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South Bend edevelopment Commission <br />Regular Mee ing - June 14, 1985 <br />6. NEW BUSINESS (Cont.) <br />a. Lon inuect.. . <br />facilities and major entertainment activities. <br />Its vitality is important to the economic <br />health of the entire city. But is it not an <br />isLind unto itself, for its markets for real <br />estate development are affected by the <br />supporting facilities and the environmental <br />quality of its fringe areas, including the <br />East Bank and Monroe- Sample areas. <br />Coordinated physcial and financial planning <br />can best be effectuated by a merger of the <br />three areas described. Tax increment <br />f i ncing (TIF), for example, is a tool <br />available to South Bend to help foster <br />development where it is most needed. Under <br />this procedure, authorized by state - enabling <br />leg slation, real estate tax funds are made <br />available as a result of new construction. <br />Flexibility in the use of the funds made <br />available through TIF does not mean that one <br />area benefits at the expense of another. <br />Rather, with the merger, it provides a <br />mechanism which can be sensitive to timing so <br />as to program government expenditures in an <br />Ord rly manner and to maximize benefit to the <br />ent re area. <br />Mr .lAbbott Nelson pointed out on a map the <br />bo daries of the expanded areas. <br />Mr. Jannotta noted a few points which <br />reinforce the necessity for the expansion <br />areas. The types of uses and structures are <br />similar to those in the existing development <br />areas. Vacancies of land and buildings are <br />sim.lar to those in the adjacent development <br />araLs. Environmental protection for new <br />development can best be assured through <br />des gnation of the expansion areas. <br />Functionally, the development areas, with the <br />eXpELnsion areas, make much more logical <br />plarming units than without them. Lastly, <br />because of the character of existing <br />development and fractionalized ownership of <br />real. estate, the need for governmental powers <br />to assemble land for adequate development <br />units exists in the expansion areas in the <br />s way as it exists in the present <br />dev lounent areas. <br />-13- <br />