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Community & Economic Development �Am i J86 1200 County -City Building, 227 West Jefferson, South Bend, Indiana 46601 -1830 Phone 574/235 -9371 Fax 574/235 -9021 To: Redevelopment Commission From: David Relos, Economic Development Planner Subject: Rushton Building, 501 W. Washington Development Agreement & Access Agreement Date: March 27, 2012 On October 25, 2011, the Commission entered into an MOU with South Bend Heritage Foundation, for the rehabilitation of the historic Rushton Building, at the northwest corner of W. Washington and William St. Because the Rushton was built with common kitchen and dining areas, and has stood vacant since 2002, extensive remodeling of the building is required. The building will be converted into a 23 unit, low to moderate income senior housing complex. Total development costs are estimated to be $3.4 million. Funding for the project will come from $2.8 million Low Income Housing Tax Credits and $277,700 Historic Tax Credits. To fully fund the project, $322,300 in West Washington Chapin Development Area TIF was approved. To facilitate this work, SBHF is granting the Commission access to the site via an Access Agreement, which is attached to the Development Agreement. Commission improvements will allow off street parking for residents and visitors, necessary site utility upgrades, sidewalks and curbs, landscaping and lighting, exterior tuck pointing and cleaning, and new thermo windows. Commission participation was contingent on SBHF being granted the Low Income Tax Credits through the Indiana Housing & Community Development Authority, which were granted last month. As part of the MOU, the parties are to enter into a Development Agreement in substantially the form as Exhibit B of the MOU. This Development Agreement is attached to this staff report. Construction is scheduled to begin October 2012, with project completion October 2013. Staff requests Commission approval of this Development & Access Agreement, to allow this signature building to be repurposed into a senior housing complex on the edge of the downtown area. What We Do Today Makes A Difference!