10-13-14 Council Agenda & Packet

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TIF Resolution Page 2 i Section I. Establishment of Stud Commission and Deadlines: The Common Council of the City of South Bend, Indiana, believes that a seven (7) member Tax Increment Financing (TIF) Study Commission should and is hereby established for the purpose of examining and investigating current economic development policies and procedures, as well as "best practices" for the use of tax increment financing (TIF) in the City of South Bend; and that such Commission hold public hearings and take public input and make its findings and recommendations for improvement in writing to the Common Council no later than Monday, January 12, 2015. Section II. 7- Member Commission: The Tax Increment Financing (TIF) Study Commission shall be composed of seven (7) members, as follows: Community Investment Committee Chairperson, the South Bend City Controller, the St. Joseph County Auditor, a member of the Redevelopment Commission, a representative from a Chamber of Commerce operating and doing business in the city; at least one (1) member from the banking community doing business in South Bend, and a business owner from the minority business community. Non - designated positions shall be appointed as follows: one (1) by the Mayor and the remainder appointed by the Common Council, with all required to be residents of the City of South Bend. Applications for appointment consideration must be filed with the Office of the City Clerk within fifteen (15) days after the adoption of this Resolution. Section III. Quorum, Proxies First Meetin¢: The Commission shall be governed by Indiana's Open Door Law with notice being given of all of its meetings. Four (4) members of the Commission shall constitute a quorum. A commission member may in limited circumstances designate a proxy to participate in a Commission meeting upon notice of the name of the proxy being filed with the Office of the City Clerk. The Common Council's Community Investment Chairperson shall call the first meeting of the Commission as soon as practical following the adoption of this Resolution. Section IV. Staffine: The Commission shall have staff assistance from the City of South Bend's Department of Administration and Finance and the Law Department. Section V. Powers and Duties of the Commission: The Commission shall review and make advisory recommendations as to "best practices" on the City of South Bend's economic development policies and procedures related to TIF, including but not limited to the following: ] . Summary of the City of South Bend's policies, past practices and history since TIF was established locally in the City for the establishment of TIF districts and projects therein; and 2. Summary of the City of South Bend's policies, past practices and history used in the City for the expenditure of TIF district funds and the issuance of debt backed by TID district funds; and 3. Summary of the current City of South Bend's TIF districts and associated fund balances, debt obligations and past expenditures; and 4. Determination of whether there is a need for new methods to increase transparency of City of South Bend TIF districts' funds and the expenditure of those funds, including an online database of TIF districts' funds and expenditures, periodic reporting of TIF districts' financial data to the City Controller, the St. Joseph County Auditor, the South Bend Common Council, and taxing districts impacted by TIF; as well as quarterly evening public meetings which would be more accessible to the working public than the current morning meetings held by the Redevelopment C omission; and 5. Determination of whether there is a need for new methods to increase accountability, including the establishment of new performance standards in the establishment of TIF districts to ensure targeting of TIF districts to revitalize blighted areas of the City of South Bend and job creation; and