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06-18-10 Redevelopment Commission Minutes
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06-18-10 Redevelopment Commission Minutes
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South Bend Redevelopment Commission <br />Regular Meeting –June 18, 2010 <br /> <br />6. NEW BUSINESS (CONT.) <br /> <br />I. Other <br /> <br />(3) continued… <br /> <br />put that in. It should be the responsibility of <br />the Airport or the Street Dept. to maintain it. <br /> <br />CRN.2705 <br />Upon a motion by Mr. Downes, seconded by <br />OMMISSION APPROVED ESOLUTION O <br />DETERMINING THAT THE TAX INCREMENT WHICH <br />Mr. Varner and unanimously carried, the <br />Y2011 <br />MAY BE COLLECTED IN THE EAR IS <br />Commission approved Resolution No. 2705 <br />NEEDED TO SATISFY OBLIGATIONS OF THE <br />determining that the tax increment which <br />C <br />OMMISSION AND THAT NO EXCESS ASSESSED <br />may be collected in the Year 2011 is needed <br />VALUE MAY BE ALLOCATED TO THE RESPECTIVE <br /> <br />to satisfy obligations of the Commission and <br />TAXING UNITS AND OTHER RELATED MATTERS <br />that no excess assessed value may be <br />allocated to the respective taxing units and <br />other related matters. <br /> <br /> <br />7. PROGRESS REPORTS <br /> <br />PR <br />Mr. Inks noted the availability of New Market Tax <br />ROGRESS EPORTS <br />Credits, competitively available each year. The city <br />initiated an application for those funds to help fund <br />redevelopment projects. The list of types of projects <br />we’re looking at supporting with those funds is the <br />LaSalle Hotel, Ignition Park, Coveleski Ballpark, <br />Coveleski Neighborhood, and others. This is a tax <br />credit program. The city’s application is for $50M of <br />tax credits. By the time they are sold at a discount, the <br />fees related to the upfront use of the credits, what the <br />city would end up with is about $10M that can be used <br />to help make projects happen that otherwise wouldn’t <br />happen. These projects have to be in lower income <br />areas of the city, but a large portion of the city fits those <br />income requirements. All the projects he mentioned <br />would fit that requirement. We also looked at East Bank <br />Plan implementation. That area would also meet the <br />low income requirement. The application was initiated <br />by the city. As we made the decision to pursue it, we <br />were too late to apply to be an eligible entity to receive <br />the allocation directly. However, South Bend Heritage <br /> 30 <br /> <br />
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