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Council approves increased forgivable TIF loan for Monroe "Fat Daddy" redevelopment
Summary
The South Bend Common Council voted to approve an amendment that raises the forgivable tax-increment-financing (TIF) loan for the Monroe Development (Fat Daddy site) from $2.3 million to $3.3 million and increases the developer's private investment commitment; the change also slightly reduces unit count and keeps the original 36-month completion.
The South Bend Common Council on June 23 approved an amendment to a previously authorized loan agreement that raises the forgivable TIF loan for the Monroe Development (the Fat Daddy site at Michigan and Monroe streets) from $2,300,000 to $3,300,000 and increases the developer's private investment commitment.
The approval authorizes deployment of tax-increment-financing dollars already appropriated by the Redevelopment Commission in the form of a forgivable loan that will be forgiven after full construction is completed. Caleb Bauer, executive director of Community Investment, told the council the amendment also increases the private investment commitment from…
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