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South Bend Redevelopment Commission <br />Regular Meeting -October 20, 2006 <br />6. NEW BUSINESS (CONT.) <br />E. Airport Economic Development Area <br />continue ... <br />Shawn, I was also going to ask you if you <br />would step through for everyone here what <br />the process is for moving this forward. <br />MR. PETERSON: With the comments as far <br />as expanding the Airport Economic <br />Development Area, expanding that into or <br />creating a redevelopment area or a different <br />economic development area, what you are <br />really doing is creating an allocation area to <br />take advantage of tax increment financing. <br />What the report has shown is that this could <br />be an area that would benefit if we did it at <br />the right time with the right type of use or <br />project that we could take advantage of a tax <br />increment financing district to be able to <br />finance improvements and maybe assist in <br />some sort of development project. All of <br />what we're doing here is, it's a tool to be <br />used to help a development, to help <br />something move forward. The proposal was <br />to expand the Airport Economic <br />Development Area. That may be the best <br />proposal, but we don't know yet because <br />we're not sure yet what the project is or what <br />the timeline is. Currently the Airport <br />Economic Development Area has <br />obligations, bonds, etc. outstanding to where <br />a different option may be more beneficial, <br />depending on what the project is, since there <br />would be no obligations on a new allocation <br />area. There are a lot of things that will come <br />into play as to the process. Because it's a <br />tool, the first thing is to get the input from the <br />community on what they would like to see <br />there. The second thing is to finalize that <br />25 <br />