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CITY OF SOUTH BEND REDEVELOPMENT COMMISSION REGULAR MEETING – December 12, 2024 <br /> <br />7 <br /> <br />“acquisition list” comes from the statute. Commissioner Wax asked <br />about the assessed value timeline and Vice President Relos stated it <br />would be retroactive back to January 1, 2024, and is also not locked in <br />forever because every year there's a TIF neutralization that looks if <br />there's any natural appreciation in property values and that base <br />assessed value gets adjusted going forward. <br /> <br />Matt Eckerle from Baker Tilly noted the base assessed values for the <br />existing components of the allocation areas being unaffected. The <br />same goes for the expiration dates. Of those existing components of <br />the allocation areas, this action does not affect those. It does not <br />extend the expiration date. <br /> <br />Andy Place asked the question, does TIF take tax monies away from <br />the school system? Mr. Eckerle explained that to redirect the <br />incremental revenues generated by the incremental development and <br />the resulting assessed value that happens in that geography. <br />If the TIF area was not in place and that development were to happen <br />anyway. Because of the maximum levy limitations that the state <br />imposes on all of the taxing units, including the schools, the growth <br />and assessed value does not necessarily generate new property tax <br />money that would go to the overlapping taxing units. What it really <br />does is, it spreads that limited levy over a larger tax base and thus puts <br />downward pressure on the property tax rates. So, one way to think <br />about it is, if a new developer pays $100,000 in property taxes, that’s <br />really $100,000 less than other taxpayers would have to pay into those <br />same levies. New development does not beget new property tax <br />revenue. Mr. Place asked if he could keep his property as is, Vice <br />President Relos stated that it would depend on the vote and the vote <br />would be for the entire request. <br /> <br />8. Resolution No. 3622 (Confirming TIF Expansion) <br /> <br />Upon a motion by Eli Wax for approval, seconded by Gillian Shaw, the <br />motion carried unanimously; the Commission approved Resolution No. <br />3622 as presented on December 12, 2024. <br /> <br />C. River East Development Area <br /> <br />1. Public Hearing (TIF Area Expansion) <br />Randy Jennings asked if there are projects proposed for this district? <br />Chris Dressel stated that there is none, and this is just an opportunity <br />to capture these properties within the redevelopment area at an early <br />date. <br /> <br />2. Resolution No. 3623 (Confirming TIF Expansion)