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South Bend Redevelopment Commission
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<br />C. 2024 Expenses
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<br />The table below summarizes total expenditures in 2024 for each TIF district with a net increase
<br />of approximately $22.68 million (59.7%) in comparison to 2023. The majority of expenditures in
<br />2024 are for public improvements. However, $13.53 million was attributed to debt service and
<br />approximately $565,000 was attributed to legal, engineering, and administrative service costs.
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<br />Expenditures in 2024 include the costs incurred for the purchase of the Leighton Healthplex
<br />building ($4.00 million) and the Main/Wayne parking garage ($2.70 million). The two expenses
<br />are associated with the “Madison Lifestyle District” development, a project for which the City will
<br />be reimbursed $11.78 million through a READI grant. The City was reimbursed $556,700 by
<br />READI in 2024 and has been reimbursed about $4.86 million so far in 2025.
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<br />TIF District FY24 Actuals FY23 Actuals YoY Change
<br />River West TIF District $ 39,245,605 $ 22,354,045 75.6%
<br />West Washington TIF District 1,208,357 99,745 1111.4%
<br />River East 1 (Northeast) TIF District 5,176,736 3,834,024 35.0%
<br />Southside TIF District #1 8,034,036 6,447,977 24.6%
<br />Douglas Road TIF District - - 0.0%
<br />River East 2 (Northeast Residential) TIF District 6,992,824 5,236,835 33.5%
<br />Total Expenditure $ 60,657,558 $ 37,972,627 59.7%
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<br />D. Debt Service
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<br />In 2024, total debt service was approximately $13.53 million and included two revenue bonds
<br />reaching maturity—the 2011 Airport Development Area TIF Bond (Refunding 2003) and the
<br />2011 South Bend Downtown Central Development TIF Bond (Refunding 2003). The
<br />Commission also issued a $24 million bond in March 2024 for the development of the “Madison
<br />Lifestyle District” with payments set to begin in January 2025.
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<br />TIF District FY24 Debt Service Payments
<br />River West TIF District $ 8,195,425
<br />River East 1 (Northeast) TIF District 784,200
<br />River East 2 (Northeast Residential) TIF District 4,554,889
<br />Grand Total $ 13,534,514
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<br />E. Year-End Fund Balance
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<br />TIF District FY24 Actuals FY23 Actuals YoY Change
<br />River West TIF District $ 28,107,758 $ 34,088,454 -17.5%
<br />West Washington TIF District 1,346,604 1,883,190 -28.5%
<br />River East 1 (Northeast) TIF District 21,696,392 14,630,846 48.3%
<br />Southside TIF District #1 8,620,393 12,834,453 -32.8%
<br />Douglas Road TIF District 980,537 604,408 62.2%
<br />River East 2 (Northeast Residential) TIF District 10,131,628 9,025,377 12.3%
<br />Grand Total $ 70,883,312 $ 73,066,730 -3.0%
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<br />Date: 3.27.25_______________________
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