19-35 Resolution to Approve of the Written Order of the Area Plan Commission Regarding the Proposed Tax Increment Finance (TIF) Area Realignment

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c. Partner with organizations that offer internships, co-ops, apprenticeships, continuing education, lifelong learning, and other job training programs. Tax Increment Financing("TIF") District The South Bend Redevelopment Commission may implement the use of TIF within a redevelopment area pursuant to state law (I.C. 36-7-14). TIF districts target blighted areas in order to transform them into viable areas making the community more appealing and attractive for economic development, which creates a better quality of life for the districts' residents. TIF districts are powerful and effective tools that may provide financing for infrastructure improvements within redevelopment projects which may, in turn, entice market dollars back into abandoned and dilapidated areas. The lifespan of a TIF district varies based upon the time of its creation. TIF creates revenues for improvements without raising taxes, offers incentives for businesses and developers, and builds communities. TIF works by capturing additional property tax revenue due to the revitalization of a designated area. The assessment rate of the year in which the TIF is established is used as the base year, and tax revenues generated due to the increase in assessment over the base year assessment of properties within the TIF district are set aside for use in that TIF district. Thus, no new taxes or increases in tax rates occur, rather TIF funds are generated when property values improve due to the overall improvement of the TIF district. These TIF funds are placed in a special account and can only be used for public improvements within the TIF district. Public improvements include, but are not limited to, sidewalks, curbs, gutters, street paving and construction, water lines, wastewater lines, storm sewer lines, and storm water basin improvements in,serving, or benefitting the TIF district. Statutory Findings The West Washington Chapin Development Area Plan meets the following required findings by the Redevelopment Commission pursuant to state law (36-7-14-15(a)): 1. The West Washington Chapin Development Area is an area in the territory under its jurisdiction and is an area needing redevelopment; 2. The conditions described in state law(I.C. 36-7-1-3) cannot be corrected in the West Washington Chapin Development Area by regulatory processes or the ordinary operations of private enterprise without resorting to state law (I.C. 36-7-14); 3. The public health and welfare will be benefitted by the amendment of the resolution or plan, or both,for the West Washington Chapin Development Area; and 4. The amendment is reasonable and appropriate when considered in relation to the original resolution or plan for the West Washington Chapin Development Area and the purposes of state law (I.C. 36-7-14); and 5. The resolution or plan, with the proposed amendment, conforms to the comprehensive plan for the City. 5