HomeMy WebLinkAbout2023 South Bend Redevelopment Commission TIF Management Report Filed in Clerk'sOffice
7.
... APR 0 4 2024
"L'TH-1?%--
City Bianca Tirade
ty Clerk, South a:n(1, IN
CITY OF SOUTH BEND
KCOMMY ,
UNITY INVESTMENT
April 4, 2024
Council Member Sharon McBride Council Member Troy Warner
President Chairperson
South Bend Common Council Community Investment Committee
County-City Building, 4th Floor South Bend Common Council
South Bend, Indiana 46601 County-City Building, 4th Floor
South Bend, Indiana 46601
RE: 2023 South Bend Redevelopment Commission TIF Management Report (IC 36-7-14-13)
Dear President McBride and Council Member Warner,
In accordance with IC 36-7-14-13, please find the enclosed 2023 annual report of the South
Bend Redevelopment Commission. The Department of Community Investment will present the
report to the Community Investment Committee at its meeting on April 8, 2024.
If you or any of the other Council members have questions concerning the report or need
additional information, please feel free to call me at (574) 235-5838.
Sincerely,
C:tL) ,
Erik Glavich
Director, Growth and Opportunity
EXCELLENCE I ACCOUNTABILITY INNOVATION INCLUSION EMPOWERMENT
1400S County-City Building 227 W.Jefferson Blvd. South Bend.Indiana 46601 p 574.235.9371 www.southbendin.gov
Gateway TIF Management - Redevelopment Report
2024 submission for subject year 2023
South Bend Civil City, St. Joseph County Filed in Clerk's Office
South Bend Redevelopment Commission APR 0 4 2024
South Bend Redevelopment Authority Bianca Tire:Ic,
This unit has reported 7 TIF Districts City Clerk, South Build, IN
Personnel
Active Commissioners as of 12/31/2023
Name Title Active at Active Start Active at Active End
Year Start Date Year End Date
Marcia L. Jones President Yes Yes
David Relos Commissioner Yes Yes
Vivian Sallie Secretary Yes Yes
Troy Warner Vice-President Yes Yes
Eli Wax Commissioner Yes Yes
Leslie Wesley Commissioner- School Board Yes Yes
Appointee
Commissioners Removed in Prior Year
None
Employees
None
Finances
TIF District Expenditures & Revenues
TIF District Revenue Received Expenses Paid
T71513-West Washington Development Area $535,946.95 $99,745.33
T71516-South Bend South#1 $4,089,696.52 $6,447,975.57
T71518- Douglas Road EDA $245,858.62 $0.00
T71519-South Bend South#3 (inactive) $0.00 $0.00
T71521 - River West Development Area $21,214,018.35 $22,354,045.39
T71522- River East Development Area $6,578,036.65 $3,834,024.37
T71523- River East Residential $7,385,973.68 $5,236,835.02
Total: $40,049,530.77 $37,972,626.68
Redevelopment Expenditures
Filed in Clerk's Office
APR 0 4 2024
Gateway TIF Management - Redevelopment Report Bianca Tirade
City Clcrk, South Bong, IN
Category Subcategory Expenditur Description Amount
e Code
Capital Outlays Buildings D503 Building Purchase & Improvements $3,908,436.78
Capital Outlays Land D501 Land Purchase& Improvements $8,538,029.80
Capital Outlays Infrastructure D502 Sewers $23,745.61
Capital Outlays Infrastructure D502 Streets&Alleys $9,659,249.34
Debt Service Payments on D403 Bond Principal $4,339,497.46
Bonds and Other
Debt Principal
Debt Service Payments on D404 Bond Interest $669,491.54
Bonds and Other
Interest
Debt Service Payments on D404 Bond Agent Fees $2,100.00
Bonds and Other
Interest
Services and Other Services D312 Interfund Transfers $8,904,875.00
Charges and Charges
Services and Professional D301 Engineering &Architectural $1,371,475.64
Charges Services
Services and Professional D301 Legal Services $254,784.41
Charges Services
Services and Professional D301 Other Professional Services $75,941.10
Charges Services
Services and Rentals D307 Building Rental $225,000.00
Charges
Grants/Loans
District Fund Entity Purpose Amount
T71516-South Bend Fund 430 Nexus Center Building Improvements $456,475.41
South#1 Development
T71521 - River West Fund 324 South Bend Building Improvements $2,000,000.00
Development Area Youth Hockey
- Ice Box
T71521 - River West Fund 324 Choice Professional Services-Grant $37,903.60
Development Area Neighborhood Application
s Initiative-
Housing
Authority of
South Bend
T71521 - River West Fund 324 Monroe Circle Land Improvements $1,424,946.80
Development Area Apartments-
Housing
Authority of
South Bend
T71521 - River West Fund 324 Property Building Improvements $38,037.50
Development Area Brothers, LLC
Development
T71521 - River West Fund 324 Indiana Land Improvement $2,633,925.42
Development Area Dinosaur
Museum -
South Bend
Chocolate
Company
Gateway TIF Management - Redevelopment Report
T71522- River East Fund 429 The Hill Land Improvement $445,346.63
Development Area Apartments-
ND QOZB,
LLC
Final Notes
None
Fund Balances Expand All 9 Collapse All
Fund Name TIF Name Notes Balance
Fund 324 Total $34,088,454.38
Fund 422 Total $1,883,190.20
Fund 429 Total $14,630,845.93
