36-25 An Ordinance of the Common Council of the City of South Bend, Indiana, Amending the Loan Agreement and Approving and Authorizing Actions in Respect Thereto (Monreaux Project)

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• Adjust the project plan to reflect changes in the project: • Decrease the total square footage of the building to 56,000 square feet from 65,000 square feet • Reduce the minimum number of residential units to 57 from 60 • Change the minimum number of units dedicated to households at 50% or lower AMI to 24 units, with an additional 21 residential units dedicated to households at 80%or lower AMI (original agreement committed 23 units for 50%or lower AMI and an additional 23 units for 80%or lower AMI). The forgivable loan would be funded utilizing Tax Increment Financing funds controlled by the South Bend Redevelopment Commission. The amendment loan agreement requires approval of both the Common Council and the South Bend Redevelopment Commission, which adopted its Resolution No. 3639 on May 22, 2025, authorizing and approving the changes discussed above.. The bond would be forgivable provided the development is completed within the required timeframes (36 months after closing) and private investment exceeds $17.7 million. Sincerely, Caleb Bauer Executive Director Department of Community Investment CC: South Bend Redevelopment Commission South Bend Economic Development Commission Devereaux Peters, Delta Ventures Ltd. Sandra Kennedy, Corporation Counsel