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South Bend Redevelopment Commission <br />Regular Meeting –February 20, 2009 <br /> <br />6. NEW BUSINESS (CONT.) <br /> <br />C. Airport Economic Development Area <br /> <br />(1) continued… <br /> <br />Mr. Inks noted that Resolution No. 2563 is a <br />companion item to the appropriation. It <br />transfers approximately $578,000 of tax <br />increment financing revenues from the <br />Airport Economic Development Allocation <br />Area Fund to the Airport Economic <br />Development/Urban Enterprise Zone Special <br />Zone Fund. Those are personal property <br />taxes collected on the A.J. Wright property in <br />years 2005, 2006 and 2007. The A.J. Wright <br />property is the only property in the Zone area <br />that will be generating tax increment revenue <br />for the Commission. Those funds are the <br />only funds to be transferred to this new fund. <br />Future revenues from A.J. Wright’s personal <br />property taxes would automatically be <br />directed to this fund. When taxes are <br />collected from 2008, there will be an <br />additional $230,000 added to the fund, for a <br />total of approximately $809,000. The <br />appropriation for Project Impact is only <br />$623,000. The transfer helps to establish the <br />fact that there is cash on hand and expected <br />revenues that will meet or exceed the <br />appropriation that the Commission is <br />considering in Resolution No. 2562. <br /> <br />Ms. Jones asked what will happen to excess <br />funds in the new fund, since the <br />Commission’s commitment to Project Impact <br />is for only one year. Mr. Inks responded that <br />legal counsel has advised that the funds can <br />be used for any other eligible TIF purpose in <br />that Zone area. <br /> <br /> <br /> 5 <br /> <br />