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No. 1955 designating/declaring the SSED projectdistrict, approving the SSED project district development plan and determining to create an economic dev project district for purposes of sales TIF
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No. 1955 designating/declaring the SSED projectdistrict, approving the SSED project district development plan and determining to create an economic dev project district for purposes of sales TIF
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Lastly, it has been determined by staff that to best facilitate all of the <br />proposed infrastructure improvements at the front -end of the lifespan of <br />r► the development area, tax abatements as an economic incentive would <br />not be encouraged within the development area. There is the potential for <br />the use of project site tax abatements, similar to residential subdivision tax <br />abatements, that would allow for a site user to pay tax amount equal to a <br />full assessment with the funds in the decreasing years off - setting the <br />costs for a project bond. This mechanism is still in the exploration stage <br />but has been proposed for a site in the project area. <br />B. Funding Plan <br />One of the reasons for creating a new development area or district is to <br />provide resources to an area of a city that does not presently have a <br />dedicated funding source. The creation and designation of a project <br />district will allow the creation of a sales tax increment finance allocation <br />area to provide an additional revenue source for revitalization and <br />redevelopment activities within the district. At this point, a priority list of <br />funds for the redevelopment of the Scottsdale Mall site is being developed <br />and will be the basis of a district budget in the future. <br />IL VII. STATUTORY AUTHORITY <br />The controls and regulations contained in this Plan are for the specific purpose <br />of implementation of the South Side Economic Development Project District <br />Development Plan pursuant to Indiana Code 36- 7- 26 -1 -et. seq. <br />VIII. AMENDMENTS TO THE APPROVED DEVELOPMENT PLAN <br />The South Side Economic Development Project District Development Plan may <br />be amended by resolution of the South Bend Redevelopment Commission. Any <br />change affecting any property or contractual right can be effectuated only in <br />accordance with applicable state and local law. <br />26 <br />
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