Kyle Willis
The attached claims described above were allowed in the following
total amount at a public meeting on the date stated below:7,294,063.45$
South Bend Redevelopment Commission
By:_______________________________
Name:
Date:
Attest:_______________________________
Name:
Redevelopment Commission Agenda Item
DATE: 3/9/2023
FROM: Leslie Biek, Assistant City Engineer
SUBJECT: Rebuilding Our Streets Plan Funding Request
Which TIF? (circle one) River West; River East; South Side; Douglas Road; West Washington
PURPOSE OF REQUEST:
The request is to provide funding to support the City’s Rebuilding Our Streets Plan which is in its third
year of implementation. Requested funds will be used for the paving and reconstruction of streets in
all four TIF districts as identified below.
TIF District Requested Amount
River West $ 2,000,000
River East $ 55,000
Southside Development $ 1,130,000
West Washington $ 118,000
Total $ 3,303,000
INTERNAL USE ONLY: Project Code: __ _123-multiple___________ _________________________;
Total Amount new/change ( inc/dec) in budget: _3,303,000__________; Break down:
Costs: Engineering Amt: ________________; Other Prof Serv Amt_________________;
Acquisition of Land/Bldg (circle one) Amt: ___________; Street Const Amt ________________;
Building Imp Amt_________; Sewers Amt_________; Other (specify) Amt: ________________
___________________________________________. Going to BPW for Contracting? Y/N
Is this item ready to encumber now? ____ Existing PO#__________ Inc/Dec $_____________
_________________________Pres/V-Pres
ATTEST: __________________Secretary
Date: ____________________
APPROVED Not Approved
SOUTH BEND REDEVELOPMENT COMMISSION
Redevelopment Commission Agenda Item
DATE: 3/3/23
FROM: Joseph Molnar
SUBJECT: Scatter Site RFP Recommendations
Which TIF? (circle one) River West; River East; South Side; Douglas Road; West Washington
PURPOSE OF REQUEST: Review and Recommendation of the Scatter Site RFP Proposals
Specifics: On November 9th, the Redevelopment Commission (RDC) approved the Scatter Site
Request for Proposals (RFP) for a variety of RDC owned properties. This RFP requested
proposals for redevelopment of currently vacant parcels. In total, five proposals were
submitted for consideration.
Staff has reviewed the five proposals and will give an overview presentation of the proposals at
the 3/9/13 RDC meeting. All submitted proposals are included here for review.
Staff recommends further negotiation with both South Bend Heritage Foundation and Allen
Edwin Homes with the goal of eventual RDC approved purchase agreements.
INTERNAL USE ONLY: Project Code: _______________________________________________;
Total Amount new/change (inc/dec) in budget: _______________; Break down:
Costs: Engineering Amt: ______________________; Other Prof Serv Amt_________________;
Acquisition of Land/Bldg (circle one) Amt: ___________; Street Const Amt ________________;
Building Imp Amt_________; Sewers Amt_________; Other (specify) Amt: ________________
___________________________________________. Going to BPW for Contracting? Y/N
Is this item ready to encumber now? ____ Existing PO#__________ Inc/Dec $_____________
_________________________Pres/V-Pres
ATTEST: __________________Secretary
Date: ____________________
APPROVED Not Approved
SOUTH BEND REDEVELOPMENT COMMISSION
RFP Response
South Bend Infill Development RFP
City of South Bend Department of Community Investment
Attention: Liz Maradik
227 W. Jefferson Blvd., Suite 1300S
South Bend, IN 46601
Submitted by
Advantix Development Corporation
500 SE 10th Street
Evansville, IN 47713
P: 812-428-8500 F: 812-428-8560
www.advantixcorp.com
500 SE 10th Street Evansville, IN 47713 Phone: 812-428-8500 Fax: 812-428-8560
DEVELOPMENT PROFILE
Advantix Development Corporation focuses on providing quality affordable housing
opportunities, improving the communities in which we work, and building strong local partnerships.
Advantix is a 501(c)(3) not-for-profit corporation that serves as the development instrument for the
Evansville Housing Authority. We have direct experience in the development and operation of
affordable and market rate housing. Since its inception in 2007, Advantix has been actively involved
in new construction, rehabilitation, adaptive reuse, and permanent supportive housing using a
variety of funding sources including; Low-Income Housing Tax Credits (LIHTC), IHCDA Development
Funds, Affordable Housing Program Funds, HOME Funds, CDBG Funds as well as HUD insured
221(d)(4) and 223(f) mortgages. Our current portfolio includes nearly 1442 units in operation, 53
currently under construction, and over 100 more units in various development stages. We have
partnered as co-developers with the Kokomo Housing Authority and the Marion Housing Authority
to develop new LIHTC projects and guide them through the Rental Assistance Demonstration (RAD)
process. Additionally, Advantix was just awarded three 9% LIHTC deals in Muncie, Marion, and
Princeton.
Our team’s composition makes us an ideal developer to tackle this project. Our staff brings a
range of experience to the team including construction, development, accounting, and housing and
asset management. We hold certifications in Low Income Housing Tax Credit (LIHTC) Compliance and
Property Management. Advantix works directly with two development partners whom both
specialize in the Affordable Housing Industry and have assisted us in winning five LIHTC projects
submitted to the Indiana Housing and Community Development Authority (IHCDA) over the course
of 3 years. Our Architect partner has over 40 years of experience and has designed numerous
500 SE 10th Street Evansville, IN 47713 Phone: 812-428-8500 Fax: 812-428-8560
affordable housing projects as well as mixed-use commercial projects. We utilize in house
management to provide our properties with the best care and service possible.
Leading the team on all projects is our COO, Tim Martin, who brings over 20 years of
experience to the table in affordable housing, construction, and operations. The team collectively
works on projects from start to finish in the areas of pre-development, architectural design, LIHTC
applications, Financial due diligence, construction, and asset management.
Our Staff consists of the following talent:
Rick Moore, CEO
Tim Martin, COO & Project Manager
Angela Harper, CFO
Brandon Shields, Broker/Business Development Manager
Advantix Development Corporation partners in development include:
Sanjeev Jaipuriar, Senior Underwriter
Daniel Murphy, Development Coordinator
Andy Myszak, Senior Architect
500 SE 10th Street Evansville, IN 47713 Phone: 812-428-8500 Fax: 812-428-8560
Our team has thoroughly read the RFP for the South Bend Infill Development. We understand
the objectives to accomplish this project must align with the Near Northwest Neighborhood Plan.
We have also reviewed the Zimmerman/Volk Associates housing study, specifically the area showing
City of South Bend could potentially support between 620 and 798 new mixed-income rental and
for-sale housing units each year over the next five years. Our plan will certainly help fill that housing
gap. Our project will provide permanent affordable housing to the city for households in the low to
moderate income ranges. Our project’s design will provide a quality infill housing product which is
desirable and meets the needs of area residents. The development will include the following:
50 lease purchase townhome units
For scoring purposes, 50% of the units must be located on tax sale or BEP sites
Units will be 3BR/2BA ranging from 1,050 to 1,240 square feet
Development will consist of single-family houses, duplexes, tri/quadplexes where
zoning allows
All units built to NGBS Silver Green standards
The plan laid out allows us to provide the most competitive scoring application.
We thank you for the opportunity to submit our proposal and look forward to working with the City
of South Bend for this future development.
Chief Executive Officer, Advantix Development Corporation
Executive Director, Housing Authority of the City of Evansville, IN
Deputy Executive Director, Housing Authority of the City of Baltimore, MD
Deputy Executive Director, Housing Authority of the City of Bridgeport, CT
Director of Operations, Housing Authority of the City of Huntsville, Alabama
Director of Housing Management Services, Dayton Metropolitan Housing Authority
Rick Moore, Chief Executive Officer
Phone: 812.428.8500 | Email: rick.moore@advantixcorp.com
O ver 39 years Operations Management experience which includes: Development, Non-Profit Organizations, Tax
Credits, Public Housing, Housing Choice Vouchers, Finance, Human Resources, Safety & Security, Property
Management, Property Maintenance, HOPE VI Projects, and Procurement.
P ROFESSIONAL EXPERIENCE:
CURRENT:
PREVIOUS:
B.S., Organizational Management, Wilberforce University, Wilberforce, Ohio
EDUCATION:
National Association of Housing and
Redevelopment (NAHRO) Board of Ethics and
Credentialing Trustee
North Central Regional Council (NCRC) of NAHRO
Housing Authority Insurance (HAI) Group
Community One Board of Directors Former
President
Evansville Rotary Club International
Commissioner of the Evansville-Vanderburgh
Welborn Baptist Foundation Board
Member/Secretary
YMCA Board of Directors
COMMUNITY
ORGANIZATIONS/PARTICIPATION:
Former Board of Directors
Strategic Capital Solutions Board Committee
Member and Sales & Marketing Committee
President
County Commission on Homelessness
Management Development I & II - Wittenberg University – Certified
Certified Public Housing Manager
Certified Manager of Maintenance
Regional 2017 Charles A. Thompson Memorial Award for Distinguished Service
Governor's 2021 Rev. Charles Williams Lifetime Achievement Award
CERTIFICATIONS/AWARDS:
Timothy L. Martin, Chief Operating Officer
Phone: 812.305.7799 | Email: tim.martin@advantixcorp.com
Over 21 years experience in Operations Management which includes: Public
Housing, Development, Maintenance, Construction, Vocational Training and
Safety.
Chief Operating Officer, Advantix Development Corporation
Director of Operations, Housing Authority of the City of Evansville, IN
PROFESSIONAL EXPERIENCE:
CURRENT:
Director of Development, Housing Authority of the City of Evansville, IN
Director of Capital Funds, Housing Authority of the City of Evansville, IN
PREVIOUS:
B.S. Business from University of Evansville, Evansville, IN
M.P.A. Public Service Administration from University of Evansville, Evansville, IN
EDUCATION:
TaCCs, Tax Credit Compliance Specialist
Licensed Building Contractor, Evansville/Vanderburgh
Licensed Residential Contractor,
OSHA 10 Hour Certified
Grow Southwest Indiana Workforce
Development, WIB, Board Member
Indiana Apartment Association
Indiana Affordable Housing Council, Board
Member
CERTIFICATIONS:
County Building Commission
Evansville/Vanderburgh County Building Commission
COMMUNITY
ORGANIZATIONS/PARTICIPATION:
,
Angela Harper, Chief Financial Officer
Phone: 812.428.8500 | Email: angela.harper@advantixcorp.com
Over 31 years of financial experience: Including bookkeeping, accounting, and
controlling.
Chief Financial Officer, Advantix Development Corporation
PROFESSIONAL EXPERIENCE:
CURRENT:
Financial Controller, Red Geranium Enterprises
Chief Financial Officer, Easter Seals Rehabilitation Center
Controller, Easter Seals Rehabilitation Center
Adjunct Instructor, Harrison College
Staff Accountant, Easter Seals Rehabilitation Center
Bookkeeping/Teller, Integra Bank
PREVIOUS:
Master of Business Administration in Accounting from
B.S. in Management from University of Southern
B.S. in Accounting from University of Southern
EDUCATION:
Upper Iowa University
Indiana
Indiana
Indiana Association of Rehabilitation
Facilities
COMMUNITY
ORGANIZATIONS/PARTICIPATIONS:
National Adjunct Teacher of the Year 2008
CERTIFICATIONS/AWARDS:
Brandon Shields, Broker and Business Development
Phone: 812.722.3371 | Email: brandon.shields@advantixcorp.com
Broker/Business Development Manager, Advantix Development Corporation
PROFESSIONAL EXPERIENCE:
CURRENT:
Over 15 years of property management and affordable housing experience.
Regional Property Manager, AAMCI
PREVIOUS:
FC Tucker School of Real Estate
National Association of Home Builders Housing Credit
Certified Professional (HCCP)
Tax Credit Specialist (TCS)
National Compliance Certified (NCP)
Home Certified
Indiana Real Estate Broker
EDUCATION:
CERTIFICATIONS:
Sanjeev Jaipuriar, Financial Consultant
Phone: 443.610.9007| Email: sjdevelopers15759@gmail.com
Sanjeev has 24 years’ experience in acquisitions, underwriting and asset
management of housing tax credit investments. He has an MBA in Finance
from Georgetown University.
Sanjeev is an affordable housing professional specializing in Low Income
Housing Tax Credits and multi-family lending programs. Using his extensive
experience in housing finance, underwriting and asset management, Sanjeev
assists Advantix with development activities in affordable and market rate
projects.
Prior to being an independent contractor through his company SJ Developers
LLC, Sanjeev held positions with Flaherty & Collins Development, Vice
President of Acquisitions for City Real Estate Advisors, Vice President of
Underwriting for Great Lakes Capital Fund, and Acquisitions Director and
Asset Manager for Enterprise Community Investment Inc.
Daniel Murphy, Development Consultant
Phone: 317.224.4350 | Email: dmurphy.development@gmail.com
With a diverse background in both development and asset management and
over 21 years’ experience as an entrepreneur, Daniel Murphy has helped
secure funding for over $90 million in affordable housing. He has a B.A. from
Indiana University and graduated Summa Cum Laude. Daniel taught Spanish
at IU School of Medicine for 7 years and got his start in development from
being a Spanish to English translator for the Boner Center in Indianapolis.
Previously, Daniel worked with Flaherty & Collins and was responsible for a
portfolio of 1000+ LITHC units. While employed, he led an effort that
ultimately cut property insurance costs by more than 50% across the
portfolio. Currently, he is the President of D Murphy Development and he
automates significant portions of the LIHTC application process to reduce
human error. He has had success with senior, family, permanent supportive
housing, lease-purchase, and RAD projects, funded with financing sources
including 9% and 4% LIHTC, HTC, and HOME loans.
Andy Myszak, President, AIA, NCARB, LEED AP
Myszak + Partners, Inc.
Architecture and Development
Phone: 812.886.0350| Email: amyszak@myszakpalmer.com
Mr. Myszak founded Myszak + Partners in 1995, formerly titled Myszak +
Palmer, based on the firm philosophy of their mission statement: “Myszak +
Partners provides value and satisfaction to our customers in an honest and
professional manner. We nurture individual creative freedom in our staff to
enhance the communities in which we work and live.”
For over 42 years, Mr. Myszak has been involved in design and building. A
registered architect since 1985, he has been responsible for projects
throughout the United States as well as worldwide. Mr. Myszak has been
involved in Public Housing since 1988; and more recently, since 2010, he has
been instrumental in planning Low Income Housing Tax Credit (LIHTC)
developments throughout Southern Indiana.
