5H4 Resolution 3620 Adopting Spending Plan & Authorizing Amendments - Signed

Home Browse Search

South Bend Redevelopment Commission 6 tax anticipation warrants as part of its annual spending plan if the need for such an expenditure materializes that would further the goals of the Redevelopment Commission. J.Other Anticipated Expenditures As of the date of this report, the Redevelopment Commission does not anticipate other expenditures in 2025 that are not discussed elsewhere in this report. TOTAL OF (B)-(J): $46,259,227 K.Expenditures from State or Federal Grants or Loans, Foundation Grants or Loans, or Funds Provided to Redevelopment Commission by Other Political Subdivisions Expenditures from state or federal grants or loans, foundation grants or loans, or funds provided to the Redevelopment Commission by other political subdivisions have been included in the estimated expenditure amounts already discussed in this report. This includes grants the City has received in support of projects, including the following: •Rebuilding American Infrastructure with Sustainability and Equity (RAISE) Grant: The City was awarded this $2,400,000 grant from the U.S. Department of Transportation in August 2022. The available funding will reimburse the City for expenses incurred to study needed transportation improvements in the street network around the South Bend Farmers Market, commonly referred to as the Market District. The City’s match for the grant is $600,000. •Outdoor Recreation Legacy Partnership Grant: In April 2024, the City was awarded a $7,500,000 grant from the National Parks Service for the Kennedy Park Rehabilitation Project, which includes a new outdoor aquatic facility, picnic pavilions, walking paths, educational naturalized landscaping, playground, athletic fields/courts, and improved access for the surrounding neighborhood. The City’s match for the grant is $7,500,000. •Regional Economic Acceleration and Development Initiative (READI) Grant: The historic redevelopment project in downtown South Bend—the Madison Lifestyle District—was awarded $11,780,000 in READI funds in October 2022 by the Indiana Economic Development Corporation. The funds awarded to the developer will reimburse the City for expenditures associated with the project. The City’s commitment after reimbursement will be $12,220,000. The City has and will occasionally apply for grants and other sources of funding that would complement support for projects provided by the Redevelopment Commission. The Commission may incur additional unforeseen expenditures in 2025 if the City is awarded financial support for projects that otherwise may not have been included in the discussions throughout this spending plan. In the event the Commission incurs unplanned spending in 2025, this spending plan will be amended accordingly.