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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 />TIF district means that a portion of the tax <br />revenue being captured by the TIF would be <br />used to finance infrastructure projects in <br />Portage Prairie. <br />A lot of money is potentially available. The <br />Blackthorn TIF generated a X6.2 million tax <br />increment in 2005, and had X10.6 million in <br />cash as of December 31, 2005. Although <br />projects are currently planned within the <br />present boundaries of the TIF district, it is a <br />"mature" area; it was established in the <br />early 1990s and many of the basic <br />infrastructure projects are already <br />completed. Projects now under <br />consideration are arguably of secondary <br />prtortty, such as the proposed X450, DOD plan <br />to upgrade the bunkers in the Blackthorn <br />Golf Course. (This plan was rejected by the <br />Redevelopment Commission at its July 21St <br />meeting.) <br />Just how much tax revenue from the <br />Blackthorn TIF would be used for Portage <br />Prairie? The answer can be found in a draft <br />development agreement negotiated between <br />the City of South Bend and Waggoner Farms <br />Development (a limited partnership created <br />by the Portage Prairie developer, Holladay <br />Corporation). In that agT^eement, the City <br />pledges to use $2, 058, 400 of Blackthorn TIF <br />funds for the Portage Prairie development. <br />Although the agi^eement recognizes that this <br />plan is subject to a decision by the <br />Redevelopment Commission to incorporate <br />Portage Prairie into the TIF, and approval <br />35 <br />