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South Bend Redevelopment Commission <br />Regular Meeting –March 20, 2009 <br /> <br />6. NEW BUSINESS (CONT.) <br /> <br />D. West Washington-Chapin Development Area <br /> <br />(1) continued… <br /> <br />estimates have been refined and the cost is <br />anticipated to be closer to $370,000. Staff is <br />only expecting about $340,000 of TIF to be <br />available in the WWCDA. The city has not <br />yet received its 2008 TIF collections, but <br />when they are received, staff will do an <br />additional appropriation of whatever is <br />available for use on Hansel Center. The <br />remainder of the city’s commitment to <br />Hansel Center would then be paid from the <br />Community Development Block Grant funds. <br /> <br />Mr. Varner asked the mortgage balance on <br />the building. Mr. Inks responded that the <br />balance is $70,000-75,000. The taxes have <br />been appealed and the new amount not been <br />set. <br /> <br />Mr. Varner wanted assurance that the <br />$100,000 number was not flexible upward <br />and that the city would only pay the <br />mortgage balance and taxes due. Mr. Inks <br />assured him that was so. <br /> <br />Ms. Jones asked if the renovated property <br />might have any taxable entity using it. Mr. <br />Cardenas said that a commercial business <br />will be moving from Arizona to operate <br />there, but it will not be a commercial <br />business then, but under Notre Dame. <br /> <br />Mr. Byrd noted that the building had never <br />been taxable for any of its past uses. That’s <br />what the tax appeal was about. If the appeal <br />leaves any taxes still due, they will be old <br />taxes. Future use of the building will not be <br />taxable at all. <br /> 13 <br /> <br />