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OFFICE OF THE CITY CLERK <br />KAREEMAH FOWLER, CITY CLERK <br />COMMUNITY INVESTMENT JUNE 13, 2016 3:40 P.M. <br />Committee Members Present: <br />Other Council Present: <br />Others Present: <br />Agenda: <br />Gavin Ferlic, Regina Williams- Preston, Oliver Davis, <br />Randy Kelly, Paul Tipps, William Smith <br />Tim Scott, Dr. David Varner, Karen White, John Voorde, <br />Jo M. Broden <br />Kathleen Cekanski - Farrand, Adriana Rodriguez, <br />Kareemah Fowler, Alkeyna Aldridge, Beth Leonard <br />Bill No. 16 -54 — Authorization for the release of Erskine <br />TIF District <br />Chairperson Gavin Ferlic called the meeting of the Community Investment Committee to order <br />at 3:40 p.m. with one item on the agenda. <br />Bill No. 16 -54 — Authorization for the release of Erskine TIF District <br />Beth Leonard, Department of Community Investment with offices on the 14th Floor. The <br />resolution will allow them to release the increment for the South Side #3 TIF. The reason we're <br />able to do this is because we already have enough cash to pay off the bonds, but we cannot pay <br />off those bonds until February of 2017 because of how the bond documents are written. <br />Dr. Varner asked what the annual net will be for the City's General Fund. <br />Ms. Leonard stated that last time the City received money for the TIF, we received $600,000, so <br />it would be about 60% of that. There have been appeals since then, so we don't know exactly <br />what the taxes will be. <br />Councilmember White asked how the share of the wealth will be distributed, and who makes that <br />decision. Ms. Leonard stated that it is divided the same way all of the taxes are distributed, we <br />do not have any discretion with regard to that. Our percentage will go back into the General <br />Fund. <br />No one from the public wished to speak in favor or in opposition. <br />455 County -City Building • 227 W. Jefferson Boulevard • South Bend, Indiana 46601 <br />Phone 574- 235 -9221 • Fax 574- 235 -9173 • TDD 574- 235 -5567 • www.SouthBendIN.gov <br />JENNIFER M. COFFMAN ALKEYNA M. ALDRIDGE EMILY SEXTON <br />CHIEF DEPUTY/ CHIEF OF STAFF DEPUTY/ DIRECTOR OF POLICY ORDINANCE VIOLATION CLERK <br />