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 : 7/7/2025 <br /> <br />FROM: Joseph Molnar, <br /> Assistant Director of Growth & Opportunity <br /> <br />SUBJECT: Budget Request - <br />Appropriation for Residential Infrastructure Fund <br />Loan <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 Budget Request of $2,570,000 for the Residential Infrastructure Fund Loan <br />regarding the Drewrys/Portage Elwood Sites <br /> <br />SPECIFICS: The City of South Bend was awarded a Residential Infrastructure Fund Loan from the Indiana Finance <br />Authority (IFA) for the redevelopment of the former Drewrys and Portage Elwood Shopping Center sites to spur <br />new residential housing development. The RDC approved Resolution No. 3637 authorized the tax increment <br />revenue bonds which support the loan. The RIF loan funding can be used for the continued environmental <br />remediation, installation of public utilities, and related public infrastructure improvements to support the <br />Drewrys Site Revitalization residential housing. The closing on the loan funding is currently scheduled for July 9, <br />2025. <br /> <br />This budget request appropriates the $2,570,000 from River West TIF which shall be reimbursed using the loan <br />funding upon invoices sent to the IFA. <br /> <br />Staff recommends approval. <br /> <br /> <br /> <br /> <br /> _________________________Pres/V-Pres <br /> <br />ATTEST: __________________Secretary <br /> <br />Date: ____________________ <br /> <br /> APPROVED Not Approved <br />SOUTH BEND REDEVELOPMENT COMMISSION