500 SE 10th Street Evansville, IN 47713 Phone: 812-428-8500 Fax: 812-428-8560
MINORITY AND WOMEN BUSINESS PLAN
Advantix Development Corporation is a minority-controlled corporation having at least 60% of its
members as minorities. It is the policy of the Advantix Development Corporation to involve minority
and women business enterprises in all phases of our development and operating activities involving
federal funds. If selected, we will consider recommendations from the Terre Haute Housing
Authority to utilize WBE/MBE vendors from the local community. Additionally, we will work with our
contractors, vendors, and suppliers to educate them regarding outreach and recruitment of minority
individuals for our projects. We ensure that minority and women businesses are informed of current
activities through letters, notices, and newspapers, including minority newspapers.
The Advantix Development Corporation will provide special assistance, when requested, to minority
business enterprises in providing instructions on the preparation of bid specifications, Minority
Business Enterprise policy, general bid or any other requirement related to the Corporation’s
Minority Business Enterprise program. All other local, state, and Federal governmental units will be
consulted and worked with to provide assistance.
V I S I O N
1 5 0 5
QUICK FACTS
Location: Evansville, IN
Sources of Funding:
LIHTC $7,155,688
GP Equity $200
DFL Loan $500,000
Deferred Developer Fee $294,820
Tax Credit Investor: CREA
Unit Count: 32
Unit Sizes: 1 to 3 bedrooms
Demographic Group Served: Low Income
Projected & Actual Cost:
Projected Cost: $5,479,599
Actual Cost: $5,479,600
Timely Delivery:
Contracted Begin/End Nov 2011/Dec 2012
Actual Begin/End Nov 2011/Dec 2012
With the goal of reducing homelessness in Evansville,
Indiana, Vision 1505 is a partnership between the
Evansville Housing Authority and Aurora, Inc. with
Advantix Development Corp. serving as the property
manager. This project is operated as a “Housing First”
model.
This unique development focuses on the transition of
homeless citizens to long term housing, along with
appropriate services to achieve life-long self-sufficiency.
The housing is considered permanent, though families are
encouraged and supported to move into other forms of
permanent housing, as their progress, circumstances and
goals change.
Units feature Energy Star rated HVAC systems, windows
and exterior doors to support sustainable green initiatives,
as well as low VOC interior finish products. Unique
features also include green space for resident use,
community garden area, and playground. Residents are
provided with employment training opportunities and
other life skill courses.
The project was financed by the sale of tax credits, a
deferred development fee and an IHCDA Development
Fund Loan. Operations are funded through grant income.
C O R Y D O N S C H O O L
S E N I O R L O F T S
QUICK FACTS
Location: Corydon, IN
Sources of Funding:
LIHTC $8,573,046
Historic Tax Credit $1,181,309
GP Capital $100
HOME Loan $400,000
DFL Loan $798,549
Deferred Developer Fee $74,785
Tax Credit Investor: R4 Capital
Unit Count: 45
Unit Sizes: 0 to 2 bedrooms
Demographic Group Served: Seniors
Projected & Actual Cost:
Projected Cost: $11,027,789
Actual Cost: $10,578,100
Timely Delivery:
Contracted Begin/End Oct 2017/Dec 2018
Actual Begin/End Dec 2017/Dec 2018
Corydon School Senior Lofts created 45 units for
seniors with 25 of those via an adaptive reuse of the
local historic school with 20 newly constructed units
on the same site. The development is located within
the town limits of Corydon in Harrison County. The
rent levels for the project are as follows: 9 units of 30%
area median income (“AMI “) rent level; 10 units of 40%
AMI rent level; 13 units of 50% AMI rent level. The
balance of the units is at or below 60% AMI. Unit sizes
consist of 23 two-bedroom units, 18 one-bedroom
units and 4 efficiencies.
A HOME grant and an IHCDA Development Fund Loan
were awarded for this RHTC application. Advantix
Development Corporation serves as co-developer,
General Contractor, & Property Manager and Andy
Myszak serves as architect and as a co-developer.
CSSL, LP is the owner of the project. ADVANTIX owns
100% of the general partner entity of the Limited
Partnership. The rest of the experienced development
team included: Kuhl & Grant LLC legal services, Myszak
& Palmer Architecture and Engineering, and McKinley
Development LLC for financial consulting services.
E V A N S V I L L E
T O W N H O M E S
QUICK FACTS
Location: Evansville, IN
Sources of Funding:
LIHTC $8,800,000
GP Equity $147,143
Seller Financing $1,000,000
DFL Loan $500,000
Deferred Developer Fee $281,465
Tax Credit Investor: R4 Capital LLC
Unit Count: 60
Unit Sizes: 1 to 3 bedrooms
Demographic Group Served: Low Income
Projected & Actual Cost:
Projected Cost: $10,728,608
Actual Cost: $9,777,775
Timely Delivery:
Contracted Begin/End Dec 2019/Mar 2021
Actual Begin/End Dec 2019/Mar 2021
Evansville Townhomes preserves and rehabilitates 30
units of scattered site affordable housing and creates
30 multi-family newly constructed units. The
development is located within the city limits of
Evansville in Vanderburgh County. The rent levels for
the project are as follows: 15 units of 30% area median
income (“AMI”) rent level; 15 units of 50% AMI rent
level. The balance of the units is at or below 80% AMI.
Unit sizes consist of 50 three-bedroom units and 10
two-bedroom units. An IHCDA Development Fund Loan
was awarded with this RHTC application. Advantix
Development Corp. serves as developer. property
manager, and general contractor, deferring a portion of
their development fee.
Evansville Townhomes, LP is the owner of Evansville
Townhomes. Advantix owns 100% of the general partner
entity of the Limited Partnership. In addition to
Advantix Corp. the rest of the experienced development
team includes: Kuhl & Grant for legal services, Barnes
Dennig for accounting services, Myszak & Palmer as
design and engineering services, SJ Developers for
financial consulting services and D. Murphy
Development as pre-development consulting.
E V A N S V I L L E
T O W N H O M E S I I
QUICK FACTS
Location: Evansville, IN
Sources of Funding:
LIHTC $6,071,322
GP Equity $100
Perm Loan $350,000
DFL Loan $500,000
Acquisition Loan $2,400,000
Deferred Developer Fee $300,840
Tax Credit Investor: Alliant Capital
Unit Count: 60
Unit Sizes: 1 to 4 bedrooms
Demographic Group Served: Low Income
Projected & Actual Cost:
Projected Cost: $9,143,181
Actual Cost: Pending
Timely Delivery:
Contracted Begin/End Mar 2021/Jun 2022
Actual Begin/End Mar 2021/Pending
Evansville Townhomes II preserves and rehabilitates 60
units of scattered site affordable housing. The
development is located within the city limits of
Evansville in Vanderburgh County. The rent levels for
the project are as follows: 15 units of 30% area median
income (“AMI”) rent level; 15 units of 50% AMI rent
level. The balance of the units is at or below 80% AMI.
Unit sizes consist of 10 two-bedroom units, 42 three-
bedrooms units, and 8 four-bedroom units.
An IHCDA Development Fund Loan was awarded with
this RHTC application. Advantix Development Corp.
serves as developer, property manager, and general
contractor, deferring a portion of their development
fee.
Evansville Townhomes II, LP is the owner of Evansville
Townhomes II. Advantix owns 100% of the general
partner entity of the Limited Partnership. In addition to
Advantix Corp. the rest of the experienced development
team includes: Kuhl & Grant for legal services, Barnes
Dennig for accounting services, Myszak & Palmer as
design and engineering services, SJ Developers for
financial consulting services and D. Murphy
Development as pre-development consulting.
T R A I L S I D E
T O W N H O M E S
QUICK FACTS
Location: Kokomo, IN
Sources of Funding:
LIHTC $6,422,000
GP Equity $100
Merchants Cap Loan $900,000
HOME Loan $400,000
DFL Loan $500,000
Advantix Loan $25,000
Deferred Developer Fee $64,861
Tax Credit Investor: R4 Capital LLC
Unit Count: 45
Unit Sizes: 3 bedrooms
Demographic Group Served: Low Income
Projected & Actual Cost:
Projected Cost: $5,923,308
Actual Cost: $6,628,808
Timely Delivery:
Contracted Begin/End Feb 2019/Mar 2020
Actual Begin/End Feb 2019/Mar 2020
Trailside Townhomes created 45 newly constructed
units for affordable lease purchase housing. The
development is located within the city limits of
Kokomo in Howard County. The rent levels for the
project are as follows: 12 units of 30% area median
income (“AMI”) rent level; 11 units of 50% AMI rent
level. The balance of the units is at or below 60% AMI.
Unit sizes consist of 45 three- bedroom units.
A HOME grant and an IHCDA Development Fund Loan
were awarded with this RHTC application. Advantix
Development Corp. serves as developer, property
management, and general contractor, deferring a
portion of their development fee.
Trailside Townhomes, LP is the owner of the Trailside
Townhomes. Advantix owns 100% of the general
partner entity of the Limited Partnership. In addition
to Advantix the rest of the experienced development
team includes: Kuhl & Grant LLC legal services,
Myszak & Palmer Architecture & Engineering, D
Murphy Development, and SJ Developers for financial
services.
R I V E R V I E W
V I N C E N N E S
QUICK FACTS
Location: Vincennes, IN
Sources of Funding:
LIHTC $6,387,000
GP Equity $396,957
Merchants Cap Loan $265,000
AHP Loan $500,000
HOME Loan $400,000
DFL Loan $500,000
Deferred Developer Fee $111,000
Tax Credit Investor: R4 Capital LLC
Unit Count: 44
Unit Sizes: 1 & 3 bedrooms
Demographic Group Served: Low Income
Projected & Actual Cost:
Projected Cost: $6,749,211
Actual Cost: $7,449,529
Timely Delivery:
Contracted Begin/End Oct 2019/Dec 2020
Actual Begin/End Oct 2019/Dec 2020
River View created 44 newly constructed units with 22
of those for affordable lease purchase housing. The
development is located within the city limits of
Vincennes in Knox County. The rent levels for the
project are as follows: 11 units of 30% area median
income (“AMI”) rent level; 11 units of 50% AMI rent
level. The balance of the units is at or below 60% AMI.
Unit sizes consist of 22 three-bedroom units and 22
one-bedroom units.
A HOME grant and an IHCDA Development Fund Loan
were awarded with this RHTC application. Advantix
Development Corp serves as co-developer, Property
Management, and general contractor, deferring a
portion of their development fee. Andy Myszak serves
as architect and co-developer.
River View Vincennes, LP is the owner of the River
View. Advantix owns 100% of the general partner entity
of the Limited Partnership. In addition to Advantix
Development Corp. the rest of the experienced
development team includes: Kuhl & Grant LLC legal
services, Myszak & Palmer Architecture & Engineering,
and SJ Developers LLC for financial consulting
services.
S A R G E N T
P L A C E
QUICK FACTS
Location: Kokomo, IN
Sources of Funding:
LIHTC $6,246,000
GP Equity $76,000
Housing Trust Fund $400,000
HOME Loan $400,000
DFL Loan $500,000
Deferred Developer Fee $30,364
Tax Credit Investor: R4 Capital LLC
Unit Count: 35
Unit Sizes: 1 to 3 bedrooms
Demographic Group Served: Low Income
Projected & Actual Cost:
Projected Cost: $7,947,364
Actual Cost: $7,125,433
Timely Delivery:
Contracted Begin/End Dec 2019/Mar 2021
Actual Begin/End Dec 2019/Mar 2021
Sargent Place created 35 newly constructed units of
permanent supportive housing for individuals and/or families
who are homeless and have substance abuse addictions. The
development is located within the city limits of Kokomo in
Howard County. The rent levels for the project are as follows:
9 units of 30% area median income (“AMI”) rent level; 9 units
of 50% AMI rent level. The balance of the units is at or below
60% AMI. Unit sizes consist of 5 one-bedroom units (all at 30%
of AMI), 20 two-bedroom units (4 at 30% of AMI, 9 at 50% of
AMI, 7 at 60% of AMI), and 10 three-bedroom units (all at 60%
of AMI). Project-based rental assistance is provided by the
state for all 35 units, as all of our tenants are at very low-
income levels.
A Housing Trust fund grant, a HOME loan, and an IHCDA
Development Fund Loan were awarded with this RHTC
application. Advantix Development Corp serves as developer,
property manager, and general contractor, deferring a portion
of their development fee.
Trailside Commons, LP is the owner of Sargent Place. Advantix
owns 100% of the general partner entity of the Limited
Partnership. In addition to Advantix the rest of the
experienced development team includes: Kuhl & Grant LLC
legal services, Barnes Dennig accounting services, SRKM
Architecture and engineering services, SJ Developers, and D.
Murphy Development LLC for financial consulting services.
E R I E
P O I N T E
QUICK FACTS
Location: Evansville, IN
Sources of Funding:
LIHTC $7,769,363
Perm Loan $900,000
IHCDA DFL $500,000
GP Equity $233,000
TCAP Loan $500,000
Alliant Equity $100
Construction Loan $7,000,000
Deferred Developer Fee $454,620
Tax Credit Investor: Alliant Capital
Unit Count: 38
Unit Sizes: 1 to 3 bedrooms
Demographic Group Served: Low Income
Projected & Actual Cost:
Projected Cost: $10,271,891
Actual Cost: Pending
Timely Delivery:
Contracted Begin/End Nov 2021/Feb 2023
Actual Begin/End Oct 2021/TBD
Erie Pointe creates 38 newly constructed affordable
units with 8 units set aside for community integration
for individuals with intellectual or developmental
disabilities. The rent levels for the project are as
follows: 10 units of 30% area median income (“AMI”)
rent level; 9 units of 50% AMI rent level. The balance of
the units will be at or below 80% AMI. Unit sizes
consist of 8 one-bedrooms units, 18 two-bedroom
units and 12 three-bedroom units.
An IHCDA Development Fund Loan was awarded with
this RHTC application. Advantix Development Corp.
serves as developer, Property Manager, and general
contractor, deferring a portion of their development
fee.
Erie Pointe, LP is the owner of Erie Pointe. Advantix
owns 100% of the general partner entity of the Limited
Partnership. In addition to Advantix the rest of the
experienced development team includes: Kuhl & Grant
for legal services, Myszak & Palmer as design and
engineering services, and D Murphy Development LLC
and SJ Developers for financial consulting services.
The Evansville Housing Authority will provide social
services for the community integration residents.
