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RM 04-16-93
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RM 04-16-93
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South Bend Redevelopment Commission <br />Regular Meeting - April 16, 1993 <br />6. NEW BUSINESS (Cont.) <br />c. continued... <br />the design review process and the method for <br />amending the plan. <br />Mrs. Kolata explained that Resolution No. 1151 <br />takes two existing redevelopment areas, each of <br />which had already been expanded once, and <br />merges them together with additional land to <br />make a new redevelopment area, the Sample - <br />Ewing Development Area. The resolution <br />approves the plan as presented, amends the <br />previous plans into and supersedes them with the <br />Sample -Ewing Development Plan. It states that <br />there is no property presently listed on the <br />acquisition list. However, the plan states that <br />we intend to acquire most of the property north <br />of the alley north of Broadway in the Southeast <br />sub -area for redevelopment. We will amend the <br />plan at a later date with the exact acquisition <br />list. The resolution states that the estimated cost <br />of redevelopment in the area is $25,000,000 <br />over an extended period of time. The resolution <br />also establishes a tax allocation area, made up of <br />the former Studebaker Corridor Allocation Area, <br />the Rum Village Allocation Area and the new <br />part being added at this time. The various <br />sections of the allocation area have different <br />base assessment dates, dependent on when they <br />were first declared TIF allocation areas. The <br />existing tax increment in the Studebaker <br />Corridor is from real property. The existing <br />increment in Rum Village is from both real and <br />Personal Property- <br />Mr. Hunt noted that we plan to use the tax <br />increment in direct expenditures, not by <br />bonding. He also noted that the first part of this <br />in <br />
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