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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 /> (4) continued... <br /> completed with that year's TIF revenue and <br /> why would we do four years of planning for <br /> the Medical District. Mr. Inks responded that <br /> when the area was originally established <br /> there was a development agreement with <br /> Memorial Hospital that contemplated certain <br /> expansion of their facilities and certain <br /> improvements that would be done over time <br /> by the city. This is amending that agreement <br /> to cover the remaining period of the Central <br /> Medical District and how the remaining <br /> funds would be used in that area. So it is an <br /> extension of the original document and the <br /> resources. <br /> Ms. Jones asked if that would exhaust all the <br /> anticipated funds. Mr. Inks replied that it <br /> would. <br /> Mr. Varner asked if the TIF sunsets at that <br /> point in time. Mr. Inks replied that 2015 is <br /> the last year of the Central Medical TIF. <br /> Mr. Varner asked what the annual income to <br /> the TIF was. Mr. Inks responded that the <br /> most recent years have generated $1,740,000. <br /> Mr. Varner added that there is a lot of <br /> unspent TIF money in that account. Mr. Inks <br /> replied that there will be a little over $3 <br /> million remaining in cash at the end of this <br /> year and $1,740,000 to be collected in each <br /> of the next four years. <br /> Mr. Varner asked if when the district sunsets <br /> in 2015, that $1,740,000 will be distributed <br /> 29 <br />