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South Bend Redevelopment Commission <br />Regular Meeting —March 8, 2011 <br />that questions, but has not received an <br />answer yet. It isn't an immediate issue. There <br />is a possibility that it might be returned to the <br />taxing jurisdictions the same way AV would <br />be released and it would then go back to <br />those jurisdictions in proportion to their share <br />of the tax rate but that has not been <br />confirmed. <br />Mr. Inks noted that there is an annual public <br />statement made that the increment is needed <br />for each area. So every year you have the <br />option to release the increment just for that <br />year. <br />Mr. Varner inquired whether the tax rate <br />might be lowered. Mr. Inks responded it <br />should provide additional revenue. When rate <br />is lowered it will put additional assessed <br />value on the tax rules. <br />Upon a motion by Mr. Downes, seconded by <br />Mr. Alford and unanimously carried, the <br />Commission approved Resolution No. 2855 <br />determining to terminate Allocation Area No. <br />2 of the South Side Development Area so <br />that increases in the assessed value of <br />property located in Allocation Area No. 2 <br />will accrue to the benefit of overlapping <br />taxing units.. <br />5. OLD BUSINESS <br />A. Airport Economic Development Area <br />(1) Agreement for Services by and between <br />the City of South Bend, Department of <br />Redevelopment, acting by and through the <br />South Bend Redevelopment Commission <br />and Hathaway2, Inc. (2010 -2011) <br />Mr. Inks noted this as a contract with Ms. <br />31 <br />COMMISSION APPROVED RESOLUTION NO. 2855 <br />DETERMINING TO TERMINATE ALLOCATION <br />AREA No. 2 OF THE SOUTH SIDE DEVELOPMENT <br />AREA SO THAT INCREASES IN THE ASSESSED <br />VALUE OF PROPERTY LOCATED IN ALLOCATION <br />AREA No. 2 WILL ACCRUE TO THE BENEFIT OF <br />OVERLAPPING TAXING UNITS <br />