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CITY OF SOUTH BEND REDEVELOPMENT COMMISSION REGULAR MEETING – May 22, 2025 <br /> <br />4 <br /> <br />form to $3,300,000 which is a $1 million increase from the original <br />request. Costs have increased significantly since the original <br />agreement was approved on July 14, 2022. Through value <br />engineering, the building’s square footage has been slightly reduced— <br />from 65,000 to 56,000 square feet. These changes, along with a <br />reduction in the number of units from 60 to 57, are part of the <br />commitments outlined in both the original development agreement and <br />the proposed amendment. The original agreement also required Ms. <br />Devereaux Peters, managing member of The Monreaux L.L.C., and <br />her team to incorporate certain historical elements into the project. <br />Also, there are 3 less units including only 1 less affordable housing. <br />The Resolution also includes a clause for RDC officers to sign the <br />amendment on behalf of the Commissioners. <br /> <br />Secretary Wax inquired whether the Commission would be expected to <br />cover any cost increases should the project budget rise. Caleb Bauer, <br />Executive Director of Community Investment, responded that the <br />current funding level is anticipated to be sufficient and should support <br />full project completion, even accounting for the partial READI 2.0 <br />funding gap. Commissioner Shaw asked if there are any other <br />measures to mitigate cost increases in the future. Mr. Bauer stated that <br />the back deck of the building for the covered parking and amenity <br />space will be removed and possibly materials on the exterior of the <br />building. Commissioner Gooden-Rodgers asked if the tax abatement <br />would need to be extended. Mr. Bauer stated that we would not need <br />to extend the designation period. <br /> <br />President Warner asked about the original design provided a retail <br />space with a maker’s apartment unit. Mr. Bauer stated that there still <br />could be live/work units, and they are being rescoped. Vice President <br />Relos encouraged Ms. Peters to consider using the terracotta <br />materials in the interior or exterior of the building. President Warner <br />spoke in favor of the project. <br /> <br />Upon a motion by Ophelia Gooden-Rodgers for approval, seconded by <br />David Relos, the motion carried unanimously; the Commission <br />approved Resolution No. 3639 as presented on May 22, 2025. <br /> <br />4. Sublease Agreement 103 W. Colfax (Haunt of Hounds) <br /> <br />Joseph Molnar, Assistant Director of Growth and Opportunity, <br />proposed a renewal of lease with Haunt of Hounds LLC (Fatbird). In <br />January of 2022, the Commission transferred the Palais Royale to the <br />South Bend Redevelopment Authority (“RDA”) to effectuate a certain <br />lease rental revenue bond transaction that would finance a portion of <br />improvements to the Property. As part of this transaction, RDA leased