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South Bend Redevelopment Commission <br />Regular Meeting — November 8, 2012 <br />6. NEW BUSINESS <br />I. Other <br />(1) Project Assignment with Crowe Horwath fur "fax Increment Financing Neutralization <br />Worksheets. <br />Mr. Inks noted the Commission hires Crowe Horwath annually to provide Tax Increment <br />Financing Neutralization Worksheets. The purpose is to adjust the base values for each TIF <br />area by adjusting for the natural growth in property values. As property values increase, that <br />gets netted out of these calculations so that the TIF only picks up increment related to true <br />new development in the area. Crowe has been doing these calculations for us for a number <br />of years. Their fee remains the same as last year, a not -to- exceed amount of $15,000 for <br />professional services, plus incidentals. There were no incidental expenses last year. Mr. Inks <br />noted that these calculations are required by state law to be done every year. <br />Upon a motion by Mr. Varner, seconded by Mr. Downes and unanimously carried, the <br />Commission approved the Project Assignment with Crowe Horwath for Tax Increment <br />Financing Neutralization Worksheets. <br />J. Ratification of Services Contracts <br />Upon a motion by Mr. Downes, seconded by Mr. Varner and unanimously carried, the <br />Commission ratified the Services Contracts approved by staff since October 25, 2012. <br />7. PROGRESS REPORTS <br />A. Tax Abatement <br />Mr. Inks noted that its September 27, 2012 meeting the Commission adopted a policy that it <br />would no longer review tax abatements before allowing those to go to the Common Council for <br />consideration. That was in accordance with recent changes in state law. Staff indicated at that <br />time that it would bring back to the Commission a periodic report of tax abatements that are <br />moving forward. In the future Commissioners will see a report similar to what is presented <br />today outlining the abatement type, term, a project description and estimated cost of the project. <br />15 <br />Commission <br />Contract <br />Staff <br />Role in <br />Contractor <br />Service Provided <br />Transaction <br />Amount <br />Member <br />Portion of land in <br />front of 4711 S. <br />Acquisition <br />CB Richard Ellis <br />Broker Opinion <br />$2,000 <br />Schalliol <br />Miami <br />Bradley <br />of Value <br />Upon a motion by Mr. Downes, seconded by Mr. Varner and unanimously carried, the <br />Commission ratified the Services Contracts approved by staff since October 25, 2012. <br />7. PROGRESS REPORTS <br />A. Tax Abatement <br />Mr. Inks noted that its September 27, 2012 meeting the Commission adopted a policy that it <br />would no longer review tax abatements before allowing those to go to the Common Council for <br />consideration. That was in accordance with recent changes in state law. Staff indicated at that <br />time that it would bring back to the Commission a periodic report of tax abatements that are <br />moving forward. In the future Commissioners will see a report similar to what is presented <br />today outlining the abatement type, term, a project description and estimated cost of the project. <br />15 <br />