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South Bend Redevelopment Commission <br />Regular Meeting —March 27, 2012 <br />6. NEW BUSINESS (CONT.) <br />C. West Washington- Chapin Development Area <br />(1) continued... <br />Total development costs are estimated to be <br />$3.4 million. Funding for the project will <br />come from $2.8 million Low Income <br />Housing Tax Credits and $277,700 Historic <br />Tax Credits. To fully fund the project, <br />$322,300 in West Washington Chapin <br />Development Area TIF was approved. To <br />facilitate this work, SBHF is granting the <br />Commission access to the site via an Access <br />Agreement. <br />Commission improvements will allow off - <br />street parking for residents and visitors, <br />necessary site utility upgrades, sidewalks and <br />curbs, landscaping and lighting, exterior tuck <br />pointing and cleaning, and new thermo <br />windows. <br />Commission participation was contingent on <br />SBHF being granted the Low Income Tax <br />Credits through the Indiana Housing & <br />Community Development Authority, which <br />were granted last month. As part of the <br />MOU, the parties are to enter into a <br />Development Agreement in substantially the <br />form as Exhibit B of the MOU. This <br />Development Agreement is attached to this <br />staff report. <br />Construction is scheduled to begin October <br />2012, with project completion October 2013. <br />Staff requests Commission approval of this <br />Development & Access Agreement, to allow <br />this signature building to be repurposed into <br />a senior housing complex on the edge of the <br />20 <br />