Laserfiche WebLink
<br />South Bend Redevelopment Commission <br />227 West Jefferson Boulevard, Room 1308, South Bend, Indiana <br /> <br /> <br /> <br />Redevelopment Commission Agenda Item <br /> <br />DATE : 6/5/25 <br /> <br />FROM: Erin Michaels – Property Development Manager <br /> <br />SUBJECT: Purchase Agreement – KCG Development LLC – <br />2018-2020 S. Main St. <br /> <br /> <br />Funding Source* (circle) River West; River East; South Side; Douglas Road; West Washington; RDC General; Riv. East Res. <br />* Funds are subject to the City Controller's determination of availability; if funds are unavailable, as solely determined by the City Controller, then the <br />authorization of the expenditure of such funds shall be void and of no effect. <br /> <br />PURPOSE OF REQUEST: Approval of Purchase Agreement with KCG Development LLC for 2018-2020 S Main St. <br /> <br />SPECIFICS: The proposed Purchase Agreement is for RDC-owned properties located at 2018-2020 S Main St. KCG <br />Development LLC is applying for low-income housing tax credits with plans to construct multi-family housing <br />with a minimum of fifty (50) affordable income restricted units. <br /> <br />The sale of the property will only proceed if the developer is awarded the low-income housing tax credits. <br />Awarding of the low-income housing tax credits will occur in November 2025. The agreement includes a <br />purchase price of $1,000 and a minimum investment of $14 million dollars with a project completion of thirty <br />(30) months after the Construction Commencement Date. <br /> <br />Construction of a new apartment building on currently vacant land will add vitality to the Main Street corridor as <br />well as providing quality affordable housing. Staff recommends approval <br /> <br /> <br /> <br /> _________________________Pres/V-Pres <br /> <br />ATTEST: __________________Secretary <br /> <br />Date: ____________________ <br /> <br /> APPROVED Not Approved <br />SOUTH BEND REDEVELOPMENT COMMISSION