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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 />Prairie development. There is no pledge <br />from the city to use TIF funds for this phase <br />or any other phase. The number that is cited <br />here by Professor Wolfson is, indeed, for <br />both offsite and onsite improvements <br />scheduled to be built in that area. <br />Professor Wolfson writes, "The agreement <br />between Holladay and the city leaves one <br />wondering how the Commission is supposed <br />to incorporate public opinion into its <br />decision-making." Well, we have had over <br />thirty public hearings or meetings related to <br />Portage Prairie, and only broke ground this <br />past week. The process has gone on almost <br />eighteen months. At least three of those <br />public hearings, including one or two here, <br />were focused entirely on the development <br />agreement, the use of TIF and related issues. <br />How many meetings are too many, how <br />many are too few, I don't have an answer to <br />that. But there certainly was plenty of <br />opportunity for input. <br />Professor Wolfson writes, "The tax subsidy <br />for the developer, if it is successful for nine- <br />year abatement on all buildings, is estimated <br />to be $4,530,027." The agreement does say <br />that the South Bend Redevelopment <br />Commission will recommend anine-year tax <br />abatement for buildings in all of Phase I, that <br />have an estimated benefit of $4,530,000. <br />This also means that those same buildings, <br />which do not exist today, would pay <br />$4,530,000 during this same time period. <br />This $4,500,000 is an estimate over a million <br />12 <br />