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Home My WebLink About2024 TIF Expansion Proposal Filed in Clerk's Office NiOV 2 6 2024 Bianca Tirado City Clerk, South Bend, IN Presentation to South Bend Common Council 2024 TI F District Ad �U411t/Ij t TIF District Adjustment Process * P oQCzQ=4 R1)C 1)E C IW A Q ATQQV R E S Q 1 I1101\I A DDQC1\/A I NO\/EMQEQ 14 SOPLAN��f4.41M 1S1GN DECLARATORY RESOLUTION ADDQQ\/A1 NOVEMBER 25 COMMON COUNCIL DECLARATORY RESOLUTION APPROVAL November 26 Notification letters sent to all property owners # November 29 Public Hearing Notice Published- for Confirming Resolution (10 days minimum required before RDC Hearing) DECEMBER 10-11 PUBLIC INFORMATION MEETINGS DECEMBER 12 RDC CONFIRMING RESOLUTION- PUBLIC HEARING AND APPROVAL (WRITTEN REMONSTRANCE DEADLINE) # Public Information Meeting details will be shared with mailing of public hearing notice * All dates subject to change Topics • TIF 101 - Frequently Asked Questions ( FAQ) • TIF Adjustment Process • Schedule • Why Adjust? • Proposed Adjustment Areas and Acquisition List Properties • What's the property impact? • Public Notification / Outreach Common TIF FAQ:s ■ What is TIF? ■ How does it work? ■ What can TIF be used for? ■ How does it impact properties (or does not)? What is TIF ? • TIF is a financing tool used to fund economic development and investment in infrastructure and other public improvements • Allows the "capture" of "incremental" or future increased tax dollars that are generated due to development in a "Tax Increment Financing Allocation Area" • Taxes on the Incremental Assessed Value are captured and can be dedicated to eligible projects in the Economic Development Area in which the TIF District lies How does TIF Work? - Hypothetical Site i t Base Taxes $200 $12,000 $13,500 $150 $15,000 $100 $20,000 How does TIF WAdjust Boundary A pg p q :s s. R :: :s ■ � Parcel 1 2 3 4 5 6 7 Adjustment How does TIF Work? New Development New Development • r IB I ii9w i r a Base Tax $200 $12,000 $131500 $150 $15,000 $100 $20,000 Tax After Boundary $200 $12,000 $13,500 $150 $15,000 $100 $20,000 Adjustment Tax from New $30,000 $0 �� 0 �` 0 Development New Taxes $30,000 — Base Taxes = - 200 Tax Increment $28 800 How does TI F Work? TI F Generated Al I "Elf Parcel I 7. Base Tax $200 $12,000 $13,500 $150 $15,000 $100 $20,000 Tax from New $30,000 $0 $0 $0 $0 $0 $0 Development $to taxing districts $200 $12,000 $13,500 $150 $15,000 $100 $20,000 $to TIF District $28,800 $0 $0 $0 $0 $0 $0 Base Taxes (going to all taxing districts) $60,950 (Base) Increment (going to TIF district) $28,800 (Increment) n CU CU rD C fD fi O 1'- t� ;t6 CD r � a p \ f-w r _ oor a r Loo iV ,1, 1 _ L 1 - 1 I. s� LRt r 1 I - 0 n —. I i D N cn - cn .r..„ j 74. tea; Lll! j i 1• r ..� _ �,Imo.: �..�i- � � I I�. rr. 7. f f �o�t jf�•.� t �1 - �a t. Why are TIF districts adjusted ? • Funds future priorities and planning initiatives in the new areas as plans are developed • Captures value for development that's underway and planned. • Extends retail opportunities • Municipal Riverfront Development District • Located in TIF Area + within 3,000 ft of river • Recent Adjustments • 2019 (River East, River West, South Side, W. Washington) • 2022 (River East only) Proposed Expansion Areas - Context [out th Ben outh Bend TIF ProposPb South Bend in al (est.) IF Curren �n TIF Area 2024 TIF Area w/ Proposed A Parcels 63930 13502 21% 196 21% Acres 27136 11882 44% 752 46% River East Development Area � �"!;'�=r,�� With PROPOSED EXPANSION AREAS 11�E � �� .-i �;,I .:.� �� y ROSE, .-, , _ RIVER EAST DEVELOPMENT AREA PIUA;i� � r EXISTING 6 . _ W � r71 RIVER EAST DEVELOPMENT AREAry -� PROPOSED EXPANSION AREAS � al ray= ^r•I� `r,t_r � � , °. Id 99 acres — 2024 Request y�lNl[\ " °. ` i ►.