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<br />South Bend Redevelopment Commission <br />227 West Jefferson Boulevard, Room 1308, South Bend, Indiana <br /> <br /> <br /> <br />Redevelopment Commission Agenda Item <br /> <br />DATE : September 9, 2024 <br /> <br />FROM: Chris Dressel, Staff <br /> <br />SUBJECT: Funding Request – Professional Services (financial <br />analysis) for Forthcoming TIF expansion <br /> <br /> <br />Funding Source* (circle) River West; River East; South Side; Douglas Road; West Washington; RDC General; Riv. East Res. <br />* Funds are subject to the City Controller's determination of availability; if funds are unavailable, as solely determined by the City Controller, then the <br />authorization of the expenditure of such funds shall be void and of no effect. <br /> <br />PURPOSE OF REQUEST: Request for funds in the amount of $37,500 to support financial services for forthcoming <br />TIF expansion process <br /> <br />SPECIFICS: The City of South Bend plans to expand its TIF districts in the Fall of 2024. The expansion is expected <br />to add approximately 200 property parcels within 3 TIF districts (River East, River West and South Side). Financial <br />analysis services are required to accompany and document the process. These services are expected to include <br />the following: <br /> <br /> Assist with the Creation of New TIF Allocation Area (TIF Area) or Amendment of Existing TIF Area <br />• As needed, work with the Client and its advisors to analyze the boundaries of the proposed TIF Area or <br />TIF Area amendment and potential assessed value impacts of proposed new construction/demolition <br />projects within the proposed TIF Area. <br />• As needed, provide information required by the Client's attorney for preparing resolutions and other <br />legal documents required to establish the proposed TIF Area, if needed. <br />• Prepare, on behalf of the Client, an analysis and a statement disclosing the impact of the proposed TIF <br />Area upon the overlapping taxing units (the Impact Statement) and facilitate the delivery of the Impact <br />Statement to the overlapping taxing units. <br />• If needed, virtually or personally meet with representatives of the overlapping taxing units to discuss <br />questions, comments or concerns related to the creation of the proposed TIF Area, as needed. <br />• At the request of the Client, attend meetings and required public hearings to explain the impact of the <br />creation of the proposed TIF Area and to address any questions. <br /> <br />The request breakdown is as follows: <br /> <br />Up to per $12,500 per TIF Area amended: $12,500 – River East <br /> $12,500 – River West <br /> $12,500 – South Side <br /> $37,500 - TOTAL <br /> <br /> <br /> _________________________Pres/V-Pres <br /> <br />ATTEST: __________________Secretary <br /> <br />Date: ____________________ <br /> <br /> APPROVED Not Approved <br />SOUTH BEND REDEVELOPMENT COMMISSION