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South Bend Redevelopment Commission <br /> Regular Meeting—October 25, 2011 <br /> 6. NEW BUSINESS <br /> F. West Washington-Chapin Development Area <br /> (3) continued... <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 /> 26 <br />