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06-08-07 Redevelopment Commission Minutes
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06-08-07 Redevelopment Commission Minutes
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6/8/2007
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06-08-07 Redevelopment Commission Agenda
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South Bend Redevelopment Commission <br />Rescheduled Regular Meeting —June 8, 2007 <br />6. NEW BUSINESS (CONY.) <br />A. Public Hearings <br />(3) continued... <br />Mr, Jones: while we're talking about TIC' <br />districts, and when you mentioned race <br />horses—because we have enough people here, <br />I have bind of a simple understanding of TIC' <br />districts. when they're established, there is a <br />baseline set, the value of the taxed property <br />in that area. Tax incremental financing Is the <br />additional funds that are generated from <br />development beyond that baseline. Then, <br />historically, a district goes into a process. In <br />the beginning, and Sample- Ewing night be a <br />triore exaggefaled example of thlis, biutyou <br />are addressing an area that needs a lot of <br />wort. So you plow coney into it in order to <br />male it ripe for development. I would say <br />that at this point we have spent a lot of <br />money in Sample- Ewing. It hasn't been <br />developed yet, because we've been preparing <br />it for development. I'd say it's on the cusp of <br />being a great potential provider of income to <br />a TIF district. On the other hand, as we add <br />other properties to TIC' districts, we're going <br />to have to make the sane investments in <br />order to prepare those lands for development. <br />o, I think at some point even TIC' district <br />has a race horse and a plow horse. They <br />change positions, as every stock portfolio has <br />winners and losers which sometimes change <br />positions. I think it is a balance, a timing, <br />and if you tape the long broad look at a TIF <br />district you will fend that ebb and flow. And <br />that movement over time from buying, <br />demolishing, doing enviro .menta.i, all that <br />has to be done, especially in a place like <br />Sample- Ewing where there's so much <br />industrial development. Yes, we've made a <br />20 <br />
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