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CITY OF SOUTH BEND REDEVELOPMENT COMMISSION REGULAR MEETING – May 22, 2025 <br /> <br />7 <br /> <br />Secretary Wax asked if we received any potential inquiries and Mr. <br />Molnar stated yes, and we think there will be significant interest at the <br />RFP phase. <br /> <br />2. Opening of Bids (Former YMCA) <br /> <br />Joseph Molnar, Assistant Director of Growth and Opportunity, stated <br />we received no bid proposals prior to the deadline. Mr. Molnar asked if <br />staff could bring forward a broader request for proposals at the June <br />26, 2025 RDC meeting. <br /> <br />3. Amendment to Development Agreement (River Walk LLC) <br /> <br />Erik Glavich, Director of Growth and Opportunity, presented an <br />amendment to the development agreement in the amount of up to <br />$1,250,000 for The Pointe (River Walk L.L.C.) at the old Transpo site <br />with environmental and elevation issues. The request is to alleviate <br />some of the costs due to preparing the site for development. The <br />private investment commitment was established to be $10 million and <br />the funding support provided by the Commission would be $500,000. <br />The commitment to construct 13 housing units and the developer <br />would commit to having the project completed by the end of 2027. <br /> <br />David Sieradzki with Century Builders stated that the whole foundation <br />has to be re-engineered well past a normal standard residential <br />foundation. Secretary Wax asked if the market would sustain the price <br />per unit of roughly $1,173,000. Mr. Sieradzki stated that some are <br />varying in price and have done studies and have committed $14 million <br />to the project and feel confident they will be able to sell the <br />townhomes. Caleb Bauer also stated that the Kinder Institute report <br />from 2022 stated that the city needs inventory in this price bracket. <br /> <br />Upon a motion by David Relos for approval, seconded by Eli Wax, the <br />motion carried unanimously; the Commission approved the <br />Amendment as presented on May 22, 2025. <br /> <br />6. Progress Reports <br /> <br />A. Tax Abatement <br /> <br />Erik Glavich, Director of Growth and Opportunity, noted the deadline <br />for the annual compliance reports for the CF1’s was May 15th, 2025 <br />and recipients have been notified. Caleb Bauer also notes that there <br />may be a small percentage that have failed to comply with no reflection <br />on staff’s efforts. <br />