11-10-14 Redevelopment Commission Minutes

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South Bend Redevelopment Commission Regular Meeting November 10, 2014 6. NEW BUSINESS (CONT.) A. Public Hearings (3) continued... Mr. Wood: It's a business. Mr. Ford: Because no residential taxes would be affected by this. When we show the Northeast Neighborhood Development Area, there is a TIF within a TIF. The TIF within is Eddy Street Commons. If you are located in the yellow (on the map) you would not be funding anything in the Northeast Residential TIF (brown on the map). Additionally, this TIF expansion only addresses the "increment," so if your business is already in place, your taxes will go to the various taxing jurisdictions they already go to. It's only taxes from a newly constructed business or a business expansion that would be claimed by the TIF district. Mr. Wood: OK, currently my taxes go to the general fund, right? Now I'm put into this TIF. Where do my taxes go. Mr. Ford: Still to the general fund. That won't change. Mr. Wood: OK, thanks. Unidentified speaker: You are talking about Farmers' Market, IUSB, are you talking about Mishawaka Avenue? Mr. Ford: Yes. Going back to the map, it will extend to the western boundary of IUSB (Esther St.) on Mishawaka Avenue. Unidentified speaker: Is TIF going to come in on that? Mr. Ford: No, again, it's the increment. So, it won't have an impact on your existing taxes. Unidentified speaker: What are you going to do with Mishawaka Avenue? Mr. Ford: Well, we know that there is a plan... Unidentified speaker: Listen, I just want you to tell me what are you going to do? I don't want to look at the map. Mr. Ford: OK. There is a plan in place by the River Park Business Association that was done in 2009. It outlined a specific set of infrastructure improvements along the street, everything from adding new planters, to improving the curbs and street lighting. The plan is partially implemented. In the coming years, this would enable us to put some funding towards completing it. 10