HomeMy WebLinkAbout5A3 Budget Request (Appropriation for Residential Infrastructure Fund Loan) - TABLEDSouth Bend Redevelopment Commission
227 West Jefferson Boulevard, Room 1308, South Bend, Indiana
Redevelopment Commission Agenda Item
DATE : 7/7/2025
FROM: Joseph Molnar,
Assistant Director of Growth & Opportunity
SUBJECT: Budget Request -
Appropriation for Residential Infrastructure Fund
Loan
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: Approval of Budget Request of $2,570,000 for the Residential Infrastructure Fund Loan
regarding the Drewrys/Portage Elwood Sites
SPECIFICS: The City of South Bend was awarded a Residential Infrastructure Fund Loan from the Indiana Finance
Authority (IFA) for the redevelopment of the former Drewrys and Portage Elwood Shopping Center sites to spur
new residential housing development. The RDC approved Resolution No. 3637 authorized the tax increment
revenue bonds which support the loan. The RIF loan funding can be used for the continued environmental
remediation, installation of public utilities, and related public infrastructure improvements to support the
Drewrys Site Revitalization residential housing. The closing on the loan funding is currently scheduled for July 9,
2025.
This budget request appropriates the $2,570,000 from River West TIF which shall be reimbursed using the loan
funding upon invoices sent to the IFA.
Staff recommends approval.
_________________________Pres/V-Pres
ATTEST: __________________Secretary
Date: __ _________
APPROVED Not Approved
SOUTH BEND REDEVELOPMENT COMMISSION