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South Bend Redevelopment Commission <br />Regular Meeting -August 15, 2008 <br />area. "That area has outstanding bonds. The <br />remaining part of the NNDA is called <br />Allocation Area No. 1. this project is located <br />in Allocation Area No. 1. There is also, <br />under state statute for certified technology <br />parks, an opportunity to create an allocation <br />area for a certified technology park. If we <br />went down that path, it would establish a new <br />allocation area in the NNDA, and could <br />include the Sample Street site also. But we <br />have decided not to create the certified <br />technology park TIP; by not creating a <br />certiled technology park TIF area, we allow <br />any real property increment from the <br />technology park to support the broader <br />NNDA Allocation Area No. 1. Personal <br />property increment has never been collected <br />by the NNDA and cannot be. <br />Ms. Jones asked Mr. Mathia to review the <br />changes that were made in Substitute <br />Resolution No. 2493. Mr. Mathia responded <br />that the term changed from nine years to ten. <br />Separate from Resolution No. 2493, the <br />Commission is asked to approve an extension <br />of the L;conomic Revitalization Area (FRA) <br />designation from two }ears to ten years. The <br />EKA is the time allowed for project <br />construction to be completed and the <br />abatement to begin or else the abatement <br />becomes invalid. "fhcy want to include the <br />entire four-building development in the <br />abatement it may take the ten years to <br />complete all four buildings. <br />Mr. Downes said that he also understands <br />Mr. Varner's concerns, but he urges the <br />Co~mcil to also approve the abatement. He <br />believes the City of South Bend needs to be <br />easier to work with rather than more dif{icult <br />to work with. This is a great project that has <br />the potential for huge wealth creation for <br />1~ <br />