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South Bend Redevelopment Commission <br />Regular Meeting –December 3, 2010 <br /> <br />6. NEW BUSINESS (CONT.) <br /> <br />F. SouthSide Development Area <br /> <br /> <br />(1) continued… <br /> <br />the project. We expect the payoff to occur in <br />early February 2011. That TIF area would <br />then be debt free. <br /> <br />Mr. Varner asked what would be the future <br />of that TIF area then. Mr. Inks responded <br />that that is still up for discussion. There are <br />three options: (1) The TIF district could <br />remain in place. When the Southside <br />Development Area was created, the whole <br />area was created as TIF Area No. 1. Later, <br />the individual nodes at Erskine Commons <br />and Erskine Village were declared separate <br />TIF areas. They overlap the underlying TIF <br />Area No. 1. If the Erskine Commons TIF <br />Area would be dissolved, that TIF would <br />automatically revert to the underlying TIF <br />Area No. 1. (2) Since there is no debt <br />related to the TIF Area No. 1, that area could <br />be dissolved, releasing all the South Side <br />Development Area TIF. (3) The South Side <br />Development Area No. 1 could remain, but <br />each year it could be determined whether that <br />TIF was needed to support the activities of <br />the TIF Area, or not needed and be released <br />to the other jurisdictions. <br /> <br />Mr. Downes asked who would decide <br />between those options. Mr. Inks responded <br />that the Redevelopment Commission has <br />authority over those decisions. Staff is in the <br />process of putting together a list of projects <br />that would complete the South Side <br />Development Area Development Plan and <br />make a recommendation to the Commission <br />regarding the continuance of the TIF area. <br /> 28 <br /> <br />