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(-c,(b) <br />4SpUTH 8�� <br />O 1AVi 11 I 'I l / O <br />Department of <br />.FMCK , <br />Community Investment <br />1865 <br />Memorandum <br />December 12, 2013 <br />TO: South Bend Redevelopment Commission <br />FROM: David Relos, Economic Resources (�' <br />SUBJECT: Professional Services Proposal - Crowe Horwath TIF Neutralization <br />This professional services proposal from Crowe Horwath is to provide services for the annual <br />TIF Neutralization worksheets required by state law. <br />These worksheet calculations are done for each TIF area, and are used to adjust the base <br />value by adjusting for natural growth in property values. <br />For example, if the base value of a TIF was originally $1,000,000, and the area had natural <br />appreciation of 3 %, or $30,000, this amount would become part of the increment captured, <br />unless the base is adjusted. <br />After adjustment, this $30,000 would be added to the base, which would now be <br />$1,030,000, allowing other taxing jurisdictions to maintain their tax base by capturing the <br />natural appreciation of property. Increment captured by the TIF area should be a result of <br />new development, not the natural appreciation in property values that pre- existed the TIF. <br />Staff requests approval of this professional services agreement in an amount of $15,000 <br />plus actual incidental expenses, which is the same cost as the past two years. Incidental <br />expenses have historically been very small, if any at all. <br />227 W. JEFFERSON BLVD. SOUTH BEND, IN 46601 1 P: 574 - 235 -9371 1 FAX: 574 - 235 -9021 1 SOUTHBENDI <br />