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No. 1058 expanding the boundaries of the AEDA, expanding the allocation area for purposes of TIF and amending the AEDA development plan
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No. 1058 expanding the boundaries of the AEDA, expanding the allocation area for purposes of TIF and amending the AEDA development plan
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10/18/2012 2:59:02 PM
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11/21/2011 2:21:15 PM
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While the above mentioned factors combine to provide a strong <br />impetus for development of this Area, lack of interior roadway <br />access and the absence of utility infrastructure have hindered <br />normal development of an otherwise excellent site. <br />It is the expectation of the Redevelopment Commission that the <br />development of this Area will produce a significant increase in the <br />City's overall economic vitality. To achieve this, however, the <br />Redevelopment Commission and the City of South Bend must be able to <br />provide the necessary public improvements to make the site suitable <br />for new development. This requires public funds for capital <br />improvements. The best method for funding these improvements <br />without adding to the tax burden is through tax incremental <br />financing. This tool is currently available only in redevelopment <br />and economic development areas and will be of the utmost importance <br />in this project. By using the tax increment generated by new <br />development, the City will be in a position to provide the <br />necessary capital improvements to spur the future growth and <br />development of this Area and the South Bend community as a whole. <br />I. DESCRIPTION OF PROJECT <br />A. Boundaries of'the Airport Economic Development Area <br />The boundaries of the Airport Economic Development Area are <br />attached as Exhibit "A ". <br />-2- <br />
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