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South Bend Redevelopment Commission <br />Regular Meeting — Thursday, December 12, 2013 <br />G. Other <br />(6) Proposal for Project Assignment with Crowe Horwath to prepare TIF Neutralization <br />Worksheets. <br />Mr. Relos noted that this professional services proposal from Crowe Horwath is to provide <br />services for the annual TIF Neutralization worksheets required by state law. These <br />worksheet calculations are done for each TIF area, and are used to adjust the base value by <br />adjusting for natural growth in property values. For example, if the base value of a TIF was <br />originally $1,000,000, and the area had natural appreciation of 3 %, or $30,000, this amount <br />would become part of the increment captured, unless the base is adjusted. <br />After adjustment, this $30,000 would be added to the base, which would now be $1,030,000, <br />allowing other taxing jurisdictions to maintain their tax base by capturing the natural <br />appreciation of property. Increment captured by the TIF area should be a result of new <br />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 plus <br />actual incidental expenses, which is the same cost as the past two years. Incidental expenses <br />have historically been very small, if any at all. <br />Upon a motion by Mr. Varner, seconded by Mr. Downes and unanimously carried, the <br />Commission approved the Proposal for Project Assignment with Crowe Horwath to prepare <br />TIF Neutralization Worksheets. <br />H. Ratification of Services Contracts <br />Upon a motion by Mr. Downes, seconded by Mr. Inks and unanimously carried, the Commission <br />approved the Ratification of Services Contracts. <br />17 <br />Commission <br />Contractor <br />Service <br />Contract <br />Staff <br />Role in <br />Provided <br />Amount <br />Member <br />Transaction <br />Hotel LaSalle <br />Disposition <br />Meridian Title <br />Title work <br />$200 <br />Relos <br />Parking Lot <br />Comm'1 Parking Lot <br />Disposition <br />R.E. Pitts & <br />Appraisal <br />$2,200 <br />Kain <br />(former Baer's Lot) <br />Assoc <br />Comm'1 Parking Lot <br />Disposition <br />Appraisal <br />Appraisal <br />$1,500 <br />Kain <br />(former Baer's Lot) <br />Services <br />Upon a motion by Mr. Downes, seconded by Mr. Inks and unanimously carried, the Commission <br />approved the Ratification of Services Contracts. <br />17 <br />