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South Bend Redevelopment Commission <br />Rescheduled Regular Meeting -June 25, 2008 <br />6. NEW BUSINESS (CONT.) <br />J. Other <br />(3) continued... <br />the respective taxing units and other <br />related matters. <br />Mr. Inks noted that Resolution No. 2465 <br />determines that based on the obligations and <br />projects planned for 2009, there will be no <br />excess tax increment available to the other <br />taxing units in 2009. Mr. Inks stressed that <br />this statement pertains only to 2009. The <br />notice is due to the assessor by July 15, and <br />this is the last Commission meeting before <br />that date. Mr. Inks assumes that there will be <br />a more thorough look at priorities for 2010. <br />Dr. Varner asked whether "obligation" <br />means what we would like to do, or does it <br />mean debt service. Mr. Inks responded that <br />these lists are not true "obligations." The <br />vast majority are not contractual, other than <br />the debt service. They are things we are <br />planning to do to use the money. <br />Dr. Varner questioned whether, then, the <br />Commission can certify that all the TIF is <br />needed for "obligations." Mr. Inks agreed <br />that he may have used the wrong word. The <br />law only requires that you state that the <br />projects you have planned and the <br />obligations you have to meet require all of <br />the TIF. The letter attached to Resolution <br />No. 2465, which is the letter that will be sent <br />out, does not use the word "obligations." <br />Mr. Downes made a motion to approve <br />Resolution No. 2465 determining that the tax <br />increment which may be collected in the year <br />COMMISSION APPROVED RESOLUTION NO. 2465 <br />DETERMINING THAT THE TAX INCREMENT WHICH <br />MAY BE COLLECTED IN THE YEAR 2009 IS <br />47 <br />