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South Bend pedevelcpment Commission <br />Regular Mee ing - July 27, 1990 <br />6. NEW BUSINESS (Cont.) <br />h. continued... <br />Ms. Pfotenhauer explained items 6.h, <br />6A., 6.j., and 6.k. Each of these items <br />establishes an Enterprise Zone Fund in <br />one of our redevelopment areas, which are <br />also tax increment financing areas and <br />also contain part of the Urban Enterprise <br />Ms. Pfotenhauer noted that redevelopment <br />statute requires that when a portion of a <br />redevelopment area falls within an <br />En rise Zone, the commission is to <br />establish a special fund for depositing <br />any excess tax increment financing <br />money. Those funds would then be used <br />for the benefit of the Zone. We have not <br />est,ablished the funds previously because <br />we iave not had excess tax increment. <br />But we would like to establish them in <br />case we do have excess tax increment in <br />any of the areas. <br />Mr. Piasecki asked how the Enterprise <br />Zon intersects the redevelopment areas. <br />Mrs Kolata responded that the only part <br />of the South Bend Central Development <br />Area which is in the Enterprise Zone is a <br />1 portion south of the baseball <br />stadium; all of the Studebaker Corridor <br />Dev opment Area is in the Enterprise <br />Zo ; all or most of the West <br />Wasl ingtorVChapin Development Area is in <br />the Enterprise Zone; and, a small portion <br />of tPe Rum Village Industrial Park is <br />wit4in the Enterprize Zone. <br />Kolata stated that the Commission <br />ously notified the County Auditor <br />there were no excess funds in any of <br />allocation areas. <br />-12- <br />