HomeMy WebLinkAbout3c Notice of EDC Public Hearing
DMS 52739115.3
NOTICE OF PUBLIC HEARING OF THE
SOUTH BEND ECONOMIC DEVELOPMENT COMMISSION
Notice is hereby given that the South Bend Economic Development Commission (the
“Commission”) will hold a public hearing on Thursday, June 18, 2026, at 1:00 p.m., in the Council
Chambers located on the 3rd floor of South Bend City Hall, 215 S. Dr. Martin Luther King, Jr.
Blvd., South Bend, Indiana, concerning the funding of a forgivable loan to Beacon Apartments
Preservation LLC, an Indiana limited liability company (the “Developer”), in an amount not to
exceed $1,250,000 (the “Loan”) to be evidenced by the Developer’s promissory note (the “Note”)
to finance a portion of the construction, renovation and/or rehabilitation of economic development
projects and facilities within the meaning of Indiana Code 36-7-11.9 and 36-7-12 (the “Act”),
consisting of the construction, renovation and/or rehabilitation up to one hundred seventy (170)
affordable housing units in the existing Beacon Heights development in the River West
Development Area in the City of South Bend, Indiana (the “City”), with an approximate total
redevelopment cost of Forty-Seven Million Dollars ($47,000,000) including a private investment
of no less than Forty-Seven Million Dollars ($47,000,000) to be expended by the Developer
(collectively, the “Project”).
The Loan will be made by the City pursuant to the Act, an ordinance (the “Loan
Ordinance”) proposed for adoption by the Common Council of the City (the “Council”), a
Financing and Loan Agreement between the City and the Developer (the “Loan Agreement”), and
a Funding and Reimbursement Agreement between the City and the South Bend Redevelopment
Commission (the “Funding Agreement” and with the Loan Ordinance and the Loan Agreement,
collectively, the “Financing Agreements”).
Copies of the form of the Financing Agreements will be on file with the Clerk of the City
and are available for public inspection at the office of the Clerk of the City during regular business
hours daily, except Saturdays, Sundays and legal holidays.
At the time and place fixed for the public hearing, all taxpayers, residents or interested
persons will be given an opportunity to express their views for or against the proposed financing
for the Project in writing or in person. Following the public hearing, the Commission will consider
whether the financing of the Project will have an adverse competitive effect on any similar
facilities already constructed or operating in the City. If the Commission shall find for itself and
on behalf of the City that the proposed financing will be of benefit to the health and welfare of the
City and complies with the purposes and provisions of the Act, the Commission will adopt a
resolution approving the proposed financing and the form of the Financing Agreements, including
the Loan in the aggregate principal amount not to exceed One Million Two Hundred Fifty
Thousand Dollars ($1,250,000), and the form of the proposed Loan Ordinance to be recommended
to the Council for adoption.
SOUTH BEND ECONOMIC
DEVELOPMENT COMMISSION
[ PUBLISHED IN THE SOUTH BEND TRIBUNE ON MONDAY, JUNE 8, 2026]