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South Bend Redevelopment Commission <br />Regular ular Meetln October 9, 2007 <br />2. NEW BUSINESS (CONY.) <br />B. Northeast Neighborhood Development Area <br />(1) continued <br />funds being tax increment and other <br />revenues. He asked what the anticipated <br />other revenues are if the tax increment <br />revenues are not sufficient. Mr. Hill <br />responded that no other revenue has been <br />designated, but the city would have the <br />latitude to devote other revenues such as <br />OIT or EDIT funds to make payments. <br />Mr. Peczkowski questioned Mr. Hill s <br />statement that there were some agreements <br />that were made as to the potential <br />assessments? Mr. Hill responded that there <br />has been work conducted by both the city <br />and the developer to try to get as accurate as <br />possible a handle on how the improvements <br />will be assessed. That s correct. <br />Mr. Pee l owsl i asked if we can really <br />negotiate hove much property will be <br />assessed. Mr. Hill apologized. It s not a <br />negotiation, but it is not unusual at all for <br />developer and a community to go to the <br />Assessor and show the specifications of what <br />will be built and ask what the Assessor <br />believes the assessment will be. There is, <br />however, statutory provision to allow <br />agreements about what the assessments will <br />be. A developer and a taxing unit can agree <br />on a particular assessment. That has not been <br />done here. <br />Mr. Pee l owsl i asked if that is typical for <br />large projects such as this? Mr. Mill <br />responded that it is. <br />