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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 />changed by the Tribune headline writer). <br />If you have to categorize it as for or against <br />Resolution 224, you can count it as against. <br />Best regards, <br />1l~arty <br />The South Bend Redevelopment Commission <br />is considering a plan to incorporate the <br />proposed Portage Prairie development into <br />the Airport Economic Development Area <br />(also known as the Blackthorn Tax Increment <br />Financing (TIF) District). It will hold a <br />public hearing on the issue on August 25. <br />This issue might seem technical and obscure <br />to many people. However, because the plan <br />involves a significant subsidy to the Portage <br />Prairie "mini-city" in the newly-annexed, faN <br />northwest corner of South Bend, it raises <br />important questions about how taxpayer <br />money is used and whether or not the <br />downtown and surrounding older areas of <br />South Bend would be left behind. <br />Because the Airport Economic Development <br />Area is a TIF district, the property taxes from <br />increases in assessed value in the district (the <br />"tax increment") are "captured" and used <br />for infrastructure improvements in the <br />district. They do not go to the regular taxing <br />~urlsdlctlons, such as the City of South Bend, <br />St. Joseph County, schools, library, Transpo, <br />etc. <br />Including Portage Prairie in the Blackthorn <br />34 <br />