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South Bend Redevelopment Commission <br />Regular Meeting -December 5, 2008 <br />6. NEW BUSINESS (CONT.) <br />F. Northeast Neighborhood Development Area <br />(1) continued... <br />Mayor Luecke noted that the $SM that is <br />referred to in this agreement is money that <br />would have otherwise gone to the state. <br />They are funds that would not otherwise have <br />been available to the city. This is the state's <br />participation in this partnership. Local <br />income taxes still go to the localities; they <br />are not part of the $SM. The Mayor said he <br />appreciated Dr. Varner's concern for a way <br />to fund police and fire services. But we must <br />continue to invest in economic development <br />in the community. TIF areas do now have <br />sunset provisions, so the property tax dollars <br />will eventually benefit the entire community. <br />Mayor Luecke noted the important action the <br />Redevelopment Commission will take today, <br />memorializing the work of many years and <br />many significant partners to take advantage <br />of the intellectual property generated at our <br />local universities. We believe this provides <br />seed for new investment, not only at the 12- <br />acre Innovation Park site and at the 83-acre <br />Sample Street site, but in other areas of the <br />community that will create additional <br />investment that will raise property values and <br />bring new jobs to the community. It really <br />ties together important partners: The <br />University of Notre Dame, Innovation Park, <br />and the State of Indiana through its Indiana <br />Economic Development Commission. The <br />state is making a grant to this proposal, as <br />well as allowing the city to capture tax <br />dollars that otherwise would have gone to the <br />state. The city makes commitments to finish <br />clearance at the Sample Street site, which has <br />10 <br />