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South Bend Redevelopment Commission <br />Regular Meeting -March 14, 2008 <br />6. NEW BUSINESS (CONT.) <br />H. Other <br />(3) continued... <br />of job creation in the State of Indiana. The <br />statute that the state has in place does a <br />couple of things. It forms a network of <br />entities and encourages collaboration. The <br />state put in its program an opportunity to <br />capture tax dollars to channel back to support <br />the establishment of the park and address <br />some of the early operating costs of the park. <br />From those businesses that spin out, the <br />statute allows the park to capture real and <br />personal property taxes, as well as payroll <br />and business taxes that would otherwise go to <br />the state. The business plan of this park does <br />not anticipate the capture of the property <br />taxes because both the Northeast <br />Neighborhood and Studebaker Corridor taxes <br />are being used for other purposes within their <br />TIF districts. State certification will allow <br />the tech park to capture up to $SM in <br />incremental sales and business taxes. <br />Innovation Park, in part, will receive <br />financial support through businesses now <br />being developed at Eddy Street Commons. <br />The tech park also is applying for two $2M <br />state grants through the IEDC. <br />Mr. McMahon noted that there is a window <br />on this opportunity. The state has an end <br />date on this legislation. As successful as we <br />expect it to be here, and as successful as it is <br />in some other locations, Mr. McMahon <br />expects the state will extend the legislation <br />when it comes up for review. <br />South Bend will be one of only three <br />locations in the state in the current <br />7 <br />