Laserfiche WebLink
CITY OF SOUTH BEND REDEVELOPMENT COMMISSION REGULAR MEETING – May 14, 2026 <br /> <br />Page | 4 <br /> <br />citywide. The Tri-Day project concept is similar in scale and design to the <br />recently completed South Bend Thrive development, with final site <br />layout still under review. <br /> <br />Marco Mariani, Executive Director of the South Bend Heritage <br />Foundation, thanked the Commission and City staff for their support, <br />noting the project has been in development for approximately three <br />years with multiple community partners. <br /> <br />He provided an overview of financing, including partnerships with <br />National Equity Fund (NEF), 1st Source Bank, and other potential tax <br />credit investors. He noted current challenges with tax credit pricing but <br />expressed confidence in closing financing this summer. <br /> <br />Mr. Mariani emphasized the importance of coordinating infrastructure <br />work with construction timelines. The project is expected to begin <br />construction following closing, with an estimated 18-month buildout and <br />completion targeted for mid-2028. <br /> <br />Vice President Relos asked for clarification that the project would <br />include 10 permanent supportive housing (PSH) units, with the <br />remaining units serving households at varying AMI levels (40%, 50%, and <br />60%). Mr. Mariani stated that the development will utilize income <br />averaging, allowing up to 20 units to serve households earning up to 80% <br />AMI, while maintaining a project-wide average of 60% AMI. This <br />approach expands access to a broader range of households while <br />maintaining affordability. <br /> <br />Mr. Mariani confirmed anticipated coordination with the New Day <br />Intake Center and service providers, noting alignment with the broader <br />continuum of care to support residents transitioning to permanent <br />housing. <br /> <br />Commissioner Shaw had questions regarding project risks and timeline, <br />Mr. Mariani noted ongoing coordination with City staff and identified <br />key variables such as construction bids and tax credit pricing. Bids are <br />expected within 60–90 days, with financing commitments anticipated <br />within approximately 90 days. South Bend Heritage will serve as <br />developer, general contractor, and property manager, prioritizing use of <br />local subcontractors. Staff will be updated regularly as the project <br />advances toward closing by year-end. <br /> <br />President Warner thanked staff and Mr. Mariani for their work and <br />spoke in favor of the project.