Fund 430 Total $12,834,453.38
Fund 435 Total $604,408.35
Fund 436 Total $9,025,377.39
Inactive-Fund 420 Total $0.00
Inactive-Fund 426 Total $0.00
Inactive-Fund 432 Total $0.00
Total $73,066,729.63
Filed in Clerk's Office
APR 0 4 2024
Bianca Tiri(i(
City Clerk, South Build, IN
Gateway TIF Management - Redevelopment Report
T71513 -West Washington Development Area (1 of 7)
Original Establishment Area:
West Washington/Chapin Development Area
Indiana Code under which the TIF district is established:
Filed in Clerk's Office
IC 36-7-14
This TIF district is part of the following:
0( 0 4 2024
Area needing redevelopment Tirrcio
City Clerk, South Bunt), IN
Establishment Date:
10/23/1987
Expiration Date:
06/30/2025
Description:
None
Expansion Areas:
None
Debts:
Debt Name Amount Owed Amount Paid
Parcels:
Real Poperty: 1153
Personal Property: 0
Other: 0
Total: 1153
Total Gross AV: $75,020,600.00
Total Net AV: $41,587,116.00
Total Base AV: $22,783,146.00
Total Inc.AV: $18,803,970.00
Gateway TIF Management - Redevelopment Report
T71521 - River West Development Area (2 of 7)
Original Establishment Area:
Airport Economic Development Area
Indiana Code under which the TIF district is established: Filed in Clerk's Office
IC 36-7-14
This TIF district is part of the following: If 22
Economic redevelopment area Bi;-nlci-1 Tirado Clerk, South Bend, IN
Establishment Date:
02/23/1990
Expiration Date:
12/31/2037
Description:
None
Expansion Areas:
# Name Est. Date Exp. Date Description Status
01 Sample Ewing 07/20/2007 Unknown Active
Development Area
02 Central 11/10/2014 Unknown Active
Development Area
Debts:
Debt Name Amount Owed Amount Paid
South Bend Redevelopment Authority Lease Rental Revenue
Refunding Bonds of 2009
039-2012 City of South Bend Building Corporation First Mortgage $1,563,000.00 $779,625.00
Revenue Refunding Bonds
South Bend Redevelopment Authority Lease Rental Revenue $1,158,500.00 $394,500.00
Refunding Bonds, Series 2013
Redevelopment District Amended Tax Increment Revenue Bonds, $3,830,149.00 $1,912,869.00
Series 2003 (Central Development Area)
Redevelopment District Amended Tax Increment Revenue Bonds, $2,183,907.00 $1,092,827.00
Series 2003 (Airport Development Area)
Special Taxing District Refunding Bonds of 2014
135-2015 Redevelopment Authority Lease Rental Revenue Bonds $24,844,000.00 $1,713,000.00
Blackthorn GC golf cart lease#121
2012 Gates Downtown Campus Purchase Agreement Loan
139-2015 Century Center Energy Conservation QECB Bond
Building Corporation First Mortgage Revenue Bonds, Series 2003
080-2010 City of South Bend, Indiana Sewage Works Revenue
Bonds
Gateway TIF Management - Redevelopment Report
036-2010 City of South Bend Building Corp COIT Lease Rental
Refunding 2001 Bonds
013-2006 City of South Bend Main/Colfax Parking Garage Lease $600,000.00 $200,000.00
147-2016 Print Shop Central Services Copier Lanier Pro
County Economic Development Income Tax Revenue Refunding
Bonds, Series 2006 A
Taxable County Economic Development Income Tax Revenue
Refunding Bonds, Series 2006 B
169- Redevelopment District Bonds, Series 2018 $10,401,000.00 $985,550.00
200- Lease Rental Revenue Bonds of 2019 (Double Tracking $7,770,500.00 $1,035,500.00
Project)
210-Taxable Economic Development Tax Increment Revenue $4,700,515.00 $324,415.00
Bonds, Series 2020 (Community Ed. Center)
Lease Rental Revenue Bonds of 2023, Series A $43,191,000.00 $345,300.00
Parcels:
Real Poperty: 7416
Personal Property: 0
Other: 0
Total: 7416
Total Gross AV: $1,256,525,000.00
Total Net AV: $830,021,772.00
Total Base AV: $243,300,069.00
Total Inc. AV: $586,721,703.00
Filed in Clerk's Office
�tP1? 042°t�
City Bianca Tir;�dc�
Y Clerk, South Br;rict, IN
Gateway TIF Management - Redevelopment Report
T71516 - South Bend South #1 (3 of 7)
Original Establishment Area:
South Side Development Area
Indiana Code under which the TIF district is established:
IC 36-7-14 Filed in Clerk's
This TIF district is part of the following:
1 1. L
Area needing redevelopment
Biancri TIradc)
Establishment Date: City Clerk, South Bend, ii J
11/01/2002
Expiration Date:
12/31/2032
Description:
None
Expansion Areas:
None
Debts:
Debt Name Amount Owed Amount Paid
Parcels:
Real Poperty: 1615
Personal Property: 0
Other: 0
Total: 1615
Total Gross AV: $184,573,900.00
Total Net AV: $134,471,622.00
Total Base AV: $39,486,082.00
Total Inc. AV: $94,985,540.00
Gateway TIF Management - Redevelopment Report
T71519 - South Bend South #3 (inactive) (4 of 7)
Original Establishment Area:
South Side Development Area#3
Indiana Code under which the TIF district is established:
IC 36-7-14
This TIF district is part of the following:
Area needing redevelopment
Establishment Date:
09/13/2004
Expiration Date:
12/31/2034
Description:
Though the expiration date was 12/31/2034, we actually closed this TIF in early 2017.