E V A N S V I L L E
T O W N H O M E S I I I
QUICK FACTS
Location: Evansville, IN
Sources of Funding:
LIHTC $9,639,000
Perm Loan $1,400,000
Construction Loan $8,600,000
GP Equity $100
Seller Note $2,150,000
Deferred Developer Fee $199,8710
Tax Credit Investor: R4 Capital
Unit Count: 64
Unit Sizes: 1 to 3 bedrooms
Demographic Group Served: Low Income
Projected & Actual Cost:
Projected Cost: $13,388,970
Actual Cost: Pending
Timely Delivery:
Contracted Begin/End TBD/TBD
Actual Begin/End TBD/TBD
Evansville Townhomes III preserves and rehabilitates 32 units
of existing affordable housing and creates 32 newly
constructed single-family units on vacant, abandoned lots
throughout the City of Evansville; helping to revitalize run-
down areas of town. Thirteen of these units, spread
throughout the development, are set aside for residents with
developmental or intellectual disabilities, helping to
integrate these families with the rest of the community. The
development is located within the city limits of Evansville in
Vanderburgh County. The rent levels for the project are as
follows: 16 units of 30% area median income (“AMI”) rent
level; 16 units of 50% AMI rent level. The balance of the units
will be at or below 80% AMI. Unit sizes consist of 28 one-
bedroom units, 4 two-bedroom units, and 32 three-bedrooms
units.
Advantix Development Corp. serves as developer, property
management, and general contractor, deferring a portion of
their development fee.
A to-be-formed limited partnership will be the owner of
Evansville Townhomes III. Advantix owns 100% of the general
partner entity of the Limited Partnership. In addition to
Advantix as developer, property manager, and general
contractor, the rest of the experienced development team
includes: Kuhl & Grant for legal services, Barnes Dennig for
accounting services, Myszak & Partners as design and
engineering services, SJ Developers for financial consulting
services and D. Murphy Development as pre-development
consulting.
3 4
E A S T
QUICK FACTS
Location: Marion, IN
Sources of Funding:
LIHTC $9,478,500
Perm Loan $1,600,000
Construction Loan $9,400,000
Deferred Developer Fee $44,833
Tax Credit Investor: R4 Capital
Unit Count: 42
Unit Sizes: 3 bedrooms
Demographic Group Served: Low Income
Projected & Actual Cost:
Projected Cost: $11,831,833
Actual Cost: Pending
Timely Delivery:
Contracted Begin/End TBD/TBD
Actual Begin/End TBD/TBD
34 East creates 42 newly constructed affordable housing
units, using vacant, abandoned lots throughout the city and
helping to revitalize run-down areas of Marion, IN. Nine of
these units spread throughout the project are set aside for
residents with an intellectual or developmental disability,
helping to integrate these families with the rest of the
community. All of the units are lease-purchase units,
paving the way to help the families we serve to become
homeowners. The rent levels for the project are as follows:
11 units of 30% area median income (“AMI”) rent level; 10
units of 50% AMI rent level. The balance of the units will be
at or below 80% AMI. All of these are three-bedroom units.
Advantix Development Corp. serves as developer, Property
Manager, and general contractor, deferring a portion of
their development fee.
A to-be-formed limited partnership will be the owner of 34
East. Advantix owns 100% of the general partner entity of
the Limited Partnership. In addition to Advantix, the rest of
the experienced development team includes: Building for
Change as Co-developer, Kuhl & Grant for legal services,
Barnes Dennig for accounting services, Myszak & Partners
as design and engineering services, D Murphy Development
LLC and SJ Developers for financial consulting services.
The Marion Housing Authority will provide referral service
for the community integration residents.
500 SE 10th Street Evansville, IN 47713 Phone: 812-428-8500 Fax: 812-428-8560
PROJECT DESCRIPTION
The proposed infill development will create 50 lease purchase units of affordable low to moderate
income housing. Our concept includes applying for Low Income Housing Tax Credits (LIHTC)
through the Indiana Housing and Community Development Authority (IHCDA) with a targeted Area
Median Income (AMI) of 30% up to 80%. This will allow the development to attract and house
South Bend residents in low to moderate income ranges and those burdened by a lack of quality,
affordable housing.
The proposed development includes a combination of single-family houses, duplexes/triplexes, and
quadplexes where zoning allows. The unit breakdown will consist of 50 three-bedroom units
ranging from 1,050-1,240 square feet. All units will be built to National Green Build Standard
(NGBS) Green Silver Standards.
In addition to seeking LIHTC funding, we would graciously ask for contributions of up to 10% from
the city to help garner much needed points in an effort to obtain an award of Tax Credits.
Additionally, the local matching contribution is integral to the success of constructing a project such
as this in budget. These contributions often come in the property donations, form of tax
abatements to the property, waived permit fees, waived utility set up fees, etc.
• Donation of land/property
• Waiver of any permit fees, utility set up fees, etc
• $750,000 in funding as referenced in the RFP
Advantix has been very successful in obtaining LIHTC awards for similar infill projects. Advantix will
be the development, construction, and management entity in charge of the development, from pre
to post construction. We feel very strongly about this project based on preliminary scoring, based
on all referenced factors in this RFP.
South Bend Infill50SOURCES TOTAL PER UNITLIHTC10,680,000 213,600 City Contribution750,000 15,000 Perm Loan1,600,000 32,000 Deferred Developer Fee133,630 2,673 TOTAL SOURCES13,163,630 263,273 Paid Developer Fee (86%)836,620 Res. Dep. Exp.USESNon Depr. Expensed RemainingNew Construction9,650,000 193,000 9,650,000 NC Contingency (5%)482,500 9,650 482,500 Green and Engineering60,000 1,200 60,000 Design & Supervision Fee (4%)405,300 8,106 405,300 Construction interest and fees780,080 15,602 273,028 507,052 Title & Recording45,000 900 45,000 Survey & Appraisal & Market Study25,000 500 25,000 Tax Credit Fees 85,500 1,710 85,500 ‐ Environmental 135,000 2,700 135,000 Construction Period Insurance50,000 1,000 50,000 Legal Costs 120,000 2,400 120,000 Syndicator fees25,000 500 25,000 ‐ Consulting fee150,000 3,000 150,000 Accounting/Audit and Other Costs30,000 600 30,000 Operating Reserve 150,000 3,000 150,000 ‐ Developer Fees970,250 19,405 970,250 TOTAL USES13,163,630 263,273 260,500 273,028 12,630,102 Const Total10,132,500 202,650 Res Dep + Acq = 55% = 6,946,556 #1
500 SE 10th Street Evansville, IN 47713 Phone: 812-428-8500 Fax: 812-428-8560
PROJECT TIMELINE
Upon receiving approval from the City of South Bend, our team would set up an initial meeting to
discuss priorities, goals, and timelines with local officials. Below is a rough timeline of development
from pre-development to certificate of occupancy.
March 2023 to May 2023
Site control, market study, Environmental Phase I
March 2023 to May 2023
Architectural drawings and final site plans
July 2023
Submission of LIHTC application to IHCDA
November 2023
IHCDA award announcement
December 2023 to August 2024
Seek bids for LIHTC investor
Begin due diligence process, including updated Phase I, construction drawings, updated financials
projections, preparation of limited partnership agreement, management agreement, formation of
limited partner and general partner, obtain insurance quotes, obtain building permits (6-9 months)
September to November 2024
Close project financing
4th Quarter 2024
Begin Construction
4th Quarter 2025
Obtain Certificates of Occupancy, begin first move ins
Line #Combined
11/2022
Construction
11/2022
Development
11/2022
Properties & Mgmt
11/2022
Grants
11/2022
ASSETS
CURRENT ASSETS:
CASH
1 UNRESTRICTED CASH 9,563,822 7,025,722 1,096,374 1,563,788 -122,062
2 CASH RESTRICTED ACCTS 129,214 0 0 129,214 0
3 Cash Tenant Security Deposit Total 9,305 0 0 9,305 0
4 TOTAL CASH 9,702,341 7,025,722 1,096,374 1,702,307 -122,062
5 Total A/R Tenants & Trade 2,232,099 1,235,622 1,003,427 -6,949 0
6 Total Retention 684,451 652,702 31,949 -200 0
7 TOTAL ACCOUNTS AND NOTES RECEIVABLE 2,916,551 1,888,324 1,035,376 -7,149 0
8 TOTAL PREPAIDS OTHER CURRENT 2,045,972 142,040 1,866,020 37,912 0
9 INTERFUND
10 TOTAL INTERCOMPANY Transfers 929,191 7,474 268,640 653,077 0
11 OTHER CURRENT ASSETS 2,975,163 149,514 2,134,660 690,989 0
12 TOTAL CURRENT ASSETS 15,594,055 9,063,560 4,266,410 2,386,147 -122,062
FIXED ASSETS
13 LAND 200,748 20,000 0 180,748 0
14 DEPRECIABLE ASSETS 8,928,884 733,763 423,886 7,727,342 43,893
15 LESS ACCUM DEPRECIATION:-6,246,968 -330,389 -233,324 -5,639,362 -43,893
16 NET FIXED ASSETS 2,882,664 423,374 190,562 2,268,727 0
17 Total WIP 2,238 0 2,238 0 0
18 TOTAL FIXED ASSETS (NET)2,884,902 423,374 192,800 2,268,727 0
19 TOTAL LONG TERM ASSETS 6,680,174 0 4,028,540 2,651,634 0
20 TOTAL OTHER NONCURRENT ASSETS 9,565,076 423,374 4,221,341 4,920,361 0
21 TOTAL NONCURRENT ASSETS 9,565,076 423,374 4,221,341 4,920,361 0
22 TOTAL ASSETS 25,159,131 9,486,934 8,487,751 7,306,508 -122,062
23 LIABILITIES & NET POSITION
LIABILITIES:
CURRENT LIABLITIES:
24 AP TOTAL 2,294,586 2,192,481 86,792 3,712 11,601
25 TENANT DEPOSITS 9,005 0 0 9,005 0
26 ACCRUED PAYROLL/TAXES/BENEFITS PAYABLE 71,203 24,250 18,500 28,931 -478
Other Current Expenses
27 OTHER ACCRUED EXPENSES 56,149 -2,315 39,634 18,830 0
28 Billings in Excess of Cons costs/other inc/loss 6,963,782 6,963,782 0 0 0
29 TOTAL CURRENT LIABILITIES 9,394,725 9,178,198 144,926 60,478 11,123
30 NONCURRENT LIABILITIES:
31 TOTAL NONCURRENT LIABILITIES 420,197 2,356 400,482 17,359 0
32 TOTAL LIABILITIES 9,814,922 9,180,554 545,408 77,837 11,123
NET POSITION
33 NET INVESTMENT IN CAPITAL ASSETS 2,855,014 443,478 96,643 2,314,893 0
34 UNRESTRICTED NET POSITION 12,489,195 -137,098 7,845,699 4,913,777 -133,183
35 TOTAL NET POSITION 15,344,209 306,380 7,942,342 7,228,670 -133,183
36 TOTAL LIABILITIES AND NET POSITION 25,159,131 9,486,934 8,487,750 7,306,507 -122,060
37 TOTAL OF ALL 0 0 0 0 0
Advantix Development Corp (.advantx)
Advantix Properties Balance Sheet
Period =November 2022
Book = Accrual ; Tree = ysi_bs
Page 6 (Balance Sheet for all Depts)
Line #Nov-22 Nov-21 Difference
ASSETS
CURRENT ASSETS:
CASH
1 UNRESTRICTED CASH 9,563,822 3,417,556 6,146,266
2 CASH RESTRICTED ACCTS 130,000 130,000 0
3 Cash Tenant Security Deposit Total 9,305 9,855 -550
4 TOTAL CASH 9,703,127 3,557,411 6,146,266
5 Total A/R Tenants & Trade 2,186,897 2,276,790 -89,893
6 Total Retention 684,451 416,692 267,759
7 OTHER RECEIVABLES 45,202 416,437 -371,235
8 TOTAL ACCOUNTS AND NOTES RECEIVABLE 2,916,551 3,109,919 -193,369
9 Total Prepaids 2,045,186 909,943 1,135,243
10 TOTAL INTERCOMPANY Transfers 929,191 727,787 201,404
11 TOTAL CURRENT ASSETS 15,594,055 8,305,060 7,288,994
12 FIXED ASSETS
13 LAND 200,748 200,748 0
14 DEPRECIABLE ASSETS 8,928,884 8,845,391 83,493
15 LESS ACCUM DEPRECIATION:-6,246,968 -5,940,205 -306,763
16 NET FIXED ASSETS 2,882,664 3,105,934 -223,270
17 Total WIP 2,238 2,238 0
18 TOTAL FIXED ASSETS (NET)2,884,902 3,108,172 -223,270
19 TOTAL LONG TERM ASSETS 6,680,174 6,679,366 -808
20 TOTAL OTHER NONCURRENT ASSETS 9,565,076 9,787,538 -222,462
21 TOTAL NONCURRENT ASSETS 9,565,076 9,787,538 -222,462
22 TOTAL ASSETS 25,159,131 18,092,598 7,066,533
LIABILITIES:
CURRENT LIABLITIES:
23 AP TOTAL 2,294,586 2,158,329 136,257
24 TENANT DEPOSITS 9,005 9,505 -500
25 ACCRUED PAYROLL/TAXES/BENEFITS PAYABLE 71,203 46,129 25,074
26 TOTAL OTHER ACCRUALS 0 42,000 -42,000
Other Current Expenses
27 OTHER ACCRUED EXPENSES 56,149 51,760 4,389
28 Billings in Excess of Cons costs/other inc/loss 6,963,782 973,565 5,990,218
29 TOTAL CURRENT LIABILITIES 9,394,725 3,281,288 6,113,438
NONCURRENT LIABILITIES:
30 TOTAL NONCURRENT LIABILITIES 420,197 428,697 8,500
