CEDIT - (County Economic Development Tax)

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The property tax relief LOIT will be used to provide property tax credits uniformly to all types of property in the county. (In order to enact the 0.25% public safety LOIT, State law requires that a property tax relief LOIT of at least 0.25% be enacted.) The third measure would adopt the 0.2% County Economic Development Income Tax which remains available in St. Joseph County. The CEDIT funds can now be used far general operations of government and are no longer restricted to economic development or capital purposes. In total, these three taxes would provide about $16 million relief to the revenue lost to the caps. We will still need to find savings and efficiencies of approximately $6 million for 2010. In addition to developing additional efficiencies and savings in the delivery of services, we will continue to attract new jobs and investment to South Bend and look for opportunities to partner with other units of government and the private sector. Resolving these revenue shortfalls will take multi-pronged initiatives, including developing new revenue streams. The alternative is to drastically reduce key services that our residents and businesses demand. I believe it is in South Bend's best interest to implement these local income taxes. I look forward to making a presentation on these Resolutions on July 13~'. Thank you far your consideration of this matter. Sincerely, ~~~ ~ Ste hen J `~,uecke P Mayor, City of South Bend ~'iicd fn Cterk'S office J U L 1 3 2009 ~crlN vooRD~ CITY CLEI;K, 50. BEND, IN.