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Item 3.a.iii. REPORT OF THE SOUTH BEND ECONOMIC DEVELOPMENT COMMISSION CONCERNING THE PROPOSED FINANCING OF ECONOMIC DEVELOPMENT FACILITIES FOR 466 WORKS COMMUNITY DEVELOPMENT CORPORATION (SOUTHEAST NEIGHBORHOOD PROJECT) The South Bend Economic Development Commission (the “Commission”) proposes to recommend to the Common Council of the City of South Bend, Indiana (the “City”), that it make a direct loan to 466 Works Community Development Corporation, an Indiana nonprofit corporation (the “Applicant”) on a draw basis for the financing of certain economic development facilities in the City. In connection therewith, the Commission hereby reports as follows: A. The proposed economic development facilities consist of the acquisition and construction, as the case may be, of the project listed in Exhibit A hereto (the “Project”). B. The Commission estimates that no public works or services, including public ways, schools, water, sewer, street lights and fire protection, will be made necessary or desirable by the Project, because any such works or services already exist or will be provided by the Project itself or by Applicant or other parties. C. The Commission estimates that the total cost of financing the Project for which funding is not otherwise available will not exceed $3,500,000. D. Based on information supplied by the Applicant, the Commission estimates that the Project will create approximately 87 temporary construction jobs over three years with an estimated annual payroll of $1,740,000. E. The Commission finds that the Project will not have a material adverse competitive effect on similar facilities already constructed or operating in the City. Adopted this 9th day of July, 2024. ___________________________________ President, South Bend Economic Development Commission Attest: _____________________________ Secretary, South Bend Economic Development Commission