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South Bend Redevelopment Commission <br />227 West Jefferson Boulevard, Room 1308, South Bend, Indiana <br />Redevelopment Commission Agenda Item <br />DAT E : 1/7/2025 <br />FROM: Sarah Schaefer, Deputy Director, Community <br />Investment <br />SUBJECT: 2025 Fund Appropriation for Affordable <br />HomeMatters Lincoln Park <br />Funding Source* (circle) River West; River East; South Side; Douglas Road; West Washington; RDC General; Riv. East Res. <br />* Funds are subject to the City Controller's determination of availability; if funds are unavailable, as solely determined by the City Controller, then the <br />authorization of the expenditure of such funds shall be void and of no effect. <br />PURPOSE OF REQUEST: Appropriation of $1.25 million in funding for the second year of the EDC statute <br />forgivable loan to build new housing in Lincoln Park. <br />SPECIFICS: Intend Indiana, through its Affordable HomeMatters Lincoln Park project, is building 92 new homes in <br />South Bend’s Lincoln Park neighborhood. The City is funding a portion of the construction costs through a $5 <br />million EDC statute forgivable loan financed by TIF revenues. Per Section 2.2B of the Funding and <br />Reimbursement Agreement between the City and the Redevelopment Commission, approved in June 2024, the <br />Commission will consider annual appropriations of not more than $1.25 million for a five-year period to <br />reimburse the City for draws on the loan to finance a portion of construction costs for the project. The City is <br />requesting appropriation of the next $1.25 million to fund the second-year loan draw. Intend began construction <br />on 5 homes in 2024 and plans to build a minimum of 10 additional houses in 2025. <br />_________________________Pres/V-Pres <br />ATTEST: __________________Vice President <br />Date: ____________________ <br /> APPROVED Not Approved <br />SOUTH BEND REDEVELOPMENT COMMISSION <br />January 9, 2025 <br />