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South Bend Redevelopment Commission <br />Regular Meeting — September 13, 2011 <br />6. NEW BUSINESS (CONT.) <br />H. Other <br />(1) continued... <br />necessary every year in which there is a <br />reassessment of all properties. Historically, <br />these calculations were only required once <br />every ten years when a general reassessment <br />was done. However, now these calculations <br />are needed every year, since every year all <br />property values are adjusted for market <br />trending. <br />This calculation adjusts the base assessed <br />value for each TIF area to "neutralize" the <br />effect of the reassessment. To achieve this <br />neutralization, the base assessed values are <br />adjusted to reflect growth in the County vs. <br />the TIF area, and to achieve the amount of <br />tax revenue collected in prior year plus tax <br />revenue due to new "real growth" and tax <br />abatement roll offs. Staff recommends <br />favorable consideration. <br />Ms. King asked if the city ever bid this work <br />out. Mr. Inks replied that the city has not. <br />Ms. King asked if there was any other firm <br />that performs those calculations. Mr. Inks <br />responded that the city has used Umbaugh & <br />Associates before, and believes they could do <br />them. <br />Upon a motion by Mr. Varner, seconded by <br />Mr. Downes and unanimously carried, the <br />Commission approved the Proposal from <br />Crowe Horwath for TIF Neutralization <br />Calculations. <br />28 <br />COMMISSION APPROVED THE PROPOSAL FROM <br />CROWE HORWATH FOR TIF NEUTRALIZATION <br />CALCULATIONS. <br />