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South Bend Redevelopment Commission <br /> Regular Meeting—June 14, 2011 <br /> 6. NEW BUSINESS (CONT.) <br /> C. South Bend Central Development Area <br /> (2) continued... <br /> mixed use historic redevelopment with <br /> commercial space on the first two floors. <br /> Some of those things are the regulatory <br /> requirements of the NMTC model. The <br /> balance will be market rate apartments (45- <br /> 65 apartments). <br /> Mr. Sielatycki said that the total cost for the <br /> project is $15M. That is not sustainable by <br /> private equity investment only. That is why <br /> they will be looking at the NMTC program <br /> and historic tax credits (HTC), and then local <br /> TIF and tax abatement. <br /> Ms. King asked what kind of use the <br /> Metropolitan Center is. Mr. Sielatycki <br /> responded that it is currently under <br /> construction, but will also be mixed use. It <br /> has 24 apartments on four floors, 20 of which <br /> will be market rate for income qualified <br /> residents, and 10,000 sq. ft. of retail space. <br /> Ms. King asked now many of the projects <br /> they used the NMTC for have been for <br /> apartments. Mr. Sielatycki responded that <br /> all of the seven projects that used both <br /> NMTC and HTC included residential units. <br /> Mr. Varner asked what portion of the <br /> financing will be NMTC, HTC and TIF <br /> funds. <br /> Mr. Agostinelli responded that they create a <br /> financial pro forma, estimating how much it <br /> is going to cost to do the selective <br /> demolition, the cost to reinforce the building, <br /> then how much for the development itself. <br /> 32 <br />