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South Bend <br />Redevelopment Commission <br /> 215 S. Dr. Martin Luther King, Jr. Blvd., Room 301, South Bend, Indiana <br /> <br /> <br /> <br />Redevelopment Commission Agenda Item <br /> <br /> <br />DATE : 6.5.26 <br /> <br />FROM: Joseph Molnar, Deputy Director <br />Department of Community Investment <br /> <br />SUBJECT: Beacon Heights Renovation Resolution <br /> <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, <br />then the authorization of the expenditure of such funds shall be void and of no effect. <br /> <br />PURPOSE OF REQUEST: Approval of Resolution Authorizing the Use of River West TIF Revenues in the <br />amount of $1.25M to fund an EDC Loan for the Renovation of Beacon Heights <br /> <br />SPECIFICS: Beacon Heights is an existing affordable apartment complex with approximately 174 housing <br />units on the west side of the City of South Bend with a primary address of 3401 Ardmore Trail. The <br />complex was constructed in the mid 1940s and has served as affordable housing for the South Bend <br />community for decades. The property is in need of improvements both to the housing units and the <br />common spaces. <br /> <br />L+M Development Partners has entered into an agreement to purchase the property from the existing <br />owner and is in the process of receiving Low Income Housing Tax Credits from the Indiana Housing and <br />Community Development Authority. L+M has established an Indiana based LLC – Beacon Apartments <br />Preservation, LLC – to manage and renovate the property. The planned redevelopment represents an <br />approximate $47 million private investment to fully renovate all existing housing units on the property, <br />ensuring long-term affordability and improving living conditions for residents. Critically, the project will <br />proceed as a "renovation in place," meaning no current residents will be displaced during construction. <br /> <br />The Beacon Heights Project directly supports the City’s mission to advance neighborhood revitalization <br />and expand and preserve affordable housing opportunities within the City. <br /> <br />The project will: <br />• Preserve and improve an existing affordable housing community <br />• Leverage substantial private investment into the River West Development Area <br />• Maintain long-term affordability through LIHTC financing <br />• Improve housing quality without displacing existing residents <br /> <br />The proposed resolution authorizes the Commission to allocate up to $1,250,000 in River West TIF <br />revenues, subject to appropriation, to fund an EDC Loan supporting the project. This resolution is the first <br />step in the EDC Loan process. If approved, staff will return to the Commission with a proposed <br />development agreement setting forth the detailed terms and conditions of the funding. The Commission <br /> <br /> <br /> ______________ ___________Pres/V-Pres <br /> <br /> <br />ATTEST: __________ _______ _ <br /> <br />Date: _____________ _______ <br /> <br /> APPROVED Not Approved <br />SOUTH BEND REDEVELOPMENT COMMISSION