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Council creates Riverwalk TIF district to support 291-unit JC Hart riverfront project
Summary
Council creates a new 25-year Riverwalk tax-increment allocation area to back bonds for a proposed $61.5 million, 291-unit riverfront development by JC Hart; council approved the declaratory resolution 8-0.
South Bend — The South Bend Common Council on Feb. 10 adopted a resolution creating a new 25-year tax-increment financing (TIF) allocation area to support a riverfront development that would include 291 market-rate apartments and a 398-space structured parking garage.
The council voted 8-0 to remove the parcel from the existing River West allocation area and establish a separate "Riverwalk" allocation area. The developer, JC Hart Company, plans a private investment of at least $61.5 million and will build two buildings: a riverfront residential building and an adjoining parking structure wrapped with apartments.
Why it matters: Under the terms presented by Caleb Bauer, executive director of community investment, 90% of the…
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