HomeMy WebLinkAboutReport of SB EDC Proposed Financing - Signed
REPORT OF THE SOUTH BEND
ECONOMIC DEVELOPMENT COMMISSION CONCERNING
THE PROPOSED FINANCING OF ECONOMIC DEVELOPMENT
FACILITIES FOR COLFAX CORNER ML, LLC
The South Bend Economic Development Commission (the “Commission”) proposes to
recommend to the Common Council of the City of South Bend, Indiana (the “City”), that it provide
the net proceeds of certain taxable economic development revenue bonds (the “Bonds”) to Colfax
Corner ML, LLC (the “Developer”) for the financing of a portion of certain economic development
facilities consisting of the acquisition, development, construction, equipping, renovation, and/or
reconstruction of a flexible workspace and ground-floor retail development in the City.
In connection therewith, the Commission hereby reports as follows:
A. The proposed economic development facilities consist of the acquisition,
development, construction, equipping, renovation, and/or reconstruction of space in the
former South Bend Tribune building, along with new construction of an adjacent building
along Main and Colfax in the City to include approximately 202,000 rentable square feet
of flexible workspace and ground-floor retail, as more fully described in the Economic
Development Agreement, dated December 18, 2025, among the City, the South Bend
Redevelopment Commission and the Developer (the “Project”).
B. The Commission estimates that except for those public works and services
for which funds of the City and other parties are expected to be available, there are no
public works or services, including public ways, schools, water, sewer, street lights and
fire protection, which will be made necessary or desirable by the Project, because any such
works or services already exist or will be provided from proceeds of the Bonds or by the
Developer or other parties.
C. The Commission estimates that the total costs of the Project, including
capitalized interest on the Bonds, funding of a debt service reserve fund (if necessary) or
the costs of a reserve surety (if necessary), and costs related to the issuance of the Bonds,
for which funding is not otherwise available will not exceed $30,800,000.
D. The Commission estimates that completion of the Project will result in the
creation of approximately 400 new permanent full-time jobs with average annual wages of
approximately $100,000 and approximately 340 temporary construction jobs having an
average hourly rate of $32.64 and that the Project will result in the expansion of further
business opportunities in the City.
E. The Project will not have an adverse competitive effect or impact on any
similar facility or facility of the same kind already constructed or operating in the corporate
boundaries of the City as the Project will complement such similar facilities or facilities of
the same kind and provide further opportunities for flexible workspace, retail and
commercial growth in the City.
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