Laserfiche WebLink
South Bend Redevelopment Commission <br /> Regular Meeting—March 8, 2011 <br /> 6. NEW BUSINESS <br /> (D) South Side Development Area <br /> (1) Resolution No. 2855 determining to <br /> terminate Allocation Area No. 2 of the <br /> South Side Development Area so that <br /> increases in the assessed value of property <br /> located in Allocation Area No. 2 will <br /> accrue to the benefit of overlapping taxing <br /> units. <br /> Mr. Inks displayed a map showing the TIF <br /> areas of the South Side Development Area. <br /> He noted that the South Side Development <br /> Area was created in 2002. In 2004 two <br /> separate TIF areas were carved out for <br /> development of Erskine Village and Erskine <br /> Commons. The Erskine Commons project <br /> has been operating for a number of years and <br /> generating over $3K annually in TIF <br /> revenues. Since the project is completed, <br /> those funds are no longer necessary and the <br /> resolution today would be releasing that <br /> increment on a permanent basis back to all of <br /> the other taxing jurisdictions: the city's <br /> General Fund ; Parks, the school corporation, <br /> library, airport, and all other taxing <br /> jurisdictions. There is work yet to be done in <br /> the main allocation area (SSDA Allocation <br /> Area No. 1) and it's been determined there <br /> are sufficient resources and revenues to <br /> complete the plan originally put together. By <br /> 2014, the staff will have completed <br /> everything planned for Allocation Area No. 1 <br /> with increment from that allocation area. <br /> Mayor Stephen J. Luecke spoke that this is <br /> an occasion for celebration. What was <br /> envisioned for TIF districts was that they be <br /> able to do projects that are needed to support <br /> private investment and then to release <br /> 4 <br />