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South Bend Redevelopment Commission <br />Regular Meeting - May 7, 1993 <br />6. NEW BUSINESS (Cont.) <br />a. continued... <br />Manager of the Tri- County News that the <br />Notice of Pubic Hearing was published in <br />that weekly paper on April 16, 1993; 4) <br />statement from Ann Kolata that at Statement <br />to Taxing Units located within the West <br />Washington - Chapin Development Area was <br />sent to the taxing jurisdictions on April 16, <br />1993; 5) an original copy of the Area Plan <br />Commission's Resolution No. 116 which <br />deals with the subject of the Public Hearing; <br />6) a certified copy of Resolution No. 2026 -93 <br />of the Common Council of the City of South <br />Bend relative to the subject of the Public <br />Hearing; and 7) as of 10:00 a.m., May 7, <br />1993, there were 0 written remonstrances <br />received. <br />Ms. Auburn asked if there was any objection <br />to the items being entered into the record. <br />There was no objection and the items were so <br />entered. <br />Mrs. Kolata explained that Resolution <br />No. 1152 ratifies and confirms Resolution <br />No. 1138 adopted in February amending the <br />base assessment date for the purposes of tax <br />increment financing. In the reassessment of <br />1989, all of the homesteads in the West <br />Washington area received a tax credit of <br />approximately $2,000 of assessed value per <br />house (subsequently reduced to $1,500 per <br />house). That reduced the value of property <br />in the West Washington area below the base <br />assessed value, causing a negative assessed <br />value of $1,100,000. Revising the base <br />assessment date to March 1, 1992, will bring <br />-4- <br />