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South Bend Redevelopment Commission <br />Regular Meeting -August 1 ~, 2008 <br />Ms. Jones asked the impact of the Innovation <br />Park receiving 501 c(3) designation. Mr. <br />Paccenda responded that SOIc(3)s can have <br />taxable activities. It wouldn't affect the real <br />estate taxes for the Innovation Park, nor the <br />tax abatement. <br />Mr. Gibney noted that this project <br />complements the very sizable residential and <br />retail development at Eddy Street Commons. <br />The buildings will be very handsome, very <br />professional The Mayor supports this tax <br />abatement. <br />Mr. Blake voiced Mr. Varner's concern that <br />this development may require additional <br />inii-astructure that the rest of the city ends up <br />paying for. Mr. Gibney responded that the <br />concern is unfounded because the university <br />is paying for this development. The city is <br />not incurring infrastructure costs for this <br />development. <br />Mr. I31akc asked if this project is in more <br />than one TIP area? Mr. Inks responded that <br />it is only in the Northeast Neighborhood <br />Development Area (NNDA)TIP. <br />Mr. I31ake referred to the portion of the tax <br />abatement report that talks about the project <br />needing to qualify for tax abatement as an <br />exception. He asked if that portion of the <br />report is where the report states that the <br />project wouldn't be getting inliastruchire <br />from the city. Mr. Inks responded that this <br />will be one of the more confusing areas of <br />fIF in all of our economic development/ <br />redevelopment areas. "the NNDA includes <br />two TIP allocation areas. One is the <br />residential TIF which is supporting the L',ddy <br />Strcct Commons and Triangle development <br />14 <br />