Expansion Areas:
None
Debts:
Debt Name Amount Owed Amount Paid
Taxable Economic Development Revenue Bonds, Series 2005 A
(Erskine Village Project)
Parcels:
Real Poperty:
Personal Property:
Other:
Total:
Total Gross AV:
Total Net AV:
Total Base AV:
Total Inc. AV:
Filed in Clerk's Office
APR 0 4 2021i
Bianca Tirado
City Clerk, South Bend, IN
Gateway TIF Management - Redevelopment Report
T71522 - River East Development Area (5 of 7)
Original Establishment Area:
Northeast Neighborhood Development Area
Indiana Code under which the TIF district is established: Filed jr Clerk's Office
IC 36-7-14
4 2024
This TIF district is part of the following:
Bier: ;:i Tir,icio
Area needing redevelopment City Clerk, yeti, amid, IN
Establishment Date:
11/17/2003
Expiration Date:
12/31/2033
Description:
None
Expansion Areas:
# Name Est. Date Exp. Date Description Status
01 Central 11/10/2014 Unknown Active
Development Area-
east
02 River East 05/26/2022 Unknown Active
Development Area
Debts:
Debt Name Amount Owed Amount Paid
Lease Rental Revenue Bonds of 2023, Series A $43,191,000.00 $230,200.00
Parcels:
Real Poperty: 2965
Personal Property: 0
Other: 0
Total: 2965
Total Gross AV: $541,041,000.00
Total Net AV: $369,314,619.00
Total Base AV: $139,850,975.00
Total Inc. AV: $229,463,644.00
Gateway TIF Management - Redevelopment Report
T71518 - Douglas Road EDA (6 of 7)
Original Establishment Area:
Douglas Road Economic Development Area
Indiana Code under which the TIF district is established:
IC 36-7-14
This TIF district is part of the following: Filed in Clerk's Office
Economic redevelopment area
_? 0 4 2024
Establishment Date:
Bianca Tirado
12/02/2005 City Clerk. South Benu, IN
Expiration Date:
12/31/2036
Description:
None
Expansion Areas:
None
Debts:
Debt Name Amount Owed Amount Paid
064-2009 Douglas Road TIF Interfund Loan from Fund 412- Major
Moves
City of Mishawaka- Douglas Road TIF Project
Lease Rental Revenue Refunding Bonds, Series 1996 A(Central
Development Area Project)
Parcels:
Real Poperty: 10
Personal Property: 0
Other: 0
Total: 10
Total Gross AV: $10,959,300.00
Total Net AV: $8,182,080.00
Total Base AV: $0.00
Total Inc. AV: $8,182,080.00
T71523 - River East Residential (7 of 7)
Original Establishment Area:
Northeast Neighborhood Residential
Indiana Code under which the TIF district is established: Filed in Clerk's Office
IC 36-7-14
APR 0 4 2024
This TIF district is part of the following:
Area needing redevelopment Bianca TiradoCity Clerk, South Bend IN
Establishment Date:
11/17/2003
Expiration Date:
12/31/2037
Description:
None
Expansion Areas:
None
Debts:
Debt Name Amount Owed Amount Paid
2015 Eddy Street Commons Refunding Revenue Bonds $25,947,000.00 $2,474,000.00
South Bend Redevelopment Authority Lease Rental Revenue Bonds
of 2008 (Eddy Street Commons Project)
163-2017 Taxable Economic Development Revenue Bonds, Series $35,119,750.00 $1,929,875.00
2017 (Eddy Street Commons Phase II)
Parcels:
Real Poperty: 343
Personal Property: 0
Other: 0
Total: 343
Total Gross AV: $336,271,900.00
Total Net AV: $289,037,785.00
Total Base AV: $16,907,106.00
Total Inc. AV: $272,130,679.00