31 TOTAL LIABILITIES 9,814,922 3,709,985 6,121,938
NET POSITION
32 NET INVESTMENT IN CAPITAL ASSETS 2,855,014 3,190,749 -335,735
33 UNRESTRICTED NET POSITION 12,489,195 11,191,864 1,297,331
34 TOTAL NET POSITION 15,344,209 14,382,613 961,596
35 TOTAL LIABILITIES AND NET POSITION 25,159,131 18,092,598 -7,066,533
TOTAL OF ALL 0 0 0
Advantix Development Corp (.advantx)
Balance Sheet with Prior Year Comparison
Period =November 2022
Book = Accrual ; Tree = ysi_bs
Page 7 (Balance Sheet 2022 compared to 2021)
1/12/2023 1:35 PM
Line #
11/2022
Actual
10/2022
Actual
11/2022
Actual YTD
Year To Date
BUDGET
Year To Date
Budget Variance Annual Budget Percent Annual
Budget Utilized
1 Tenant Rental Income 33,801 36,274 379,974 444,762 -64,788 485,195 78.31%
2 Total Other Tenant Income -3,363 -4,503 -51,172 109,725 -160,897 119,700 -42.75%
3 NET TENANT INCOME 30,438 31,771 328,802 554,487 -225,685 604,895 54.36%4 TOTAL DEVELOPMENT INCOME 375,373 452,866 878,239 1,165,393 -287,154 1,165,393 75.36%
5 TOTAL CONSTRUCTION BILLINGS 2,123,055 1,204,945 17,052,472 23,878,543 -6,826,071 26,049,320 65.46%
Other Direct Costs 0 0 0 N/A
6 Less Cost of Goods Sold -1,956,186 -1,682,837 -15,043,628 -20,535,547 5,491,919 -22,402,415 67.15%
7 NET CONSTRUCTION REVENUE 166,869 -477,892 2,008,844 3,342,996 -1,334,152 3,646,905 55.08%
8 Interest Income - Unrestricted 2,913 0 2,913 69,770 -66,857 93,027 3.13%
9 Sponsor Loan Interest Income 28,082 26,607 308,904 0 308,904 0 0.00%
10 Uncollectable Rev/Interest -23,207 -23,207 -194,971 0 -194,971 0 0.00%
11 LP Management Fee Income 47,003 27,357 465,636 466,928 -1,292 509,376 91.41%
12 Miscellaneous Other Income 7 3,989 147,606 14,988 132,618 16,350 902.79%
13 Donations 8,500 -227 9,532 0 9,532 0 N/A
14 TOTAL OTHER INCOME 63,298 34,519 739,620 551,686 187,934 618,753 119.53%
15 TOTAL INCOME 635,978 41,264 3,955,505 5,614,562 -1,659,057 6,035,946 65.53%
EXPENSES
16 Admin Direct Salaries 87,173 61,130 728,349 1,110,945 382,596 1,206,986 60.34%
17 Admin Benefits 21,901 13,608 162,430 343,179 180,749 374,377 43.39%
18 Admin Legal Expense 141 1,078 5,956 53,356 47,400 58,207 10.23%
19 OTHER ADMIN EXPENSES 69,867 58,144 663,083 928,220 265,138 1,012,604 65.48%
20 Miscellaneous Admin Expenses 23,725 14,095 215,392 143,356 -72,035 156,389 137.73%
21 TOTAL ADMINISTRATIVE EXPENSES 202,807 148,055 1,775,210 2,579,056 803,848 2,808,563 63.21%
22 TOTAL TENANT SERVICES EXPENSES 675 598 5,119 0 -5,119 0 0.00%
23 TOTAL UTILITY EXPENSES 15,148 16,809 153,472 155,833 2,362 170,000 90.28%
MAINTENANCE AND OPERATIONS
24 Maintenance Salaries 5,399 3,626 42,594 111,833 69,240 122,000 34.91%
25 Benefits Total 1,042 603 7,006 40,260 33,254 43,920 15.95%
26 Maintenance Transportation 9,258 8,369 109,065 39,260 -69,805 42,829 254.65%
27 Materials Subtotal 4,792 9,263 81,278 39,424 -41,854 43,008 188.98%
28 Contract Costs Subtotal 22,192 20,195 210,934 41,477 -169,456 45,248 466.17%
29 TOTAL MAINTENACE EXPENSES 42,683 42,056 450,877 272,254 -178,621 297,005 151.81%
30 TOTAL OTHER GENERAL EXPENSES 23,433 18,077 264,711 144,843 -119,865 158,010 167.53%
31 TOTAL OPERATIONAL EXPENSES BEFORE DEPR 284,746 225,595 2,649,389 3,151,986 502,597 3,433,578 77.16%
32 NET INCOME - OPERATIONS BEFORE DEPRECIATION 351,232 -184,331 1,306,116 2,462,576 -1,156,460 2,602,368 50.19%
33 NET DEPR & NON-OPERATING EXPENSE(INCOME)35,508 5,425 344,520 399,194 54,674 435,484 79.11%
34 Net income after depreciation and non operating items 315,724 -189,756 961,596 2,063,382 -1,101,786 2,166,884 44.38%
35 NET INCOME after Depr & Non Operating Items 315,724 -189,756 961,596 2,063,382 -1,101,786 2,166,884 44.38%
Advantix Development Corp (.advantx)
Advantix Income Statements (Total of All Departments)
Period = November 2022
Book = Accrual ; Tree = ysi_is
Advantix Income Statement
Page 1(All Departments)
Line #11/2022
Actual
10/2022
Actual
11/2022
Actual YTD
Year To Date
BUDGET
Year To Date
Budget Variance Annual Budget Percent Annual
Budget Utilized
1 TOTAL CONSTRUCTION BILLINGS 2,123,055 1,204,945 17,052,472 23,878,543 -6,826,071 26,049,320 65.46%
2 Less Cost of Goods Sold -1,956,186 -1,682,837 -15,043,628 -20,535,547 5,491,919 -22,402,415 67.15%
3 NET CONSTRUCTION REVENUE 166,869 -477,892 2,008,844 3,342,996 -1,334,152 3,646,905 55%
4 Other Income(Home Depot Rebate $70,000)0 0 70,822 0 70,822 0 0%
5 TOTAL INCOME 166,869 -477,892 2,079,666 3,342,996 -1,263,330 3,646,905 57%
EXPENSES
6 Admin Direct Salaries 1,023 731 16,176 359,350 343,174 390,200 4.15%
7 Admin Benefits 57 19 889 122,166 121,277 133,272 0.67%
8 Admin Legal Expense 0 0 12,075 12,075 13,173 0.00%
9 OTHER ADMIN EXPENSES 1,836 908 8,959 73,944 64,984 80,666 11.11%
10 Miscellaneous Admin Expenses 1,396 1,538 15,698 11,710 -3,987 12,775 122.88%
11 TOTAL ADMINISTRATIVE EXPENSES 4,312 3,196 41,722 579,245 537,523 630,086 6.62%
12 TOTAL UTILITY EXPENSES 3,332 2,875 20,843 8,388 -12,456 9,150 227.79% Vehicle Gas Oil Repairs 1 339 1 339 6 292 3 089 -3 202 18 536 33 94%13 Salaries 3,661 881 16,751 -16,751 0.00%
14 Transportation 2,306 3,492 47,380 16,991 -30,389 18,536 255.61%
15 Materials 3,474 9,101 65,556 34,566 -30,990 37,708 173.85%
16 Contract Costs Subtotal 17,127 169 36,811 0 -36,811 0 0.00%
17 TOTAL MAINTENACE EXPENSES 26,568 13,643 166,498 51,557 -114,941 56,244 3
18 TOTAL OTHER GENERAL EXPENSES 10,493 10,175 142,841 40,771 -102,070 44,477 321.16%
19 TOTAL OPERATIONAL EXPENSES BEFORE DEPR 44,705 29,889 371,904 679,961 308,056 739,957 50.26%
20 NET INCOME - OPERATIONS BEFORE DEPRECIAT 122,164 -507,781 1,707,762 2,663,035 -955,274 2,906,948 58.75%
21 NET DEPR & NON-OPERATING EXPENSE(INCOME)10,052 9,952 106,035 39,616 -66,420 43,217 245.35%
22 NET INCOME after Depr & Non Operating Items 112,112 -517,733 1,601,727 2,623,419 -1,021,694 2,863,731 55.93%
Advantix Construction and 2110 S Ky (.adcnst)
Advantix Income Statements(Construction)
Period =November 2022
Book = Accrual ; Tree = ysi_is
Advantix Inc Stmt-Construction Page 2(Construction)
Line #11/2022
Actual
10/2022
Actual
11/2022
Actual YTD
Year To Date
BUDGET
Year To Date
Budget Variance Annual Budget Percent Annual
Budget Utilized
INCOME
1 TOTAL DEVELOPMENT INCOME 375,373 452,866 878,239 1,165,393 -287,154 1,165,393 75.36%
OTHER INCOME
2 Interest Income - Unrestricted 2,913 0 2,913 69,770 -66,857 93,027 -100
3 Sponsor Loan Interest Income 28,082 26,607 308,904 0 308,904 0 N/A
4 Uncollectable Rev/Interest -23,207 -23,207 -194,971 0 -194,971 0 N/A
5 Miscellaneous Other Income 22 12,490 -12,469 13,625 N/A
6 Donations 7 -227 1,130 0 1,130 0 N/A
7 TOTAL OTHER INCOME 7,795 3,173 117,998 82,260 35,737 106,652 110.64%
8 TOTAL INCOME 383,168 456,039 996,237 1,247,653 -251,417 1,272,045 78.32%
EXPENSES
9 Admin Direct Salaries 45,963 36,996 368,743 391,252 22,510 424,548 86.86%
10 Admin Benefits 10,462 8,276 71,132 131,010 59,878 142,920 49.77%
11 Admin Legal Expense 141 1,078 5,821 5,413 -408 5,905 98.58%
12 OTHER ADMIN EXPENSES 67,364 57,009 648,853 816,277 167,424 890,484 72.87%
13 Miscellaneous Admin Expenses 14,836 11,714 170,447 93,803 -76,644 102,331 166.56%
14 TOTAL ADMINISTRATIVE EXPENSES 138,766 115,073 1,264,996 1,437,755 172,760 1,566,188 80.77%
15 TOTAL TENANT SERVICES EXPENSES 675 598 5,119 0 -5,119 0 0
16 TOTAL UTILITY EXPENSES 195 1,412 12,928 14,300 1,372 15,600 82.87%
MAINTENANCE AND OPERATIONS
17 Maintenance Transportation 3,886 2,364 23,639 18,677 -4,962 20,375 116.02%
18 Materials Subtotal 1,047 0 9,997 0 -9,997 0 0.00%
19 Contract Costs Subtotal 1,466 6,310 51,051 3,456 -47,595 3,770 1354.14%
20 TOTAL MAINTENACE EXPENSES 6,399 8,674 84,687 22,133 -62,554 24,145 350.74%
21 TOTAL OTHER GENERAL EXPENSES 6,329 5,304 53,750 68,791 15,040 75,044 71.62%
22 TOTAL DEVELOPMENT COSTS 2,702 0 -545 0 547 0 0.00%
23 TOTAL OPERATIONAL EXPENSES BEFORE DEPR 155,066 131,061 1,420,935 1,542,979 122,042 1,680,977 84.53%
24 NET INCOME - OPERATIONS BEFORE DEPRECIATION 228,102 324,978 -424,698 -295,326 -129,372 -408,932 103.86%
25 NET DEPR & NON-OPERATING EXPENSE(INCOME)2,382 -27,618 -22,231 76,658 98,890 83,627 -26.58%
26 NET INCOME after Depr & Non Operating Items 225,720 352,596 -402,467 -371,984 -30,482 -492,559 81.71%
Advantix Dev & Management (.addvmt)
Advantix Income Statements(Development)
Period =November 2022
Book = Accrual ; Tree = ysi_is
Advantix Inc Stmt-Development Page 3(Development)
Line #11/2022
Actual
10/2022
Actual
11/2022
Actual YTD
Year To Date
BUDGET
Year To Date
Budget Variance Annual Budget Percent Annual
Budget Utilized
1 Tenant Rental Income 33,801 36,274 379,974 444,762 -58,156 485,195 78.31%
2 Total Other Tenant Income 1,695 555 6,991 8,892 -2,787 9,700 72.07%
3 NET TENANT INCOME 35,496 36,829 386,965 453,654 -60,943 494,895 78.19%
4 Miscellaneous Other Income 8,500 0 35,165 2,498 24,394 2,725 1290.46%
5 LP Management Fee Income 47,003 27,357 465,636 466,928 -1,292 509,376 91.41%
6 TOTAL OTHER INCOME 55,503 27,357 500,801 469,426 23,102 512,101 97.79%
7 TOTAL INCOME 90,999 64,186 887,766 923,080 -37,841 1,006,996 88.16%
EXPENSES
8 Admin Direct Salaries 33,172 23,403 303,934 259,509 -43,480 282,238 107.69%
9 Admin Benefits 6,979 5,313 63,824 90,003 24,976 98,186 65.00%
10 Admin Legal Expense 0 0 135 35,868 32,472 39,129 0.35%
11 OTHER ADMIN EXPENSES 667 227 5,270 38,000 29,942 41,454 12.71%
12 Miscellaneous Admin Expenses 7,493 842 26,981 37,842 14,914 41,283 65.36%
13 TOTAL ADMINISTRATIVE EXPENSES 48,311 29,785 400,144 461,222 58,824 502,290 79.66%
14 TOTAL UTILITY EXPENSES 11,620 12,521 119,700 133,146 12,962 145,250 82.41%
15 Maintenance Salaries 2,344 2,866 27,817 111,833 76,194 122,000 22.80%
16 Benefits Total 435 481 5,032 40,260 32,004 43,920 11.46%
17 Maintenance Transportation 3,066 2,513 38,046 3,592 -31,714 3,918 971.06%
18 Materials Subtotal 272 162 5,620 4,858 -932 5,300 106.04%
19 Contract Costs Subtotal 3,599 13,716 123,072 38,022 -84,907 41,478 296.72%
20 TOTAL MAINTENACE EXPENSES 9,716 19,738 199,587 198,565 -9,355 216,616 92.14%
21 TOTAL OTHER GENERAL EXPENSES 3,738 2,599 66,264 35,282 -30,454 38,489 172.16%
22 TOTAL OPERATIONAL EXPENSES BEFORE DEPR 73,385 64,643 785,695 828,215 31,978 902,645 87.04%
23 NET INCOME - OPERATIONS BEFORE DEPRECIATION 17,614 -457 102,071 94,865 -10,419 104,351 97.82%
24 NET DEPR & NON-OPERATING EXPENSE(INCOME)23,074 23,092 260,716 282,920 19,558 308,640 84.47%
25 Net income after depreciation and non operating items -5,460 -23,549 -158,644 -188,056 29,412 -204,289 77.66%
26 NET INCOME after Depr & Non Operating Items -5,460 -23,549 -158,644 -188,056 29,412 -204,289 77.66%
Advantix Asset Management Group (.adstmgt)
Advantix Income Statements(Property Management)
Period =November 2022
Book = Accrual ; Tree = ysi_is
Advantix Inc Stmt-Prop Mgmt Page 4(Prop Management)
Line #11/2022
Actual
10/2022
Actual
11/2022
Actual YTD
Year To Date
BUDGET
Year To Date
Budget Variance Annual Budget Percent Annual
Budget Utilized
1 TOTAL INCOME -5,058 -1,070 -8,163 100,833 -108,996 110,000 -7.42%
EXPENSES
2 Admin Direct Salaries 7,025 0 39,497 100,833 61,336 110,000 35.91%
3 Admin Benefits 4,402 0 26,585 0 -26,585 0 0
4 Materials and Cell phones 172 0 4,773 -4,773
5 TOTAL ADMINISTRATIVE EXPENSES 11,599 0 70,855 100,833 29,978 110,000 64.41%
6 TOTAL OPERATIONAL EXPENSES BEFORE DEPR 11,599 0 70,855 100,833 29,978 110,000 64.41%
7 NET INCOME - OPERATIONS BEFORE DEPRECIATION -16,657 -1,070 -79,018 0 -79,018 0 0%
8 NET INCOME after Depr & Non Operating Items -16,657 -1,070 -79,018 0 -79,018 0 0%
Advanitx Grants (.adgrant)
Advantix Income Statements(Grants)
Period = November 2022
Book = Accrual ; Tree = ysi_is
Advantix Inc Stmt-Grants Page 5(Grants)
Cover Letter
Joseph Molnar
South Bend Redevelopment Commission
14005 County-City Building
227 W. Jefferson Blvd.
South Bend, IN 46601
Re: LaSalle Landing – Infill Development Opportunity
Dear Mr. Molnar:
LaSalle Landing is pleased to submit a bid for the 2023 City of South Bend Infill
Development Opportunity. LaSalle Landing L.P. will be a partnership between MSR
Development Group LLC and Jonesboro Investments Corp.
