HomeMy WebLinkAbout6A1 Public Hearing Confirming Resolution No. 3629 (JC Hart) - SignedSouth Bend Redevelopment Commission
227 West Jefferson Boulevard, Room 1308, South Bend, Indiana
Redevelopment Commission Agenda Item
D ATE : 2/25/25
FROM: Erik Glavich, Director, Growth & Opportunity
SUBJECT: Public Hearing
Resolution No. 3629 (Confirming Resolution)
Resolution No. 3630 (J.C. Hart TIF Pledge)
Funding Source* (circle) River West; River East; South Side; Douglas Road; West Washington; RDC General; Riv. East Res.
* 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: Public hearing and resolution to confirm the establishment of the Riverwalk Allocation
Area; Resolution to pledge TIF revenues for the Riverwalk project
SPECIFICS: The Commission will consider 2 resolutions that, if adopted, would finalize the establishment of the
Riverwalk Allocation and pledge TIF revenues from the new allocation area in support of the transformative
Riverwalk project. The project will consist of 2 new multi-family residential buildings (approximately 291 total
apartments) and a parking garage with approximately 398 spaces. The City is considering the issuance of Taxable
Economic Development Tax Increment Revenue Bonds, Series 2025, and a portion of the net proceeds of such
bonds would be used for the purpose of financing a portion of the costs of the project. The bonds would be
purchased by J.C. Hart Company, Inc. (the “Developer”).
Resolution No. 3629, if adopted, would confirm the Commission’s Declaratory Resolution No. 3627, adopted on
1/9/25, which would amend the River West Development Area and would create the new Riverwalk Allocation
Area. The amendment to the River West Development Area and the creation of the new Riverwalk Allocation
Area were also approved by the South Bend Plan Commission on 1/21/25 and the Common Council on 2/10/25.
Prior to consideration of Resolution No. 3629, the Commission will hold a public hearing.
Resolution No. 3630, if adopted, would pledge TIF revenues from the Riverwalk Allocation Area to the Developer
in support of the project. The Commission entered into a Development Agreement with the Developer on
1/9/25, which established that the support provided by the Commission to the Developer will be in the form of
Pledged TIF Revenue. This Pledged TIF Revenue—90% of the TIF revenue over the life of the bond, if issued—
would be used by the Developer to pay the principal and interest on the bonds. Moreover, this resolution would
pledge additional 6% of TIF revenues until such additional revenue equals $1.342 million. As stated in
Declaratory Resolution No. 3627, the full development of the Riverwalk Allocation Area with the improvements
discussed above would not proceed as planned without the contribution of tax increment revenues to be
derived from the Riverwalk Allocation Area to the Riverwalk project.
_________________________Pres/V-Pres
ATTEST: __________________Secretary
Date: ____________________
APPROVED Not Approved
SOUTH BEND REDEVELOPMENT COMMISSION
February 27, 2025