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South Bend Redevelopment Commission <br /> Regular Meeting—October 25, 2011 <br /> 6. NEW BUSINESS <br /> D. South Bend Central Development Area <br /> (1) continued... <br /> of the SBCDA would allow the city to assist <br /> with that infrastructure. The next step is to <br /> take the resolution to the Area Plan <br /> Commission, the Common Council and back <br /> to the Redevelopment Commission final <br /> approval. Staff is asking for approval of <br /> Resolution No. 2951. <br /> Mr. Varner expressed his concern about <br /> residential tax revenue accruing to a TIF <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 /> 10 <br />