MSR Development Group LLC, is a growing full-service Real Estate Development company
fixated on providing housing on a level that promotes economic and social growth, through
multi-family projects. MSR Development Group strives to be the choice developer for
growing communities who are seeking to meet real estate driven goals.
Jonesboro Investments Corp. is a well-established investment group focused on developing
affordable family and senior housing. Jonesboro has successfully completed over thirty-five
affordable housing developments throughout the United States.
Our proposed development is “LaSalle Landing” an affordable 36-unit senior housing
Development. This proposed buildout is to be constructed at the SWC corner of West
Lasalle and North Williams Street, South Bend, Indiana.
In exchange for the South Bend city owned lot at the corner of West Lasalle and North
Williams Street, South Bend, Indiana we would propose a purchase price of $25,000.
Please do not hesitate to reach out with any questions or concerns.
Sincerely,
Mark S. Rogers II
President
MSR Development Group LLC
ORGANIZATIONAL INFORMATION
MSR Development Group, LLC Development Experience
MSR Development Group LLC is a full-service construction management company that
partners with investors to design, develop, and build custom real estate solutions for
investors to meet their goals.
Since the company’s inception, in January of 2021, we have renovated several single -family
houses in addition to multi-family units in which we were hired to put the development
project together and complete the construction work. Additionally, our company was hired
as contractors to help perform some of the subcontracting services on 100+ unit
developments as well as put together multi-family projects from a pro-forma standpoint.
With this acquired experience, we feel that we can take advantage of opportunities to put
together and develop our own multi-family construction project from concept to finish.
MSR Development Group, LLC Key Personnel
The real estate development team at MSR Development Group is composed of
experienced professionals with diverse backgrounds and skills. The team includes
individuals with expertise in real estate development, financial analysis, construction
management, design, and office administration. Together, they bring a wealth of
knowledge and experience to the company and are responsible for a variety of tasks,
including project management, deal management, financial analysis, construction
supervision, design, and office administration.
Experience and Capacity of Jonesboro Investment Corp.
Jonesboro Investments Corp. was formed in 2001 to act as a developer of affordable family
and senior housing developments and to date has been a developer, general partner and
guarantor of thirty-five (35) affordable housing developments totaling over 3,000 units in
the states of Florida, Indiana, Kentucky, Michigan and Ohio.
Jonesboro Investments Corp. Retail Holdings
Current Ownership
1. Ridge Park Square 575,000 square foot regional shopping center anchored by AMC
Theaters, Bed Bath & Beyond, Lowe’s, Marc’s, Michaels, TJ Maxx and Ross located in
Brooklyn Ohio.
2. Westwood Town Center 217,000 square foot regional shopping center anchored by
Home Depot, Marc’s and AMC Theater located in Rocky River Ohio.
3. Townridge 224,000 square foot shopping center anchored by Wal-Mart and Big Lots
located in Raleigh North Carolina.
4. The Village at Townridge 57,000 square foot mixed use development located in
Raleigh North Carolina.
5. French Creek Square 47,000 square foot shopping center located in Avon Ohio.
Shopping Centers Developed (Ownership Since Divested)
1. Super Kmart (Newburgh, Queensbury and Ulster New Y ork).
2. Super Kmart (Defiance and Ontario, Ohio).
3. Walnutport Town Center (Walnutport Pennsylvania anchored by Kmart, Weis Foods).
4. Freedom Town Center (Naples Florida anchored by Kmart, Publix and Bealls).
5. Red Road Shopping Center (Miami Florida anchored by Kmart, Publix and Ross).
Jonesboro Investments Corp. Contact Information
Consultant Contact Person: Timothy M. Morgan
Title: President
Company: Jonesboro Investments Corp.
Office Phone: 440-247-3900
Cell Phone: 216-832-5589
Fax: 440-247-3930
Contract Signatory Authority: Timothy M. Morgan
Address: 7160 Chagrin Road, Suite 250, Chagrin Falls, Ohio 44023
NARATIVE DESCRIPTION
Project Site Being Addressed
The project site that we are interested in submitting for consideration, is the parcel at the
SWC of West Lasalle and North Williams Street. This parcel fits the development plan that
MSR Development Group LLC and Jonesboro Investments Corp. wants to build using the
nine percent (9%) tax credits available through Indiana Housing & Community
Development Authority (IHCDA).
Additionally, our development requires that we utilize the city owned lot as well as the
South Bend Housing Authority adjacent land. We are currently in contact with the South
Bend Housing Authority, and they are interested in further discussions. We believe that if
we could get a commitment from the City to sale us their vacant lot, then we could in turn
have a better chance of getting the Housing Authority to also commit their lot.
How Project Meets Evaluation Criteria
The South Bend Redevelopment Commission envisions residential housing of 24-36 units;
within 2-3 story building(s) in height, and a typical unit size ranging from 600-800 sqft.
Additionally, the state of Indiana has identified St. Joseph County as a place where 70% or
more of families have an income which is 80% or less of the statewide median family
income. This statistic allows us to imply that another community challenge South Bend
faces is their community's ability to pay rents at the state market rate.
LaSalle Landing is a 3-story senior housing development to be constructed at the SWC
corner of West Lasalle and North Williams Street. This beautiful new structure
complimenting the design of the current area, will be in census tract 19.00 proximate to
numerous commercial shopping outlets including grocery, banks, restaurants, pharmacy,
supportive service facilities, multiple City parks, and public transportation.
Proposed Project Purchase Price
In exchange for the South Bend city owned lot at the SWC corner of West Lasalle and North
Williams Street, South Bend, Indiana we propose a purchase price of $25,000.
Requested City Considerations
To develop a project that will pencil out from the development perspective as we hope to
build on the South Bend city owned lot at the SWC of West Lasalle and North Williams
Street, South Bend, Indiana please consider the following:
1. A monetary contribution of $50,000 to help with public infrastructure needs of the
site, such as (sidewalks).
2. Consideration for request of tax abatements for our development
3. Consideration of any other resources the city would be willing to contribute to help
us complete our development
Description of Building
Based on initial market research and cost estimates, new construction will consist of
eighteen (18) newly constructed affordable senior apartments of one (1) bedroom models
measuring 722 square feet, and (18) newly constructed two (2) bedroom models measuring
876 square feet. La Salle Landing will enhance the existing residential corridor of West
Lasalle and North Williams Street with the addition of an independent living senior
component to the existing residential district.
Eighteen (18) newly constructed affordable senior apartments will include one (1) bedroom
and one (1) bath, and eighteen (18) newly constructed affordable senior apartments will
include two (2) bedrooms and one (1) bath. The target market for the senior apartments
will primarily be for a moderate-income elderly household making between 30% and 60%
of the St. Joseph County Area Median Income .
How Project Was Identified
MSR Development Group identified this community challenge by utilizing several pieces of
data, including:
1. State of Indiana 2023-2024 Qualified Allocation Plan;
2. Qualified Census Tract Map for Indiana (South Bend is in St. Joseph County where it
has been identified that 70% or more of seniors have an income which is 80% or
less of the statewide median senior income);
3. Spoke directly with Bill Schalliol, Executive Director for St. Joseph County;
4. RFP released by the city of South Bend on Nov. 10th, 2022 (Executive Director for
county informed us about the RFP);
5. Census Tract Data;
6. St. Joseph County Comprehensive Plan;
7. St. Joseph County Tax Abatement ordinance;
8. St. Joseph County Tax Abatement Percentage table;
9. St. Joseph County Economically Distressed Areas by census tract;
10. South Bend TIF Districts; and
11. South Bend Zoning Ordinance
Post Project Plan
Management Plan
To ensure and maintain a successful senior housing development over the years, we will be
looking at several metrics to help us. Those metrics are as follows:
1. Occupancy levels of the development on a quarterly basis;
2. Make sure our rent rates are maintained at 30%, 50%, 60%, of AMI on an annual
basis;
3. Conduct short satisfactory survey of tenants to see how they feel about our
development on an annual basis;
4. Conduct a facility assessment to make sure nothing with regards to the building is
being overlooked on an annual basis; and
5. Conduct a monthly review of the financial statements, review the property
manager’s report, and decide on all major capital expenditures.
Role of Development Team Members
Applicant/Owner: LaSalle Landing L.P.
General Partners: MSR LaSalle Landing LLC, (MSR Development Group LLC),
JIC LaSalle Landing LLC, (Jonesboro Investments Corp.)
Limited Partner: TBD
Developers: MSR Development Group LLC
Jonesboro Investments Corp.
Property Manager: TBD
Architect: RDL Architects
Civil Engineer: TBD
Lender: TBD
Project Attorney: Dinsmore & Shohl LLP
General Contractor: TBD
Developers - Role
1.The Developers are responsible for all development activities including, but not
limited to, site selection, application preparation for tax credit funding, development
team selection, facilitating City support, developing project proforma and hiring of
the General Contractor and Management Company.
2.The Developers will act as the Construction Manager to oversee the General
Contractor and determine that the quality and pace of construct ion is consistent with
the schedule of the project partnership.
3.The Developers will not be the Property Manager for this project. TBD will perform
the day-to-day responsibility of leasing, marketing, maintenance, and repair.
4.The Developers will be the overall project asset manager. Management of the project,
including the financial reporting and physical maintenance, will be performed by TBD.
The asset management team will have an Advisory Panel, which will meet monthly to
review the financial statement s, review the property manager’s report, and decide on
all major capital expenditures.
Budget:
Financing
Financing for the senior apartments will include proceeds from: (i) sale of 9% Housing Tax
Credits; (ii) IHCDA Development Fund Loan and (iii) a conventional permanent loan. The
target market for the senior apartments will primarily be a moderate -income elderly
household making between 30% and 60% of the St. Joseph County Area Median Income.
TIMELINE:
The project anticipates commencement of construction on the senior apartments and
completing all thirty-six (36) senior apartments by August 2025.
March 2023 Announcement of Selected Respondents
April 2023 Land Acquired via Real Estate Purchase Agreement
Phase 1 Environmental Review
May 2023 Construction Financing Committed
Permanent Financing Committed
Equity Commitment Letter
Formation of Limited Partnership
June 2023 Zoning and Preliminary Site Plan Approval from City of South Bend
July 2023 Application to IHCDA for Tax Credit Funding
November 2023 Award of Rental Housing Tax Credit Funding
April 2024 10% Carryover
July 2024 Building Permit Obtained
Final Site Plan Approval from the City of South Bend
Construction Loan Closing
Equity Closing
August 2024 Site Preparation
Commencement of Construction
February 2025 50% Completion
August 2025 Construction Completion
Occupancy Approval
November 2025 Placed in Service (Lease Up)
December 2025 Permanent Loan Closing
Evidence of Financial Responsibility
Please note that our Financial Responsibility information has been
sent via mail overnight to Joseph Molnar at the address below and is
set to arrive Jan. 31st, 2023:
Joseph Molnar
South Bend Redevelopment Commission
14005 County-City Building
227 W. Jefferson Blvd.
South Bend, IN 46601
RFP: The Lafayette Building
BID SUBMISSION
Application To: Department of Community Investment
14th Floor, County-City Building
227 West Jefferson Boulevard
South Bend, Indiana 46601
(Note: “Applicant,” as used in these Proposal Documents and Forms, shall include the actual legal entity submitting and executing the Proposal Documents and Forms.)
The undersigned Applicant certifies that it has familiarized itself with the present and existing conditions of the Property incorporated herein. Applicant further certifies that it has familiarized itself with the Proposal Documents and Forms.
By this letter of Application to the Department, Applicant hereby offers and proposes to purchase the Property being offered by the Department. Applicant further certifies its intent to participate in the development of the Property in accordance with Federal, State and Local ordinances and regulations governing same, and in accordance with the Development Plan for the area as approved and amended from time-to-time by the Commission.
Applicant’s Bid offering to purchase the Property is described as follows:
Dollars
Purchase Price
Applicant has submitted the following documentation in its Bid and understands that such
documentation will be considered by the Department in the Department’s determination whether
to award any bid. Applicant hereby certifies that:
1.Applicant has submitted a Narrative Description of the proposed development forthe Property described, explaining the exact nature and character of the improvementsproposed for the Property and their use, together with maps and plans sufficiently completeto indicate the general improvements to be made on the Property. (Maps and plans must be of
sufficient scale to indicate clearly the location of the structures and other proposed improvements and should provide information on building elevations and materials.)
2.Applicant has reviewed and completed the Proposal Documents and Formsprovided by the Department which include: (i) a Statement of the Qualifications andFinancial Responsibility; (ii) a Statement for Public Disclosure, and (iii) a sworn Affidavitof Non-Collusion.
