02-10-2020 Agenda Packet - Laserfiche WebLink

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BILL NO. 20-01 RESOLUTION NO. A RESOLUTION OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND,INDIANA ENCOURAGING A MINIMUM ANNUAL PERCENTAGE OF THE TAX INCEMENTAL FINANCING FUNDS FROM EACH TIF DISTRICT TO BE ALLOCATED TO,AND APPROPRIATED FOR,TANGIBLE INFRASTRUCTURE IMPROVEMENTS BENEFITING ALL AREAS IN EACH TIF DISTRICT 4 , The South Bend Common Council acknowledges that The South Bend Redevelopment Commission has been established, in part, to identify areas of South Bend in need ofredevelopment; and 4Y ,The South Bend Common Council also acknowledges that Tax Incremental Financing(TIF) is a useful tool in redeveloping certain identified areas (TIF Districts) in need of redevelopment; and 4f ,there are currently four(4) active TIF Districts in the City of South Bend; and 4if , each TIF District includes residential areas, from which the taxes are not generally captured by the TIF District; and 44,TIF revenue is generated from an increase in taxes paid by commercial properties; and OfCemael,TIF is used to encourage economic growth and revitalization, which, in turn, increases TIF contributions through an increase in assessments and tax revenue paid by such commercial properties; and OACret76,all areas within each TIF District should receive the tangible and intangible benefits of redevelopment within each TIF District; and 4 , tangible benefits include public improvements allowed by Ind. Code 36-7-1-3 and 36-7-1-18 which can include infrastructure, such as curbs, sidewalks, streets, improved street lighting, storm water drainage, and alley improvements in certain cases; and 44 Ind. Code 36-7-14-3 gives the Common Council the statutory obligation to review the budget of and oversee the South Bend Redevelopment Commission through the Common Council's appointment of two 2) of the five(5) voting members to the South Bend Redevelopment Commission; 01‘.7.4, The South Bend Redevelopment Commission already has existing commitments for a portion of the funds for each TIF District; and 4 , the South Bend Common Council, as the body that reviews the budget and maintains a voting membership in the South Bend Redevelopment Commission, strongly encourages the South Bend Redevelopment Commission to allocate a minimum of 5% of the funding from each TIF District for public improvements to infrastructure such as curbs, sidewalks, streets, improved street lighting, storm water drainage, and alley improvements that are allowed by statute; and 44 Governor Holcomb signed into law Senate Enrolled Act 566-2019 on May 5, 2019 that allows a redevelopment commission to create a tax increment finance district for residential property ("residential TIF"). Sou, gle xiooxe, 6e iL iieG dee Cain/nem, ce oun d y o cd'Fend, Jrndiam,a, a6/ollo ks: Section I. The South Bend Common Council believes that all areas within each TIF District should receive the tangible and intangible benefits of redevelopment within each district. Section II. The South Bend Common Council supports the use of TIF funding within each TIF District to improve the infrastructure as allowed by statute within each TIF District, including residential areas. Section III. The South Bend Common Council strongly encourages the South Bend Redevelopment Commission 1) to allocate a minimum of 5% of the funding from each TIF District for public improvements to infrastructure such as curbs, sidewalks, streets, improved street lighting, storm water drainage, and alley improvements that are allowed by statute; and 2) to explore the implementation of residential TIF.