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South Bend Redevelopment Commission <br />Rescheduled Regular Meeting -June 25, 2008 <br />6. NEW BUSINESS (CONT.) <br />A. Public Hearing <br />(1) continued... <br />Dr. Varner noted that part of the discussion <br />the Council had was if it wouldn't be better <br />if Portage Prairie had its own TIF. $30M is a <br />rough estimate of what is needed from the <br />city for development of Portage Prairie. <br />After those expenditures, that TIF could be <br />dissolved and the taxes would be available <br />for general city use. That's a discussion we <br />ought to have before we create a $120M <br />revenue stream for the AEDA. Dr. Varner <br />didn't know if that discussion on priorities <br />has ever taken place. As a Council member <br />sitting in on budget meetings, he expects <br />over the next months they're going to be told <br />that police and fire require 75% of the <br />general fund. If we keep adding to the TIF <br />districts, if we never dissolve any of the TIF <br />districts, our only choice is to raise property <br />taxes again on our residents. We need to <br />have a serious discussion about what we do <br />with all these TIF revenues. <br />Dr. Varner said he wants to see Portage <br />Prairie happen. If we have to bond it, he <br />would support that. But he doesn't like the <br />idea of putting a $120M potential revenue <br />stream into that TIF district where it may not <br />be available for the necessary priorities. He <br />thinks the construction of the interchange and <br />development of Portage Prairie as probably <br />more likely to happen sooner than the need <br />for all that land in the Studebaker Corridor <br />being ready for MIND. Expanding the <br />AEDA, adding a $120M - $150M revenue <br />stream, without any likelihood of dissolving <br />it, puts city government in a shortfall with <br />10 <br />