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South Bend Redevelopment Commission <br />Regular Meeting - February 19, 1993 <br />6. NEW BUSINESS (Cont.) <br />i. continued... <br />assessed value of over $1,000,000. <br />Therefore, it would take a long time and a <br />lot of development to get to the point of <br />seeing increment available to use in the <br />area. We are allowed to change the base <br />date for the allocation area which was set <br />when the TIF district was originally <br />established. We want to change the base <br />assessment date to March 1, 1992. It will <br />also have to be approved by the Area Plan <br />Commission and the Common Council <br />before the Commission can act on a <br />confirming resolution. <br />Upon a motion by Mr. Donoho, seconded <br />by Mr. Piasecki and unanimously carried, <br />the Commission approved Resolution <br />No. 1138 changing the base assessment <br />date for property in the West Washington - <br />Chapin Development Area. <br />1 11 I I 1 1 , IJ Bits iil i�l 1 <br />11111.1_, �. 1111'1 1I� �• <br />•,1 1 I I I 1 _ 1 1 1 1�1 1 <br />Mi ..11 1 �1 <br />Mrs. Kolata noted that this is the yearly <br />contract for Community Development <br />Block Grant funds to be used for <br />administering redevelopment programs. <br />The contract runs from January 1, 1993 to <br />December 31, 1993 and is in the amount of <br />$130,400. That amount is about one -third <br />of the administrative budget for the <br />-15- <br />COMARSSION APPROVED <br />RESOLUTION NO. 1138 <br />CHANGING THE BASE <br />ASSESSMENT DATE FOR <br />PROPERTY IN THE WEST <br />WASHINGTON - CHAPIN <br />DEVELOPMENT AREA <br />