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CITY OF SOUTH BEND REDEVELOPMENT COMMISSION REGULAR MEETING – October 9, 2025 <br /> <br />4 <br /> <br />interest rate is around 2%, which is more favorable than traditional <br />redevelopment bonds. <br /> <br />This financing approach enables the city to move forward with <br />demolition and infrastructure work without immediately spending its <br />own funds. The city will only proceed once it confirms that the <br />expenses are eligible for reimbursement from one of the available <br />sources, whether that’s the Section 108 loan, READI funds from the <br />State of Indiana, or other grants. Although HUD doesn’t directly fund <br />redevelopment of Housing Authority properties, the team explored the <br />Choice Neighborhoods Initiative. Unfortunately, the site didn’t qualify <br />due to prior blight mitigation efforts. Instead, the City pursued a Lilly <br />Endowment grant, which supports a similar mixed-income <br />redevelopment model. <br /> <br />The redevelopment plan for the Rabbi Shulman block includes: <br />• A mix of market-rate, low-income housing tax credit (LIHTC) <br />units, and public housing replacement units. <br />• Units will be intermingled across buildings to avoid income <br />segregation. <br />• The site will feature higher density, ADA-accessible buildings, <br />green space, and a daycare facility. <br /> <br />The current plan includes: <br />• A four-story, 74-unit building at Taylor and Western Ave. <br />• Several three-story walk-up buildings with varying unit counts. <br />• A new street to break up the block and improve accessibility. <br />• Two-story walk-ups on the Scott St. side. <br />• A shared park for residents and the public. <br /> <br />*President Warner noted for the record that Marcus Ellison arrived. <br /> <br />Upon a motion by Eli Wax for approval, seconded by Gillian Shaw, the <br />motion carried unanimously; the Commission approved the Budget <br />Request as presented on October 9, 2025. <br /> <br />2. Purchase Agreement (3315 William Richardson Ct.) <br /> <br />Joseph Molnar, Assistant Director of Growth and Opportunity, <br />presented this purchase agreement (sale) with 4Boys4 Investments <br />LLC for 3315 William Richardson Court. The proposed Purchase <br />Agreement is for property owned by the Redevelopment Commission <br />located at 3315 William Richardson Court. The RDC acquired this <br />property from the Industrial Revolving Fund (“IRF”) on June 25th 2019 <br />and per the Memorandum of Understanding dated December 13, 2018 <br />between the RDC and IRF this transfer was solely to permit the RDC