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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 />Commission for funding for the project. It <br />would be very difficult to incorporate <br />Portage Prairie into the TIF today and at <br />some point in the future say that we're not <br />giving them any money. Theoretically, you <br />could do it, but you would be in a difficult <br />position. Indeed, that's the reason that <br />Holladay Corporation is interested in being <br />in the Airport TIF rather than its own TIF, <br />because the Airport TIF has the money now <br />to be able to finance the infrastructure, <br />whereas the new TIF wouldn't have the <br />revenue at this point to do it. <br />We've always said that the costs, in terms of <br />TIF revenue or city funds going to the project <br />could be substantial: a guess is at $30M. <br />Representatives of Holladay have said that <br />the multimillion dollar interchange is <br />absolutely necessary for the success of <br />Portage Prairie. That's a big expenditure and <br />it makes me somewhat uneasy that the <br />money that is being foreseen as being asked <br />for TIF revenue is ambiguous. I think the <br />Redevelopment Commission would feel <br />more comfortable if you had a solid number <br />there. <br />There's another real cost associated with the <br />decision to incorporate Portage Prairie into <br />the Airport TIF district. It means that <br />property tax generated at Portage Prairie will <br />be unavailable to our schools, libraries, city, <br />county and other taxing jurisdictions, as a <br />consequence of being in the TIF district. <br />Now, we are already closing our libraries on <br />14 <br />