Applicant understands and acknowledges that the submission of a completed Application by Applicant shall constitute express authorization by Applicant to the Department to obtain, solicit, receive and/or utilize information that the Department, in its sole discretion, deems pertinent to Applicant’s submission, including information from any persons or entities identified by Applicant or from persons or entities having knowledge of the Applicant’s experience, abilities, past performance, integrity or financial status, or knowledge related to any other item referenced in the Proposal Documents and Forms.
1
$25,000 Twenty-Five Thousand
Applicant, by submission of a completed Application also acknowledges that any information provided to or obtained by the Department, whether related to financial matters or otherwise, may be subject to disclosure under the State of Indiana’s Access to Public Records Act (IC 5-14-3-1 et seq.) provided, however, that if the Applicant indicates that certain financial or other documentation is submitted in confidence, by specifically and clearly marking and identifying said documentation as CONFIDENTIAL, the Department will endeavor to keep said documentation confidential to the extent permitted by law.
Applicant further agrees to execute a contract for the purchase of property for development in the form prepared by the Department within ninety (90) days after notification of acceptance of this offer and to develop and use the above identified Property in conformity with the Federal, State and Local ordinances and regulations governing same; applicable Development Plan; the Narrative Description and maps and plans as submitted by Applicant, with amendments, if any, as approved by the C ommission.
Applicant understands and acknowledges that the Department and Commission expressly reserves the right to reject any and all Bids and to waive any informalities, irregularities or technical defects if such are deemed, in the Department or Commission’s sole opinion, to be immaterial.
Dated
Respectfully submitted,
Name of Individual or Corporation
By:
Signature
Name (type)
Title
ATTEST: (BY SECRETARY OF A CORPORATION) Address:
By:
Signature
Name (type)
Title
Address:
2
1/17/2023
LaSalle Landing L.P.
Mark S. Rogers II
General Partner
5522 Nighthawk Dr.
Indianapolis, IN
46254
3
Statement of Qualifications and
Financial Responsibility
Applicant:
Address:
E-Mail Address:
Federal I.D. or Social Security #:
Type of Organization:
□Corporation □Proprietorship □Joint Venture □Partnership
□Other:
Person(s) Authorized to Sign Quotes, Bids and/or Contracts on behalf of Applicant:
NAME OFFICIAL CAPACITY TELEPHONE/FAX NUMBER
1.Is Applicant a subsidiary of or affiliated with any other corporation or corporations or anyother firm or firms?
□Yes
□No
If yes, list each corporation or firm by name and address, specify its relationship to Applicant, and identify the officers and directors or trustees common to Applicant and such other corporation or firm:
The financial condition of Applicant, as of , , is as
LaSalle Landing L.P.
5522 Nighthawk Dr.
Indianapolis, IN
46254
m.rogers@tbrgrp.com
TBD
Mark S. Rogers II General Partner (317)-319-5098
Timothy M. Morgan General Partner (440)-247-3900
MSR Development Group, LLC - 5522 Nighthawk Dr. Indianapolis, IN 46254(General Partner)Jonesboro Investments Corp. - 7160 Chagrin Road, Suite 250 Chagrin Falls, Ohio 44023(General Partner)
4
reflected in Exhibit “E”, Current Financial Statement.
Name and address of auditor or public accountant, if applicable, who performed the audit on which said financial statement is based:
2.Names and addresses of bank references:
3.Has Applicant or the parent corporation, or any subsidiary or affiliated corporation of theApplicant (if any), or said parent corporation, or any of the Applicant’s officers or principalmembers, shareholders or investors, or other interested parties (as listed in items 5, 6, and 7 of theStatement for Public Disclosure and referred to herein as Principals of the Applicant) beenadjudged bankrupt, either voluntary or involuntary, within the past 10 years?
□Yes
□No
If yes, give date, place and under what name:
4.Has Applicant or anyone referred to as Principals of the Applicant, as defined in Question3, above, been indicted, charged and/or convicted of any felony within the past 10 years?
□Yes
□No
If yes, give for each case (1) date, (2) charge, (3) place, (4) Court, (5) action taken. Attach any explanation deemed necessary.
5.Has Applicant, or anyone referred to as Principals of the Applicant, as defined in Question3, above, been convicted of, or entered any plea of guilty, or nolo contendere, or otherwise havebeen found civilly liable for any criminal offense or civil action involving embezzlement, forgery,bribery, conspiracy or any other offense arising out of the submission of bids or proposals onpublic works projects or contracts?
□Yes
□No
Ms. Justine Laning RSM US LLP1001 Lakeside Avenue Cleveland, OH 44114
Mr. Derek ReedKey Bank127 Public SquareCleveland, Ohio 44114
If yes, give for each case (1) date, (2) charge, (3) place, (4) Court, (5) action taken. Attach any explanation deemed necessary.
6.The following statements and other evidence of the Applicant's qualifications and financialresponsibilities (other than the financial statement referred to above) are attached heretoand hereby made part of Applicant's Bid:
7.Does any member of the South Bend Redevelopment Commission or any officer or
employee of the City of South Bend Department of Redevelopment have any direct or
indirect personal interest in the Applicant or the development of the land as proposed?If yes, explain:
N/A
8.Does any member of the governing body of the City of South Bend or any public official
or employee of the City of South Bend have any direct or indirect personal interest in the
Applicant or the development of the land as proposed?If yes, explain:
N/A
Certification
I (We), L aSalle Landing L.P. Certify that this Statement ofQualifications and Financial Responsibility and the attached evidence of the Applicant's qualifications and financial responsibility, including financial statements, are true and correct to the best of my ( our) knowledge and belief.
Mark S. Rogers II Tim Morgan
Name Name -»tad S. h� c:/c:/
Sig,f6ture
General Partner
�
General Partner
Title Title
1/17/2023 1/17/2023
Dale Date
(If the Applicant is an individual, this statement should be signed by such individual; {( a partnership, by one of the
partners; if a co,poration or other entity, by one of its chief officers having knowledge of the facts required by this
statement.)
5
Certification
I (We), LaSalle Landing L.P.Certify that this Statement for Public Disclosure is true and correct to the best of my (our) knowledge and belief.
Mark S. Rogers II Tim Morgan
Name
Signature
General partner General Partner
Title Title
1/17/2023 1/17/2023
Date Date
(If the Applicant is an individual, this statement should be signed by such individual; if a partnership, ii should be signed by one of the partners; if a co,poration or other entity, it should be signed by one of its chief officers having knowledge of the facts required
by this statement.)
6
Affidavit of Non-Collusion
Affidavit of Non-Collusion
SS:
The undersigned, being first fully sworn, deposes and says that:
He/she is: owner, partner, officer, representative, agent, of � \( S, 8':)eJ) j:__(Applicant);
He/she is fully informed respecting the preparation and contents of the attached offer and of all
pertinent circumstances respecting such offer;
Such offer is genuine and not a collusive or sham offer;
Neither said Applicant nor any of its officers, partners, owner's agents, representatives, employees,
or parties in interest, including this affiant, has in any way colluded, conspired, connived,
or agreed directly or indirectly, with any other Applicant, firm or person to submit a
collusive or sham offer in connection with the Contract for which the attached offer has
been submitted or to refrain from making an offer in connection with such Contract, or has
in any manner, directly or indirectly, sought by agreement or collusion or communication
or conference with any other Applicant, firm or person to fix the price or prices in the
attached offer, or of any other Applicant, or to fix any overhead, profit, or cost element of
the offering price of any other Applicant, or to secure through any collusion, conspiracy,
connivance or unlawful agreement any advantage against the City of South Bend and/or its
Department of Community Investment and/or the South Bend Redevelopment
Commission person interested in the proposed Contact; and
The price or prices quoted in the attached offer are fair and proper and are not tainted by any
collusion, conspiracy, connivance, or unlawful agreement on the part of the Applicant or
any of its agents, representatives, owners, employees or parties in interest, including this
affiant.
7
BARTON PHARISS
NOTARY PUBLIC -SEAL
STATE OF INDIANA
COMMISSION NUMBER NP0719718
MY COMMISSION EXPIRES APR. 11, 2027
Jt
Notary Public
City of South Bend
INFILL DEVELOPMENT OPPORTUNITY
January 31, 2023
City of South Bend Redevelopment Commission | Infill Development Opportunity Proposal 2
Dear Members of the City of South Bend Redevelopment Commission:
Progressus Development Group (“Progressus”) is pleased to submit this proposal to the
City of South Bend’s Redevelopment Commission (“Commission”) in response to the
Scattered Sites Request for Proposal issued on November 10, 2022. Progressus under-
stands that the Commission is seeking proposals for design and development services for
certain City-owned sites that match specific prescribed aesthetics, while maintaining the
character of the surrounding neighborhoods and adding to the community fabric. We fur-
ther understand that the Commission is primarily interested in residential developments
on these sites, with an eye on increasing the housing stock within the City limits. We also
recognize that the City has completed an extensive and well thought-out revisualization
of these Scattered Sites and we believe that our Project Team is best qualified with the
requisite experiences to bring this vision forward.
Progressus has extensive expertise in innovative, community-focused real estate develop-
ment with a wide portfolio across the country and internationally. The Progressus team
includes Principals Emmanuel Shammoun and Edwin Gausselin, who have between them
more than 50 years in architecture and real estate development. In addition, the Project
Team has held discussions with 1st Source Bank of South Bend who have confirmed inter-
est in participating as the financing body if warranted.
Also on the team is Antero Group, a planning, civil engineering, strategic consulting, and
placemaking and branding firm with a reputation for creating vibrant places; facilitating
housing and economic development; and cultivating innovative and sustainable com-
munities. Antero has provided professional consulting services in St. Joseph County with
master planning efforts for the Indiana Enterprise Center, as well as planning efforts at
the South Bend International Airport. The Antero team includes Eric Neagu, Managing
Principal, and Christian Brown, Project Manager.
Because of the variable nature of these sites, Progressus is proposing to enter into a Mem-
orandum of Understanding (“MOU”) with the City of South Bend to advance these sites
toward development. The Project Team is interested further understanding the market
case of these various sites to learn what the site may be able to support and what further
studies or analysis need to happen to make the sites viable. The Project Team is proposing
1631 W. Walnut St. 2nd Fl
Chicago, IL 60612
egausselin@progressus-us.com
www.progressus-us.com
708.774.7149
312.772.5085
January 31, 2023
City of South Bend Redevelopment Commission
County-City Building
227 West Jefferson Blvd, 14th Fl.
South Bend, IN 46601
RE: Infill Development Opportunity Request for Proposal
City of South Bend Redevelopment Commission | Infill Development Opportunity Proposal 3
to review these sites on an individual basis to determine their feasibility, while identifying
highest and best use for each site related to its residential, commercial, or industrial ca-
pacity. Thereafter, the Progressus team would present development options to the City for
consideration, which would include Progressus acting as either the direct developer or a
development facilitator.
The Project Team has extensive experience in real estate development, ranging from plan-
ning, design and engineering to architecture and construction financing, with a record of
successful implementation of residential and commercial projects. These projects create
municipal value, community vitality and quality neighborhoods. We look forward to work-
ing with the City of South Bend with its initiative in affecting placemaking for these historic
neighborhoods and sites, while promoting sustainable housing growth for years to come.
We appreciate this opportunity to work with the Commission on the Project. Should you
have any questions regarding this proposal, please feel free to call or email, 708.774.7149,
egausselin@progressus-us.com.
1631 W. Walnut St. 2nd Fl
Chicago, IL 60612
egausselin@progressus-us.com
www.progressus-us.com
708.774.7149
312.772.5085
Sincerely,
Edwin Gausselin
Principal
www.progressus-us.com
City of South Bend Redevelopment Commission | Infill Development Opportunity Proposal 4
Organizational Information
The Project Team will be led by Progressus Development and supported by Antero Group, for select activities. Below is a summary of
each of the participant firms and the primary managers involved in this project. Additionally, South Bend-based 1st Source Bank has
agreed to support this project, should local financing, tax credits, or other lending vehicles be required and viable.
Emmanuel Shammoun
Edwin Gausselin
With over 27 years of professional experience, Emmanuel Shammoun focuses on the business aspect of architec-
ture. He brings his passion of design and balances it with his business knowledge to develop projects that are
aesthetically pleasing while returning the highest possible ROI to its investors. Emmanuel led development
groups for several international and national companies. His focus has been primarily on mixed use develop-
ments ranging from single family residences to multi-million dollar master planned projects. Emmanuel volun-
teered as a commissioner for the Village of Skokie in Illinois and was a licensed General Contractor for the City
of Chicago from 2004 to 2008. Internationally, Emmanuel was the Principal Architect for a large real estate
developer in Dubai where he resided from 2008 to 2015. Recently, he led several hospitality development projects
for the Gettys Group and now continues his development role with The Parking Spot which is the nation’s largest near airport park-
ing owner and operator. At Progressus, Emmanuel will focus on project analysis, delivery and aim to grow the business organically
with emphasis on high returns to its investors. Emmanuel holds a Bachelors degree in Architecture from the University of Illinois at
Chicago and a MBA from the University of Warwick in the UK.
Edwin Gausselin has a unique and diverse skill set with over 30 years of experience in real estate law, finance, de-
velopment and business operations. He has overseen numerous development projects through the acquisition,
entitlement, financing, construction and ultimate disposition. Gausselin is a practicing attorney and a partner
in Progressus Development Group. Prior to joining Progressus, Gausselin was a partner and Executive Vice
President for Argent Development and The Prime Group, Inc., a prominent development firm having devel-
oped over $10 billion of institutional quality real estate. In 1991, Gausselin practiced law with the law firm of
Weissberg and Associates, LLC where he focused on commercial litigation, the representation of the debtors and
creditors in Chapters 7, 11 and 13 bankruptcy cases and the representation of banks, credit unions and other financial
institutions in the areas of regulatory compliance and debt enforcement actions.
In 1996, Gausselin became Chief Operating Officer and General Counsel for JVS Financial Group, Inc., a national mortgage
banking and insurance company where he worked until 1998. In 1998, he was the founding principal and CEO of a group of legal,
finance and real estate-related companies. These companies included Gausselin & Associates, Ltd., Trident Realty Corporation,
and Mid-American Development, Inc., and the group’s primary business, Universal Financial Group, Inc., a Chicago-based mort-
gage banking firm licensed in 38 states and with offices in Boston, Baltimore, Denver, San Diego and Long Beach, CA, where he
acted as CEO and President until selling the firm in 2003. Mr. Gausselin received his Bachelor of Arts Degree in Urban and Region-
al Planning from the University of Illinois, Champaign/Urbana in 1988 and his J.D. from Loyola University Law School in 1991. Mr.
