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<br />South Bend Redevelopment Commission
<br />227 West Jefferson Boulevard, Room 1308, South Bend, Indiana
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<br /> TO: South Bend Redevelopment Commission
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<br />FROM: Kyle Willis, Controller, City of South Bend
<br />
<br />DATE: March 27, 2025
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<br />RE: Annual Fiscal Report (IC 36-7-14-8)
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<br />2024 Fiscal Report
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<br />A. Overview
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<br />Under Indiana Code (“IC”) 36-7-14-8(b), the treasurer1 of the South Bend Redevelopment
<br />Commission (the “Commission”) is required to report annually to the Commission. The report
<br />below provides an overview of the Tax Increment Financing (TIF) activity for fiscal year 2024,
<br />including revenues and expenses, as well as 2025 anticipated property tax increment revenues
<br />for each allocation area.
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<br />B. 2024 Revenue
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<br />For all allocation areas (TIF districts), incremental property tax revenue increased $4.23 million
<br />(11.5%) in 2024 compared to 2023. As shown in the table below, there was a positive change in
<br />incremental property tax revenue for every TIF district from the prior year.
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<br />The table also provides projected 2025 revenues, which is assumed to be a 2% increase over
<br />2024 revenues.
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<br />TIF District FY25 Projected FY24 Actuals FY23 Actuals YoY Change
<br />River West TIF District $ 20,930,769 $ 20,520,362 $ 19,559,921 4.9%
<br />West Washington TIF District 622,319 610,117 490,344 24.4%
<br />River East 1 (Northeast) TIF
<br />District 8,386,270 8,221,833 6,216,898 32.2%
<br />Southside TIF District #1 3,514,176 3,445,271 2,986,918 15.3%
<br />Douglas Road TIF District 353,015 346,093 233,288 48.4%
<br />River East 2 (Northeast
<br />Residential) TIF District 7,954,585 7,798,613 7,228,216 7.9%
<br />Total Property Tax Revenue $ 41,761,134 $ 40,942,289 $ 36,715,585 11.5%
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<br />1 Per IC 36-7-14-8(b), the “treasurer” of the Commission is defined as the “fiscal officer of the unit
<br />establishing a redevelopment commission.” The Controller is the “fiscal officer” for the City of South Bend.
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