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CITY OF SOUTH BEND REDEVELOPMENT COMMISSION REGULAR MEETING – July 24, 2025 <br /> <br />5 <br /> <br />explained that the timeline is based on Indiana state laws and <br />regulatory guidelines. <br /> <br />Upon a motion by Eli Wax for approval, seconded by David Relos, the <br />motion carried unanimously; the Commission approved the Bid <br />Specifications as presented on July 24, 2025. <br /> <br />4. Notice of Intended Disposition of Property (Taylor, Wayne & Western <br />Lots) <br /> <br />Upon a motion by Eli Wax for approval, seconded by David Relos, the <br />motion carried unanimously; the Commission approved the Notice as <br />presented on July 24, 2025. <br /> <br />5. Resolution No. 3645 for Disposition of Property (Taylor, Wayne & <br />Western Lots) <br /> <br />Upon a motion by Eli Wax for approval, seconded by Ophelia Gooden- <br />Rodgers, the motion carried unanimously; the Commission approved <br />Resolution No. 3645 as presented on July 24, 2025. <br /> <br />6. Purchase Agreement TRI-Day (South Bend Heritage) <br /> <br />Joseph Molnar, Assistant Director of Growth and Opportunity, <br />presented a purchase agreement with South Bend Heritage <br />Foundation, Inc. for the southern half of the RDC-owned parcel located <br />at 4022 Old Cleveland Road, located on the Southern half of the parcel <br />and is approximately 7.5 acres. This is similar in quality and scale to <br />SB Thrive. <br /> <br />Project Details: <br />• South Bend Heritage, the long-standing local non-profit <br />organization plans to construct income-based multi-family <br />housing with a minimum of 42 units, including 10 units <br />designated for Permanent Supportive Housing (PSH). <br />• The project is contingent upon the developer receiving low- <br />income housing tax credits from the Indiana Housing and <br />Community Development Authority. <br />• Tax credit awards are expected to be announced in November <br />2025. <br />• If awarded, the developer will: <br />• Purchase the property for $1,000 <br />• Commitment to a minimum investment of $13.5 million <br />• Complete the project within 30 months of the construction <br />commencement date <br />