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6. NEW BUSINESS (CONT.) <br />IL I. Other <br />(1) continued... <br />Mr. Inks reported that worksheets were also <br />completed in 2002 and submitted to the <br />Department of Local Government Finance. <br />Their purpose is to establish a replacement <br />tax levy under legislation passed in 2002 in <br />which a sixty percent school property tax <br />replacement credit was enacted. Since tax <br />increment financing areas do not receive tax <br />replacement credits from the State, that will <br />have the effect of reducing our revenues <br />from the TIF areas. The State has provided <br />legislation which allows us to make up the <br />lost revenue by levying a tax to replace it. <br />These worksheets establish the amount of <br />those taxes that would be levied to replace <br />the lost taxes in the TIF areas for 2003. <br />Upon a motion by Mr. Faccenda, seconded <br />by Ms. Jones and unanimously carried, the <br />Commission authorized the Certificate of <br />Tax Increment Finance Replacement <br />Amount Worksheets to be sent to the <br />Department of Local Government Finance. <br />7. PROGRESS REPORTS <br />COMMISSION AUTHORIZED THE CERTIFICATE OF <br />TAX INCREMENT FINANCE REPLACEMENT <br />AMOUNT WORKSHEETS TO BE SENT TO THE <br />DEPARTMENT OF LOCAL GOVERNMENT <br />FINANCE. <br />Mr. Schalliol commented on the City Plan Meetings PROGRESS REPORTS <br />currently being conducted. The meetings have been <br />very successful and average between fifteen and <br />thirty people per meeting. Mr. Schalliol encouraged <br />everyone to attend at least one meeting and noted it <br />was a great opportunity for public input. There are <br />approximately fourteen meetings left which are <br />conveniently located around the City. <br />Ms. Greene noted that the elections are over and <br />Mayor Steven J. Luecke will be leading the City of <br />South Bend for the next four (4) years. <br />30 <br />