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South Bend Redevelopment Commission <br />Regular Meeting -February 15, 2008 <br />6. NEW BUSINESS (CONT.) <br />E. West Washington-Chapin Development Area <br />(1) Staff report on West Washington-Chapin <br />budget and project update. <br />Mr. Inks noted that when the West <br />Washington-Chapin budget was approved for <br />calendar year 2008 several projects were <br />listed for potential funding in the upcoming <br />year. Two changes have occurred since that <br />budget was accepted. The first is a <br />downsizing of the total budget due to <br />significantly lower TIF revenues being <br />received than we had anticipated. The <br />budget has been decreased from the <br />$1,200,000 originally appropriated to <br />$565,103, the TIF revenues received. We are <br />in the process of working with the County <br />Auditor to figure out why the TIF revenue <br />collections were so low in that area. We <br />know that the assessed values staff used were <br />higher than the assessed values which were <br />ultimately used by the County. However, <br />even using the reduced assessed values, we <br />don't calculate as low a number as we <br />received. <br />Mr. Inks also noted that the priorities on the <br />list of potential projects have become clearer. <br />The Natatorium is now proposed for <br />$450,000 of additional renovations. That <br />project was included in the list of projects <br />that might be funded in 2008. Mr. Inks noted <br />that he had supplied the Commissioners with <br />a report from Pat Lynch of South Bend <br />Heritage Foundation outlining the cost of the <br />work done to date, the proposed work under <br />the $450,000 and future work to be done <br />funded by fundraising efforts. He noted that <br />DVD's were distributed to the <br />13 <br />