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South Bend Redevelopment Commission <br /> Regular Meeting—December 13, 2011 <br /> 6. NEW BUSINESS (CONT.) <br /> B. South Bend Central Development Area <br /> (2) continued... <br /> closing, the city has scheduled a special <br /> meeting of the Common Council for <br /> December 19, 2011, to consider an <br /> appropriation of up to $5.7 million. A part of <br /> the presentation to the Common Council <br /> would be this proposed Reimbursement <br /> Resolution. <br /> The resolution itself would pledge new tax <br /> increment revenue from the Chase Tower <br /> Building to reimburse the city for its <br /> expenditures related to acquiring a real estate <br /> interest in the Chase Tower parking garage. <br /> Existing increment currently being collected <br /> from the Chase Tower would remain with the <br /> downtown TIF, while any new increment <br /> generated by the improvements to the <br /> property would be pledged to reimburse the <br /> city. <br /> Mayor Stephen Luecke noted the <br /> improvements the potential developer would <br /> make would include substantial renovations <br /> to the Chase Tower building, branding of the <br /> hotel (an upscale level) and needed <br /> improvements for office space. We believe <br /> these improvements to the building will <br /> increase the assessed value of the building so <br /> that the increase could be used to repay the <br /> city for its investment. <br /> Ms. King expressed her two areas of concern. <br /> The first being the spirit of TIF. The <br /> Commission has often discussed TIF and <br /> how TIF works. A new or existing business <br /> comes to us with an idea of either building or <br /> 10 <br />