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South Bend Redevelopment Commission <br />Regular Meeting — October 25, 2011 <br />the President and Treasurer of the Fidelity <br />Land Company. The four -story Rushton was <br />the city's first high rise apartment building. <br />The building first housed key people who <br />played pivotal roles in turn of the century <br />South Bend, and later housed many of the <br />teachers at Central High School. <br />Since 2002, the building has stood vacant. <br />Indiana Landmarks for the past several years <br />has tried to gain control of the building, and <br />now stands ready to turn the building over to <br />South Bend Heritage Foundation (SBHF) for <br />development into a 23 unit, low to moderate <br />income senior housing complex. <br />Because the Rushton was built with common <br />kitchen and dining areas, extensive <br />remodeling of the building is required. Total <br />development costs are estimated to be $3.4 <br />million. Funding for the project will come <br />from $2.8 million in Low Income Housing <br />Tax Credits and $277,700 in Historic Tax <br />Credits. To fully fund the project, SBHF <br />requests $322,300 in West Washington <br />Chapin Development Area TIF. <br />The attached MOU and Development <br />Agreement detail each party's <br />responsibilities. Commission improvements <br />will allow off street parking for residents and <br />visitors, necessary site utility upgrades, <br />sidewalks and curbs, landscaping and <br />lighting, exterior tuck pointing and cleaning, <br />and new thermo windows. <br />Commission participation in this project is <br />contingent on SBHF being granted the Low <br />Income and Historic Tax Credits through the <br />Indiana Housing & Community <br />Development Authority and the Indiana <br />Division of Historic Preservation, which will <br />23 <br />