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Committee backs $2.57M IFA loan to fund infrastructure at Drewry and Elwood sites to spur housing
Summary
The Community Investment Committee voted to recommend the city accept a $2,570,000 loan from the Indiana Finance Authority to fund remediation and infrastructure at the Drewry and Elwood redevelopment sites, the first steps to support a proposed 110-unit housing phase.
The Community Investment Committee voted to forward a favorable recommendation to the full Common Council for resolution 25-28, authorizing the issuance of tax-increment-style bonds to support a $2,570,000 loan from the Indiana Finance Authority’s residential infrastructure fund.
Caleb Bauer, Executive Director of Community Investment, told the committee the loan would be a 20-year, low-interest instrument purchased by the Indiana Finance Authority and repaid by the City of South Bend. Bauer said the current estimated fixed rate at closing would be 3.15 percent but that the loan agreement authorizes a maximum rate not to exceed 5.5 percent. He said the city would begin interest payments within six months of loan closing and that principal payments would begin 12 months after substantial completion of the project.
Why it matters: Staff said the financing would pay for environmental remediation, demolition, public utilities and street/sidewalk…
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