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08-15-08 Redevelopment Commission Minutes
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08-15-08 Redevelopment Commission Minutes
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South Bend Redevelopment Commission <br />Regular Meeting -August 15, 2008 <br />6. NEW BUSINESS (CONT.) <br />A. Tax Abatements <br />(2) continued... <br />Mr. Downes noted that the jobs that are <br />being anticipated in the tax abatement are <br />only jobs in the Innovation Park, not any jobs <br />that may spin off from the research, which <br />could be hundreds, if not thousands of jobs. <br />Mr. Inks noted that Commissioner Varner <br />was unable to attend this meeting, but wanted <br />to present his concerns. A letter expressing <br />those concerns was distributed to <br />Commissioners. Mr. Inks noted that Mr. <br />Varner totally supports the Innovation Park, <br />but had some questions about whether it <br />should receive tax abatement. Many of these <br />concerns are outside the purview of the <br />Commission, but will be things the Council <br />needs to consider before approving these tax <br />abatements. <br />Ms. Jones asked for clarification about the <br />issue of revenues in the TIF district not being <br />negatively impacted by this tax abatement. <br />She noted that the responsibility of the <br />Redevelopment Commission in approving a <br />tax abatement is to recognize and ascertain <br />whether there are adequate funds within the <br />TIF district for any outstanding bonds. Mr. <br />Inks responded that the Commission has not <br />planned on the revenues coming off of this <br />project as a part of the Northeast <br />Neighborhood Development Area TIF. The <br />project is adjacent to a residential TIF area <br />that is the Triangle Development and Eddy <br />Street Commons, coming down to five-points <br />and Eddy. But this project is outside that <br />residential TIF boundary. Therefore, the <br />14 <br />
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