Resolution No. 3672 (Authorizing TIF Fund Forgivable Loan Beacon Heights) - Signed

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South Bend Redevelopment Commission 215 S. Dr. Martin Luther King, Jr. Blvd., Room 301, South Bend, Indiana Redevelopment Commission Agenda Item D ATE : 6.5.26 FROM: Joseph Molnar, Deputy Director Department of Community Investment SUBJECT: Beacon Heights Renovation Resolution Funding Source* (circle) River West; River East; South Side; Douglas Road; West Washington; RDC General; Riv. East Res. * Funds are subject to the City Controller's determination of availability; if funds are unavailable, as solely determined by the City Controller, then the authorization of the expenditure of such funds shall be void and of no effect. PURPOSE OF REQUEST: Approval of Resolution Authorizing the Use of River West TIF Revenues in the amount of $1.25M to fund an EDC Loan for the Renovation of Beacon Heights SPECIFICS: Beacon Heights is an existing affordable apartment complex with approximately 174 housing units on the west side of the City of South Bend with a primary address of 3401 Ardmore Trail. The complex was constructed in the mid 1940s and has served as affordable housing for the South Bend community for decades. The property is in need of improvements both to the housing units and the common spaces. L+M Development Partners has entered into an agreement to purchase the property from the existing owner and is in the process of receiving Low Income Housing Tax Credits from the Indiana Housing and Community Development Authority. L+M has established an Indiana based LLC – Beacon Apartments Preservation, LLC – to manage and renovate the property. The planned redevelopment represents an approximate $47 million private investment to fully renovate all existing housing units on the property, ensuring long-term affordability and improving living conditions for residents. Critically, the project will proceed as a "renovation in place," meaning no current residents will be displaced during construction. The Beacon Heights Project directly supports the City’s mission to advance neighborhood revitalization and expand and preserve affordable housing opportunities within the City. The project will: •Preserve and improve an existing affordable housing community •Leverage substantial private investment into the River West Development Area •Maintain long-term affordability through LIHTC financing •Improve housing quality without displacing existing residents The proposed resolution authorizes the Commission to allocate up to $1,250,000 in River West TIF revenues, subject to appropriation, to fund an EDC Loan supporting the project. This resolution is the first step in the EDC Loan process. If approved, staff will return to the Commission with a proposed development agreement setting forth the detailed terms and conditions of the funding. The Commission ______________ ___________Pres/V-Pres ATTEST: __________ _______ _ Date: _____________ _______ APPROVED Not Approved SOUTH BEND REDEVELOPMENT COMMISSION June 11, 2026 