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South Bend Redevelopment Commission <br />Rescheduled Regular Meeting -August 25, 2006 <br />6. NEW BUSINESS (CONT.) <br />A. Public Hearing <br />() continued... <br />Properties, 227 S. Main Street, South Bend. <br />Really, you've heard the facts from Nick, but <br />there was an article in the South Bend <br />Tribune a few days ago (most of you <br />probably saw it) regarding the Portage Prairie <br />TIF written by Professor Marty Wolfson. I <br />commend him for taking the time to do it, but <br />I think that I would like to correct a couple of <br />things that are pertinent today. Professor <br />writes, "Including Portage Prairie in the <br />Blackthorn TIF district means that a portion <br />of the tax revenue being captured by the TIF <br />would be used to finance infrastructure <br />projects in Portage Prairie." And he cites the <br />Development Agreement. Well, the <br />Development Agreement that has been <br />signed between the Commission, the City <br />and our partnership are really quite clear. <br />There is no commitment for the city to use <br />TIF funds to finance infrastructure projects in <br />Portage Prairie. In fact, we tried to convince <br />the city to do that and they turned us down. I <br />just want to be sure that it's clear that there <br />are no TIF proceeds that have been <br />committed to Portage Prairie. <br />Professor Wolfson writes further, "Just how <br />much tax revenue from the Blackthorn TIF <br />would be used for Portage Prairie? The <br />answer can be found in a draft development <br />agreement negotiated between the City of <br />South Bend and Waggoner Farms <br />Development, a limited partnership created <br />by developer Holladay Corporation. In that <br />agreement, the city pledges to use $2,058,400 <br />of Blackthorn TIF funds for the Portage <br />11 <br />