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South Bend Redevelopment Commission <br />Regular Meeting — October 25, 2011 <br />district. Mr. Inks responded that in this <br />particular case he doesn't believe it would <br />accrue to the TIF area. Residential taxes are <br />excluded from being deferred to TIF in areas <br />that become TIF areas after a certain date. <br />As we expand the boundaries of the SBCDA <br />TIF, the expanded area would provide <br />increment for TIF, but go to the general <br />assessment. The expanded area would <br />qualify for infrastructure expenses, or <br />acquisition/disposition costs. However, the <br />portion of the former Transpo site that is <br />already in the TIF area would contribute its <br />taxes to the TIF. <br />Mr. Varner asked if staff had estimated the <br />property taxes that might be generated from <br />housing at the Transpo site. Mr. Kain replied <br />that staff has done a rough estimate. The <br />Transpo site is about ten acres and the plan <br />calls for approximately 50 units. There are <br />five acres within the SBCDA, and five acres <br />on the side. So with 25 homes on each half <br />and an estimate of $2,500 tax per home, the <br />taxes to be generated would be <br />approximately $62,500 per year to the TIF <br />and the same to the broader jurisdictions. <br />Mr. Downes noted that he didn't think the <br />philosophical discussion about whether to <br />bring the additional area into the SBCDA <br />TIF belongs with the Commission, but with <br />the Common Council. <br />Mr. Varner noted, then, if there's a change in <br />plans for the area to commercial, rather than <br />residential, then the increment would accrue <br />to the TIF. Mr. Gibney responded that we <br />are not anticipating anything other than <br />residential there; residential is the most <br />logical development strategy for that land. <br />W <br />