25-28 Resolution Approving the Issuance of Tax Increment Revenue Bonds for Improvements that Support Residential Housing Developments and All Matters Related Thereto

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Filed in Clerk's Office ..,_� �`(-- MAY 06 2 rr w low�?' Bianca Tirado I I/� PEACE i City Clerk, South Bend, IN 1865 CITY OF SOUTH BEND DEPARTMENT OF COMMUNITY INVESTMENT May 7, 2025 Councilmember Canneth Lee Councilmember Troy Warner President Chairperson South Bend Common Council Community Investment Committee County-City Building, 4' Floor South Bend Common Council South Bend, Indiana 46601 County-City Building,4' Floor South Bend, Indiana 46601 RE: Resolution No. 25-28 —A Resolution of the Common Council of the City of South Bend, Indiana, Approving the Issuance of Tax Increment Revenue Bonds of the Redevelopment District of the City for the Purpose of Providing Funds for the Costs of Certain Local Public Improvements that Support Residential Housing Development and All Matters Related Thereto Dear President Lee and Councilmember Warner, Please find attached Resolution No. 25-28, which has been filed for the Common Council's consideration pursuant to Section 25.1 of Indiana Code 36-7-14. If adopted, the resolution would authorize the issuance of bonds with a principal amount not to exceed $2.57 million. Proceeds from the bonds would support infrastructure for a planned residential development at the former Drewrys Brewery site and adjacent Portage Elwood shopping plaza. The planned infrastructure, including but not limited to, utilities, streets, and sidewalks, will allow for the development of at least 110 mixed-income single-family and multi-family housing units. None of the currently existing infrastructure on the project site is suitable for residential development, and significant infrastructure investment is needed to enable redevelopment to move forward. In December 2024,the City of South Bend applied for a Residential Infrastructure Fund (RIF) loan in the amount of$2.57 million through the Indiana Finance 1400 COUNTY-CITY BUILDING•227 W.JEFFERSON BOULEVARD•SOUTH BEND,INDIANA 46601 PHONE 574/235-5898 • FAX 574/235-9892 • TTY 574/235-5567