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//7pt,,r,Q,6,� <br /> O <br /> Ci'i <br /> is Pt.%l t i> <br /> CITY OF SOUTH BEND <br /> DEPARTMENT OF COMMUNITY INVESTMENT <br /> Filed in Clerk's Office <br /> June 2, 2026 Jun 3, 2026 <br /> 1 <br /> Bianca Tirado <br /> City Clerk. South Bend, IN 1 <br /> Councilmember Canneth Lee <br /> President Chairperson <br /> South Bend Common Council Community Investment Committee <br /> South Bend City Hall,3'd Floor South Bend Common Council <br /> South Bend, IN 46601 South Bend City Hall, 3`1 Floor <br /> South Bend,IN 46601 <br /> RE: Bill No. 37-26: An Ordinance of the Common Council of the City of South <br /> Bend, Indiana, Authorizing the City of South Bend, Indiana to Fund Its <br /> Taxable Economic Development Revenue Note, Series 2026 (Beacon <br /> Heights Project) and Approving and Authorizing Other Actions in Respect <br /> Thereto <br /> Dear President Lee and Chairperson <br /> Please find the attached bill, which is an ordinance authorizing a $1.25 million <br /> forgivable economic development loan to support the renovation of the 170-unit <br /> Beacon Heights apartment development. <br /> This project is anticipated to be awarded Low Income Housing Tax Credits from <br /> the Indiana Housing and Community Development Authority. The project will <br /> consist of a renovation of all existing units in the Beacon Heights development and <br /> these units will be reserved for households earning at or below 60 percent of the <br /> area median income. The existing plan is for a renovation in place with no <br /> displacement of existing residents. <br /> The forgivable loan would be funded utilizing Tax Increment Financing funds <br /> controlled by the South Bend Redevelopment Commission, but requires approval <br /> of Common Council, Redevelopment Commission, and Economic Development <br /> Commission in order to be issued. <br /> 215 S. Dr. Martin Luther King,Jr. Blvd.,Ste 500, South Bend, Indiana 466oi (574)233-033.1 ; southbendin.gov <br />