36-25 An Ordinance of the Common Council of the City of South Bend, Indiana, Amending the Loan Agreement and Approving and Authorizing Actions in Respect Thereto (Monreaux Project)

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1/04 Spt1TH 8d • Filed in Clerk's Office w u a II 1 PEACE �$r, .I p I�+ 0 3 2025 °` Bianca Tirado ss5 City Clerk, South Bend, IN CITY OF SOUTH BEND DEPARTMENT OF COMMUNITY INVESTMENT June 3, 2025 Councilmember Canneth Lee Council Member Troy Warner President Chairperson South Bend Common Council Community Investment Committee County-City Building, 4th Floor South Bend Common Council South Bend, Indiana 46601 County-City Building,4th Floor South Bend, Indiana 46601 RE: Ordinance No. 36-25 — An Ordinance of the Common Council of the City of South Bend, Indiana, Amending the Loan Agreement and Approving and Authorizing Actions in Respect Thereto (Monreaux Project) Dear President Lee and Council Member Warner, Please find the attached bill, which is an ordinance authorizing an amendment to the currently existing forgivable economic development loan to support the construction of the Monreaux apartment development. This project has been awarded Low Income Housing Tax Credits from the Indiana Housing and Community Development Authority and will provide 45 income- qualified affordable housing units and 12 market rate housing units. This transformative development will revitalize the "Fat Daddy's" site on the corner of Michigan and Monroe streets. The amendment would make the following changes to the conditions of the original agreement: • Increase the funding amount to $3,300,000 (up from $2,300,000) • Increase the private investment commitment to $17,700,000(up from $13,700,000) 1400 COUNTY-CITY BUILDING•227 W.JEFFERSON BOULEVARD•SOUTH BEND,INDIANA 46601 PHONE 574/235-5898 • FAX 574/235-9892 • TTY 574/235-5567