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CITY OF SOUTH BEND REDEVELOPMENT COMMISSION REGULAR MEETING – November 14, 2024 <br /> <br />7 <br /> <br />Upon a motion by David Relos for approval, second by Vivian Sallie, <br />the motion carried unanimously; the Commission approved Resolution <br />No. 3617 as presented on November 14, 2024. <br /> <br />2. Resolution No. 3618 (Staff Authority for Property Contracts Related <br />Services) <br /> <br />Upon a motion by Vivian Sallie for approval, second by David Relos, <br />the motion carried unanimously; the Commission approved Resolution <br />No. 3618 as presented on November 14, 2024. <br /> <br />3. Resolution No. 3620 (Adopting 2025 Annual Spending Plan) <br /> <br />Caleb Bauer, Executive Director of Community Investment, presented <br />a Resolution adopting the 2025 Annual Spending Plan. He explains <br />that Indiana’s Code 36-7-14-12.7(a) has changed which now requires <br />the submission of a yearly spending plan. The spending plan is <br />uploaded onto the Indiana Gateway and available publicly and will <br />likely be amended throughout the year as adjustments are made. Mr. <br />Bauer explained that it is our best estimate for spending for the coming <br />year. Mr. Bauer states that the resolution approves the plan, direct staff <br />to file it, and provides staff the authority to amend the plan to reflect <br />appropriations made by the Commission throughout the year 2025. <br />The methodology for the plan is using our estimated 2025 tax <br />increment financing revenues based on our 2024 revenues and some <br />trending development areas and includes the redevelopment general <br />fund. <br /> <br />Mr. Bauer explained the graph displaying the combined increments <br />collected across all development areas over the past few years. He <br />noted a dip after 2020, followed by significant growth, which is <br />expected to continue into 2025. He also reviewed the end-of-year fund <br />balances graph, highlighting the healthy reserves maintained in each <br />development area. The intent is not to hoard large reserves but to <br />reinvest tax refinancing dollars back into the district. Any remaining <br />funds are reserved for debt service obligations. <br /> <br />Detailing the last chart of the annual spending plan, Mr. Bauer stated <br />that DCI has projected expenditures into broad categories per Indiana <br />Code guidance. The largest category is capital expenditures, including <br />real property improvements and acquisitions, followed by debt service <br />obligations as the second-largest category of appropriations and will <br />fall off in the River East development area and at least one bond <br />issuance in the River West Development area in the next couple of <br />years, and that number is expected to shrink. Also, capital