Laserfiche WebLink
South Bend Redevelopment Commission <br /> Regular Meeting—March 8, 2011 <br /> 6. NEW BUSINESS <br /> (D) South Side Development Area <br /> (1) continued... <br /> at all those requirements. We anticipate some <br /> additional projects and that some studies will <br /> have to be done. A connector is being <br /> considered from Fellows to Chippewa and <br /> some other improvements in that <br /> Fellows/Ireland intersection. There should be <br /> sufficient funds in Allocation Area No. 1 to <br /> do those. <br /> Mr. Varner questioned whether the amount <br /> of money needed to complete the South Side <br /> Development Area projects might be <br /> overestimated and what would happen to the <br /> extra funds? How much flexibility would <br /> there be with such funds? Mr. Schalliol <br /> responded that staff has asked legal counsel <br /> that questions, but has not received an <br /> answer yet. It isn't an immediate issue. There <br /> is a possibility that it might be returned to the <br /> taxing jurisdictions the same way AV would <br /> be released and it would then go back to <br /> those jurisdictions in proportion to their share <br /> of the tax rate but that has not been <br /> confirmed. <br /> Mr. Inks noted that there is an annual public <br /> statement made that the increment is needed <br /> for each area. So every year you have the <br /> option to release the increment just for that <br /> year. <br /> Mr. Varner inquired whether the tax rate <br /> might be lowered. Mr. Inks responded it <br /> should provide additional revenue. When rate <br /> is lowered it will put additional assessed <br /> value on the tax rules. <br /> 6 <br />