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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 />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. Blake asked if this project is in more <br />than one TIF area? Mr. Inks responded that <br />it is only in the Northeast Neighborhood <br />Development Area (NNDA)TIF. <br />Mr. Blake 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 infrastructure <br />from the city. Mr. Inks responded that this <br />will be one of the more confusing areas of <br />TIF in all of our economic development/ <br />redevelopment areas. The NNDA includes <br />two TIF allocation areas. One is the <br />residential TIF which is supporting the Eddy <br />Street Commons and Triangle development <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 TIF; by not creating a <br />16 <br />
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