Gausselin is licensed to practice law in the State of Illinois and maintains an Illinois Real Estate Broker’s License.
Progressus was founded with a vision towards creating an innovative and commu-
nity-focused real estate development and investment group. With in-house archi-
tects, attorneys, engineers and more, our team has the experience to support, ad-
vance, and finance both independent and partnered projects. Our Chicago-based
staff has a portfolio of project experience across the country and internationally.
PROGRESSUS DEVELOPMENT GROUP
City of South Bend Redevelopment Commission | Infill Development Opportunity Proposal 5
The Project Team has engaged 1st Source Bank as a potential financing source for future development on these
sites. 1st Source Bank was founded in 1863 in South Bend, IN and have been committed to communities in Northern
Indiana and Southwest Michigan.
Antero Group is an urban planning, civil engineering, and economic development
firm with offices in Chicago. Antero has a reputation for creating vibrant places, fa-
cilitating economic development, and cultivating innovative and sustainable com-
munities. Antero works hand-in-hand with its clients and partners to craft commu-
nity- and data-driven plans; develop physically robust and ecologically sensitive
engineering designs; identify and secure innovative funding and implementation
resources; and deliver transformative projects that create a more livable, resilient,
and equitable built environment.
Eric V. Neagu, PE, LEED AP, AICP
Christian Brown
Eric Neagu is the founding Principal of Antero Group. Mr. Neagu has over 20 years of professional consulting
experience as an engineer and planner. Mr. Neagu’s experience spans public, private, and institutional cli-
ents. With a background that encompasses civil engineering, urban planning, and economic development,
Mr. Neagu has a holistic approach to solving client problems. Mr. Neagu’s relevant project experience in-
cludes Grand County Colorado Economic Development Plan Workshop; Hot Sulphur Springs Comprehen-
sive Plan; Arvada Colorado Development; Bells Texas Municipal Engineer; Michigan City Sewer Extension;
Denison development Alliance Industrial Reuse Plan; Whitewright Texas Downtown Development Alliance
Industrial Reuse Plan; Powers Boulevard Sewer Main Extension; Indiana Enterprise Center Master Infrastructure
Plan; and more. Mr. Neagu has degrees from Purdue University, the University of Chicago, and certifications from Universita
Bucconi and the American Planning Association (APA).
Christian Brown is a Project Manager for Antero Group. He provides economic development insight drawing
from his 12 years of experience in that field. Mr. Brown has degrees from Purdue University and Indiana Uni-
versity South Bend, as well as a graduate certificate from the University of Oklahoma’s Economic Develop-
ment Institute. Having worked at a Chamber of Commerce and for a County government, Mr. Brown has
strived to help strengthen local economies through responsible site preparation and sustainable business
retention and attraction efforts. Relevant projects include the Indiana Enterprise Center Master Planning
efforts in St. Joseph County, IN and participated as a steering committee member of the current St. Joseph
County Comprehensive Planning efforts. Mr. Brown will be available during regular work hours and additional
hours as necessary for community and stakeholder engagement.
ANTERO GROUP
City of South Bend Redevelopment Commission | Infill Development Opportunity Proposal 6
Project Understanding
The Project Team understands that the City of South Bend wishes to encourage private development on various parcels throughout
the City, with an eye on adhering to general design principles outlined in the Request for Proposals. The City of South Bend has
developed a well thought out plan for these parcels and we intend to bring our engineering, architectural and entitlement teams to
bear on this assignment.
Cities all around the United States, like South Bend, are struggling with providing adequate housing opportunities for residents.
Complicating this is severe constraints in the capital markets, contributing to rising construction costs that inhibit proper develop-
ment. This has led to creative partnerships with public entities to find ways to mitigate these barriers. Upon discussions with the City
in December regarding this request for proposal, Progressus and Antero Group believe that the development of a partnership would
be key to moving these sites forward for development with the vision the City has set forth in their planning processes.
Due to the variable nature of the Scattered Sites, it will be necessary to perform due diligence on an individual basis, with the priority
sites being:
Upon future discussions with the City, the Project Team would entertain performing additional due diligence on the remaining sites
with commercial and industrial natures if warranted.
Lincoln Way West and Marion Street
Washington Street and Taylor Street
W. LaSalle Ave. and N. William Street
100 Block of South William Street
City of South Bend Redevelopment Commission | Infill Development Opportunity Proposal 7
Project Approach
Progressus is interested in acting as a master developer for various sites outlined within the proposal. We have explored the South
Bend market, including various exciting economic development projects on the horizon, and feel strongly that there is a demand
for housing. Further, given the exciting developments within the downtown in recent years, the City seems poised for a resurgence.
However, as with any community in a revitalization phase, there is some risk that needs to be better understand. Additionally, the
exact types of opportunities need to be more readily defined for each site. It is with this in mind, that we are proposing to enter into
a Memorandum of Understanding (“MOU”) that allows our team to collaborate with the City in evaluating each site. This would
enable both the City and Progressus to identify the appropriate development typologies for each site, such that they make financial
and community sense for everyone involved
Our approach would be collaborative in nature, with Progressus developing evaluation metrics and development options to deter-
mine what would function in the marketplace, while also meeting the goals of the City. Given the dynamic position of the housing
market and the recent history of housing in many of the scattered site areas, we feel entering into a MOU that allows more time and
resources to identify highest and best uses for these various sites would be ideal. The MOU would include the below outlined tasks,
each of which is intended to advance the site toward development.
Progressus and Antero will facilitate the below coordination meeting with the City and relevant stakeholders. We will support the City
in developing all meeting resources and materials. These coordination meetings will be used to craft development objectives for the
sites and to outline and review deliverables. We propose the following coordination meeting schedule:
TASK 1: PROJECT MANAGEMENT AND COORDINATION
Meeting #1:
Meeting #2:
Meeting #3:
Meeting #4:
During this kickoff meeting, we will review development objectives, identify goals, identify appropriate
due diligence to ensure feasibility of development, identify scope for MOU.
Review Draft of MOU and identify target date for signature.
Finalize MOU.
Public Meeting with City Planning and Zoning and the public in the specific neighborhoods to
determine outcomes.
TASK 1 DELIVERABLES: Meeting Agendas and Minutes, Memorandum of Understanding
City of South Bend Redevelopment Commission | Infill Development Opportunity Proposal 8
Upon adoption of MOU, the Project Team will perform necessary due diligence and research to aid the City in moving their vision
forward toward development in these Scattered Sites.
TASK 2: DUE DILIGENCE AND FINAL REPORT
Entitlement
Infrastructure
Analysis
Subdivision of
Sites
Financing
• Identify steps to obtain title to sites.
• Commence and complete entitlement process, per the City proposed designs.
• Review local infrastructure and utilities at each site to determine ability to serve new development.
• Outline any necessary upgrades to ensure development feasibility.
• Review all property specifics to determine need for subdivision to accommodate new development.
• Identify financing capabilities with both public and private sources. With the already completed
market analysis performed by the City for these sites, the Project Team will develop a feasibility
framework and priorities for highest and best use of each site.
• Working with 1st Source Bank, identify capital and financing solutions for site.
• Identify appropriate target markets related to market rate or affordable opportunities.
TASK 2 DELIVERABLES: Entitlement Matrix, Infrastructure Analysis and Improvements Recommendations, Financial
Analysis and Recommendations, Final Report
At the conclusion of these tasks, we will provide the city with our analysis of these sites and a priority list for development. Of course,
if a particular site becomes viable earlier in the process, we will work with the city to advance development on that site. We feel this
approach allows for all parties to collaborate on identifying the most appropriate use and mix for each of these sites. The MOU is
simply the first step in the process that will help the city achieve its goals, while allowing for Progressus to function as a viable partner
in improving the City of South Bend.
2.1 Due Diligence
2.2 Final Report
City of South Bend Redevelopment Commission | Infill Development Opportunity Proposal 9
Project Schedule
Conclusion
The Project Team proposes a timeline of eight (8) months upon completion of a Memorandum of Understanding to perform the
necessary due diligence processes.
The Project Team recognizes this Project as a great opportunity to partner with the City of South Bend in redeveloping these sites to
enhance the housing stock near downtown. While we recognize that the City has performed a great deal of their own planning work
to ready these sites for development, we believe that our extensive expertise in site planning and development will, in turn, comple-
ment and advance the City’s efforts to prepare the sites for their highest and best use.
MOU Draft, Review, and Execution
Public MeetingEntitlement Processes
Infrastructure Analysis and Improvements Recommendations
Financial Analysis, Recommendations, and Final Report
Month
1
Month
5
Month
3
Month
7
Month
8
Month
2
Month
6
Month
4
TASK 1:
PROJECT
MGMT AND
COORDINATION
TASK 2:
DUE DILIGENCE
AND FINAL
REPORT
+++
+
The Cottage Court @ Lincoln Way West and Marion Street
Allen Edwin Homes (AEH) is uniquely qualified to work with the City of South Bend in executing the
vision for Site 3 (Cottage Court @ Lincoln Way West and Marion Street). A $750,000 award will enable
AEH to invest $2,200,000 developing approximately 10 beautiful single-family homes with 3-4 bedrooms
and 2 bathrooms, just off a Lincoln Way, the Gateway to downtown South Bend. 20% of the homes will
have rents affordable up to 80% of area median income (AMI) households and the remaining 80% of
homes will have affordable rents up to 120% of AMI as established by HUD annually. The units will
remain with the rent limits established above for a minimum of 15 years or longer if the award is not
exhausted.
Overview of Cottage Court plans:
• Use: Residential
• Setback: Setbacks will be mutually agreed upon during final site plan coordination
• Building Type: Two story homes as exemplified in Exhibit A and similar to the images provided by the
city
• Height: 2 story buildings
• Design: Architecture consistent with example elevations and mutually agreed upon materials. Covered
porches face the street or the shared space; gable roof design; landscaped shared space with irrigation;
ample natural light in each unit. Final Site Plan will be designed and mutually agreed upon with the City.
• Parking: Accessed from Marion Street and screened from street; can utilize public on-street parking as
necessary
Timeline:
Immediately after the notice of award and execution of the required documents, AEH plans the
following estimated work schedule:
- Design work 2-3 months.
- Necessary permits/approvals 1-3 months.
- Site preparation and site development work 3-6 months.
- Once site is ready, AEH would start construction of the homes and complete them 6-12 months.
Introduction and Financial Stability
AEH is in its 28th year as privately owned family company with a focus on new single family home
construction in Michigan and Indiana. Allen Edwin is a top 100 builder as measured by volume within
the United States by Builder Magazine. With over 800 new home starts in 2022, Allen Edwin has the
financial strength, trade capacity and local presence to ensure this project is a success. In the event AEH
is awarded the project, financial reporting will be available for review. For this project, AEH is prepared
to invest up to 100% of the project cost until the homes are ready for occupancy, including, but limited
to, sidewalks, home construction, energy efficient appliances, landscaping, and irrigation.
Commitment to Sustainability
Affordability begins with Sustainability with in a RESNET Energy Smart qualified home that has a HERS
rating of well below 90, some of our models achieve a 58 HERS rating. Our residents will save over
$2,000 a year on average in utility bills compared to a similar sized 50-year-old rental home.
Key Assumptions:
- Land cost: $1
- Connection fee for city sewer/water: $0
- Sewer lateral reimbursement program: $0 (up to $20,000) AEH is prepared to invest in this
upfront, then submit proper documentation for reimbursement.
- According to the Update of Residential Market Potential Study conducted by Zimmerman/Volk,
120% AMI for 4-person household in South Bend is $84,960.
Summary of our fully staffed Land Development Leadership Team at Allen Edwin Homes includes:
• Brian Farkas (Workforce Housing), Licensed Attorney, Co-Founder Detroit Blight Authority, formerly
Director of Special Projects, Detroit Demolition (Mayor’s Office), 10+ years of experience (and a former
South Bend Resident)
• Thomas Larabel, PE: (Civil Engineering) Licensed Professional Engineer and Licensed Builder, Michigan,
26+ years of experience
• Mike West, AICP (Planning, Due Diligence), City Planner 25+ years of Experience
• Dan Larabel (Site Construction) Construction Management, 13+ years of experience
• Shad VanStedum (Land Survey/Site Engineering), 15+ years of experience
Resumes available upon request
Legal Disclosure:
This response should not be considered a legally binding agreement. AEH understands that upon
selection of a qualified development team, the City will enter, among others, a pre-development
agreement including purchase price, incentives, due diligence period, and other terms.
For any questions, please contact Brian Farkas, Director of Workforce Housing at Allen Edwin Homes.
bfarkas@allenedwin.com
Exhibit A
1
Organizational Structure
SBH was formed in 1974 as a tax-exempt nonprofit under Section 501c3 of the Internal Revenue Code.
SBH is also recognized as a domestic, non-profit corporation by the Indian Secretary of State (see the
attached 501c3 letter and Secretary of Entity Report).
On January 20, 2023 the SBH Planning & Real Estate Development Committee approved the submission
of this proposal. On January 26, 2023, the South Bend Heritage Foundation board of directors approved
the attached resolution related to this proposal's submission.
As of January 31,2023, SBH has ample working capital to complete the proposed project on a
reimbursable basis. While not preferred, SBH has a long history of completing projects under a
reimbursable payment format. For example, to avoid delayed payments to SBH subcontractors due to
protracted draw processes, SBH often pays claims prior to receiving grant funds to avoid delaying
payments to contractors beyond 14 to 45 days. Please see the attached December 31, 2022,
Consolidated Statement of Financial Position for SBH and Subsidiaries indicating a Net Income of
$2,039,590. Assuming the reimbursable process will move swiftly, SBH can fund monthly payments up
front.
Organizational Qualifications
SBH has been bringing community and economic development plans to reality for fifty years. The
organization emerged in response to an array of negative socio-economic factors that occurred because
of the closing of Studebaker Car Manufacturing Corporation throughout the 1970’s and 1980’s. The
work of SBH has been focused on improving institutional, political, and financial systems/projects and
programs that it determined were not serving people and neighborhoods in the most effective manner
possible. The SBH improvement process involves public-private partnerships that produce new and
improved ways of doing business to better serve the community.
SBH has a solid foundation in community organizing to ensure that neighborhood residents and
businesses are a part of efforts to improve the community. Today, SBH has four primary lines of
business; Planning & Real Estate Development, Community Building & Eng agement, Home Ownership
Promotion and Property & Asset Management.
