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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 for Tax 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 /> Commission <br /> Role in Contractor Service Provided Contract Staff <br /> Amount Member <br /> Transaction <br /> Portion of land in CB Richard Ellis Broker Opinion <br /> front of 4711 S. Acquisition Bradley of Value $2,000 Schalliol <br /> Miami <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 />