SBH has developed and/or maintains $100m in residential and commercial projects such as Robertson’s
Senior Apartments, the IUSB Civil Rights Heritage Center, South Bend Mutual Homes, Sav-A-Lot
Shopping Center, and Oliver Apartments. By 2025 it will manage 497 apartments across ten apartment
communities. SBH also owns and manages 200,000 sq. ft. of mixed use, office, cultural, health and
educational related space in seven buildings. SBH also hosts several signature events such as the Martin
Luther King Jr. Community Celebration, Red Ribbon March against Drugs and Viol ence and Neighbor
Works Week. SBH has a strong record in fund development serving as the lead fundraiser for the Kroc
Center campaign and Historic Gemini Apartments Renovation Project.
2
SBH has twice won the Lieutenant Governor's Award for Excellence in Affordable Housing. SBH has also
received the Outstanding Rehabilitation Project Award from the Indiana Department of Natural
Resources-Division of Historic Preservation & Archaeology and earned Southold Preservation Awards
from the Historic Preservation Commission. SBH received the Leighton Award for Non-Profit Excellence
and other local, state, and national awards.
SBH is a City and State Certified Housing Development Organization (CHDO) and a chartered member of
the Neighbor Works America Network. SBH also manages all planning and implementation aspects for
the Northeast Neighborhood Revitalization Organization (NNRO) and Rebuilding Together St. Joseph
County, contributing to a variety of housing and community building initiatives, including the first
Community Land Trust (CLT-NNRO) in Indiana.
Over 2014-2019, SBH activities generated $5.1m in local, state and federal taxes and contributed to 40
jobs annually, resulting in $66.8m in total economic output.
SBH has an active nineteen-member board of directors representing a broad cross section of the
community. The members serve on six sub-committees charged with developing annual operating plan
goals and the strategic organizational plan.
SBH strives to:
➢ Understand the priority concerns of the community to engage with the passions, talents, and
abilities of everyone interested actively building a better South Bend.
➢ Provide a variety of high-quality housing and commercial rental properties throughout our
community.
➢ Be a leader in the production and development of transformative projects in our community.
➢ Sustain the financial health and impact of South Bend Heritage Foundation, Inc.
➢ Be recognized throughout the community as an advocate and partner in community building &
engagement initiatives.
➢ Strengthen the organizational knowledge, skills, and effectiveness of the SBH board and staff.
Since 2011, SBH has been the General Contractor (GC) for all its construction projects. As the GC, SBH
can control all aspects of the development process controlling costs, ensuring that local subcontractors
are hired and delivering the project on time and within budget. The organization also has a full-time
architect and construction manager on staff. SBH can design and implement large-scale commercial and
residential projects in-house. Between 2011 and 2022 SBH GC has delivered five rental housing tax
credit and State funded developments equaling $27m in total development costs. Currently, SBH has
$24m in pipeline projects funded for the 2023-2025 period.
SBH has a stable of roughly fifty highly skilled subcontractors. As a result of paying on time and
managing projects with clear communication, SBH has established long-standing and trusting business
partnerships with each company. Many of the firms are MWBEs and a combination of union and non-
union contractors.
3
It is anticipated that subcontractors such as Mantle Construction, Big-C Lumber, Meehan Electric and
Universal Services will perform on this project. The Mansion House Apartment project proposed will be
designed by Mr. Pat Lynch (SBH staff Architect). Pat graduated from the University of Notre Dame with a
bachelor's degree in Architecture and is a licensed/registered architect in Indiana. He has thirty years of
experience in the Architecture and Urban Planning Field and will also oversee all aspects of construction.
SBH also self manages its residential and commercial rental portfolio, excluding two Permanent
Supportive Housing apartment communities. SBH maintains a staff of three site managers and six
maintenance technicians, plus two resident assistants. The project management team will be led by
Marco Mariani, SBH Executive Director along with Rosie Leyva, SBH Director of Property Management
and Brandon Gerlach SBH CFO (Chief Financial Officer). The management team has extensive experience
in numerous rental housing tax credits and federally funded affordable housing developments. Marco
has a master's degree in Urban & Regional Planning from the University of Illinois Urbana-Champaign
and is a certified Site Compliance Specialist. He has thirty years of experience in the Community and
Economic Development field. Rosie Leyva has a bachelor's degree from Indiana University South Bend
and ten years of experience in rental housing tax credit development. She is a certified site compliance
specialist. Brandon has a bachelor's degree in Accounting from Manchester University, North
Manchester Indiana.
Proposed Project Scope
According to the Analysis of Residential Market Potential Reports, Study Area A could support the
addition of 39-46 new, mixed income rental rowhouses and lofts and apartments in mansion buildings
each year. The vacant lots at the northwest corner of the West Washington and Taylor streets are in
Census Track 20 and have been vacant for roughly 15 years, when at the urging of SBH, the city
demolished a grouping of small, derelict rental apartments/buildings. The site is currently owned by the
redevelopment commission (lots 2 & 3 of Taylor St. Monor Sub) and is perfectly positioned to support
the development of a mixed income rental apartment project. SBH intends to acquire the lots through
the Redevelopment Commission Scattered Site RFP process.
SBH plans to construct a 2-3 story, middle-scale mansion apartment house that contains six rental
apartments on the target site. The structure will include two, affordable 3-bedroom rental apartments;
three, 2-bedroom and one, 1- bedroom market rate rental apartments. Each 3-bedroom unit will be
approximately 1,200 square feet and include 1.5 baths. The 2-bedroom units will be approximately
1,000 square feet and include one full bath. The 1-bedroom units will be approximately 750 square feet
and include one full bath. The apartment-home will be roughly 5,300 total square feet. Every apartment
will utilize energy star appliances and include washers and dryers. SBH will implement the 2018/2020
Indian Residential Code, including the International Energy Conservation Code and achieve a sliver
National Green Building Standard rating.
4
As indicated in the Residential Market Potential Reports, the rental market at this site will be attractive
to market-rate renters like empty nesters, high-income couples/roommates as well as low-income
families desiring easy access to local public schools and employment opportunities. Including 3-Bedroom
income qualified rentals at this location will help to fill the gap of missing high-quality rental housing in
this category.
SBH anticipates that the post construction appraised value of the mansion apartment will be $530,00-
$700,000. SBH bases this estimate on the appraised value of Gemini Apartments, Hoose Court and the
recent sale prices of homes in the area. It is further assumed that SBH Bank financing may utilize the
appraisal cost method or some combination of a sales/income approach to approve the $600,000 in
financing requested. It has been the experience of SBH that banks consider the city investment a major
factor in assessing their financing/collateral risk, as well as the financial health of SBH and operating
projections. In short, there will be a considerable gap between actual construction costs and appraised
value.
The structure will be built in Romanesque Revival style, like the example noted on pages (9-10) of the
RDC RFP. SBH believes the structure is an excellent representation of a neighborhood-scale housing
product that will complement the grandeur of Tippecanoe place and alleviate the suburban character of
the nearby Lawson-Fisher and Walz Law offices. SBH selected this location due to its proximity to
downtown South Bend and the highly walkable/bikeable amenities nearby.
In accordance with the Urban Neighborhood 3 (U3) zoning district, the manor home will be constructed
with a minimal setback, and include architectural elements, such as a covered porch and gabled roof
with architectural gestures that will firmly establish its presence at the corner of the intersection. The
site location in the West Washington Historic District demands that the structure utilize high quality
materials like hardy plank siding in a period color palette appropriate for the historic district. The home
will be connected to municipal water and sewer and all other local utilities. The project anticipates
utilizing eight on-street parking until such time that West Washington TIF or other public funding can be
secured to build a parking lot along the north-side of the site.
5
Project Budget and Funding Request
SBH is requesting an investment of $750,000 from the City of South Bend to match $750,000 in SBH
private project financing and grants. The total project budget is $1.5m. The total per unit cost is
$250,000 with the city contributing $125,000 per unit or a ratio of 50% city funding to private
investment.
The maximum amount of city funding is required to construct a building of this quality and mixed rental
income composition. Moreover, the project budget has increased due to ongoing material and labor
cost increases. SBH continues to experience 15% cost increases across all major construction divisions
for its current projects.
SBH anticipates borrowing $600,000 in private construction financing that will convert to a permanent
loan at 6% with a 25-year amortization period. The estimated annual debt service for the mortgage loan
is $46,390. Annual operating costs are estimated to be $30,278 to cover site management/maintenance,
fees utilities and insurance. The total annual operating expense is projected to be $76,668. SBH
anticipates a Debt Service Coverage Ratio (DSCR) of 1.1.
Based on the projected rents noted below SBH anticipates a modest annual net operating income of
$3,393. SBH expects to realize operating efficiencies at this property due to the capacity of its existing
property management staff and its existing scattered sites rental portfolio budget, which translates to a
manageable operating budget.
PRO FORMA (operating)
RENT AND EXPENSE ASSUMPTIONS
RESIDENTIAL RENTS
Unit Type # Units Mo. Rent Annual Rent
3 Bedroom (max with
voucher) 2 1,074.00 25,776
2 Bedroom (market-
rate) 3 1,200.00 43,200
1 Bedroom (market
rate) 1 1,130.00 13,560
0 0.00 0
0 0.00 0
0 0.00 0
TOTAL 6 82,536
However, given the limited rents and public investment anticipated, SBH is restricted in the amount of
private financing the property can afford. As a result, SB H will raise an additional $150,000 from various
private trusts and funders such as The Judd Leighton Foundation and Neighbor Works America to cover
the budget gap. Moreover, SBH is requesting that the RDC transfer the two parcels to SBH for a nominal
fee of $10.00 to support this important in-fill housing project. The development budget, as projected,
cannot sustain any market rate land acquisition cost. The project budget does anticipate a 10%
developer fee of $150,000.
6
Please see the Project Construction and Operating Budgets included below.
Operating Expenses
Management Fees 5,778
Advertise/Market 1,000
Prop Mngt/Admin/Legal 8,000
Utilities and Trash 9,000
Maintenance Tech/Repairs and
Grounds 4,000
Real Estate Property Tax 0
Insurance 2,500
Other 0
= Total Operating Expenses 30,278
- Transfer to Reserves 0
- Other Expenses 0
= Net Operating Income 49,782
- Debt Service (p+i) bank 0
- Other Debt Service (p+i) 46,390
- Interest Only Loan Payments 0
- Debt Service - Deferred Loans 0
- Debt Service (p+i) Developer 0
- Debt Service -CF Loan 0
= Cash Flow 3,393
- Partnership Management
Fees
- Incentive Management Fees
= Cash Flow Available for 3,393
Distribution
7
Project Schedule
Upon grant award, SBH estimates 60 days to secure preliminary financing, 90 days to design the project,
45 days to bid the job and 30 days to close financing. The actual construction period should require 10
months. SBH has two large projects in its development pipeline. Since the large projects are being
designed by an external architect and managed by the SBH Senior Project Manager, SBH does not expect
its pipeline activities to have a negative impact on its ability to complete the proposed Mansion
Apartment Home within the 17–18-month total timeline projected.
8
Project Experience
SBH recently completed Hoose Court Townhomes located at 223 S. Scott Street in South Bend. The
project is comprised of two 2,400 square feet 3-bedroom affordable rental townhomes. SBH served as
the general contractor and is also the owner and property manager. The total development cost was
$900,000.
SBH is also rehabilitating the Historic Gemini Apartments located at 618 W. Colfax Avenue. The project is
comprised of two 30-unit, 3 story, courtyard style apartment buildings (60 units total). SBH served as the
general contractor and is the owner and property manager. The total development cost exceeds $4m.
9
References:
Patti McNarney- Vice President, Commercial Banking Officer Lake City Bank
(Patti.McNarney@lakecitybank.com) cell: 574-210-4801. Patti completed the review and closing
financing package for Hoose Court Townhomes (new construction). The total financing was $370,000 for
the affordable rental project.
Matt Rayburn- Deputy Executive Director & Chief Real Estate Development Officer IHCDA
(mrayburn@ihcda.in.gov) cell: 812-525-3624. Matt reviewed and approved project funding for the
construction of Hope Avenue Homes, a 22-unit Permanent Supportive Housing rental development
completed by SBH. The total development cost was $4.1m
Redevelopment Commission Agenda Item
DATE: March 6, 2023
FROM: Zach Hurst, PE
SUBJECT: First Amendment to DA – SBHF-Colfax-Gemini Apts.
Funding Source* (circle one) River West; River East; South Side; Douglas Road; West Washington; RDC General
*Funds are subject to the City Controller's determination of availability; if funds are unavailable, as solely determined by the City Controller,
then the authorization of the expenditure of such funds shall be void and of no effect.
Purpose of Request:
The original Development Agreement with South Bend Heritage Foundation (SBHF) regarding the
Gemini at Colfax Apartments stipulated that $1M in City funding would be allocated to the
property in exchange for a maximum for six (6) Permanent Supportive Housing vouchers being
used at the property to help with the City’s housing issues. The original agreement had a
completion date of December 31, 2021.
The City successfully completed four (4) projects at the property:
• Roof Replacement: $143,679
• Masonry Repairs: $368,128
• New Fire Stairs: $163,000
• New Water Line: $65,457
The City attempted a fifth project covering window replacement ($207,000), but the project
stalled out during the COVID pandemic in 2021, leading to a contract cancellation through Board
of Public Works in April 2022. SBHF maintains possession of the windows purchased by the City,
and will work with a local contractor to install the remaining windows at their own labor cost.
$70,000 remains from the original project budget after completion of the four projects
mentioned above, as well as the contract cancellation regarding the windows. The City has been
working with SBHF to scope out a small project to use the remaining funds. SBHF has a small
masonry and sidewalk project scoped out to address deteriorating areas.
_________________________Pres/V-Pres
ATTEST: __________________Secretary
Date: ____________________
APPROVED Not Approved
SOUTH BEND REDEVELOPMENT COMMISSION
Page | 2
This first amendment to the Development Agreement would extend the completion date to
December 31, 2023, allowing Board of Public Works to solicit and award a small masonry
contract.
INTERNAL USE ONLY: Project ID: PROJ 35 ;
Total Amount – New Project Budget Appropriation $_______________;
Total Amount – Existing Project Budget Change (increase or decrease) $_______________;
Funding Limits: Engineering: $_____________________; Other Prof Serv Amt $_______________;
Acquisition of Land/Bldg (circle one) Amt: $___________; Street Const Amt $________________;
Building Imp Amt $_________; Sewers Amt $_________; Other (specify) Amt $ ________________