� U rIt 164 Parcels — 2024 Request �` �� , ; u'� I hr-. { c �Ud 2,965 - Current Parcels River East , M ' "c -► ,,_ :Mi WFY • .■ r - 1:Ar.t, v t. TA:AN River East Development Area With PROPOSED EXPANSION AREA # 1 RIVER EAST DEVELOPMENT AREA � �, �-- , '�� ry ctia�e EXISTINGIr - RIVER EAST DEVELOPMENT AREA PROPOSED EXPANSION AREA # 1 04, w ♦t " i Edison Rd. 71 ag a ` WE. ,' � • r C �y�,A.`, ;� O • AWN River East Development Area bjKW With PROPOSED EXPANSION AREA # 2 ' A �. : r . R.'ti �► RIMER EAST DEVELOPMENT AREA .=s' ^ ;'; -- IU South •L EXISTING ra_ ,, , - , Bend RIVER EAST DEVELOPMENT AREA = � ��*�rf�,� - � -,r- * 3 •- PROPOSED EXPANSION AREA # Z ----; Parcels Potentially Eligible for '---- Riverfront Development District (fin ol` � way East :.�r+�,�.r•• = .. ��• Ord A � ..�.. - Asf, + �..-..'.-F• ..�• �. Y River West Development Area With PROPOSED EXPANSION AREAS RIVER VEST DEVELOPMENT AREA EXISTING RIVER WEST DEVELOPMENT AREA PROPOSED EXPANSION AREAS F 43 acres — 2024 Request r 12 Parcels — 2024 Request � '{ 7,416 - Current Parcels River East River West Development Area r; y DEVELOPMENTWith PROPOSED EXPANSION AREA # 1 RIVER WEST i EXISTING RIVER WEST DEVELOPMENT AREA PROPOSED EXPANSION AREA #1 : (Toll • • � . . ' Te- - River West Development Area With PROPOSED EXPANSION AREA # 2 RIVER WEST DEVELOPMENT AREA EXISTING RIVER WEST DEVELOPMENT AREA � ; - -------�` PROPOSED EXPANSION AREA # 2 � 1 t♦ ----, Parcels Potentially Eligible for � _-� ♦ o '----- Riverfront Development District `♦ �� Lindsay Ave. 1 At t l" at gr INJIrITVjk 4 j Q \ s OAK Ll} A LD rDU3AIL PrP - cr,tiTorDAtL South Development Area &NTOtd D70N ArnN DAYMNQ (vLToNrn(r:-> � With PROPOSED EXPANSION # 1 �! r, 'xBRt1CF V MILK Nu M1AN BOWMAN ,: Y $j1N hp DpVA1.7 D3NALD ^ I u , N } FO hUY r Ewing Ave, Li — - , -'�►"`'_ 1, `� ' _ LC SOUTH SIDE DEVELOPMENT AREA Rum VICTOP,IA I, ,�ar�Jlr�ti EXISTING Village t o ECKMAN 9 Park i SOUTH SIDE DEVELOPMENT AREA — 4 rtf.M.11�afiMCt, a r PROPOSED EXPANSION i �• i � ;�� ,(J � l. . DCA r � f i� sN F )ODzJ 610 acres — 2024 Request Chippewa Ave. 20 Parcels — 2024 Request LU xcT � 1,615 - Current Parcels p ; d a i T - 1 = ND x s VVIDE N1 V Nvlx Oi �!ST Ha , if S1 9 � •� � ,. 1 i .;w �`� �"'°�" - South Side Development Area With PROPOSED EXPANSION # 2 SOUTH SIDE DEVELOPMENT AREA EXISTING •"- "� ."'- , � SOUTH SIDE DEVELOPMENT AREA PROPOSED EXPANSION � F Ase izE LA "" �MIMIf�A�M Ireland Rd. Property Acquisition List Update • All Properties within the expansion areas are being added to the Acquisition List • Being on the Acquisition List does not mean the City is actively trying to acquire that property. • Enables the City to have greater flexibility in the negotiation process with property owners if needed Development Plan Update • Major overhaul to all TIF Districts and Development Plans — 2019 • Current Update Process • geography / district boundary • legal description • property acquisition list • Financial Impact Analysis • Consultant preparing an analysis and impact statement to the overlapping taxing units What is the effect on ro ert beingwithin p p y a TIF district/Acquisition List ? ■ Will my property taxes increase and / or tax rate (property valuation) change because my property is now in a TIF district? No. ■ Will the City be buying my property? No. ■ Will the permitted use (zoning) of my property change? No. PUBLIC MEETING TIF District AdjustmentPublic Engagement FMEQ F YASNFDWESF - proposMadjustments to Me current Tax Increment Financing ITIFl Dlstricu.These adjustments will add several propertiesm your p7far ilUl neghEmM1OW.inclutlirg Your properly b[M1edistdcL ^an<ns9�filrsa+eYmworae(ur4 sq la eroiwni� Dec 10-11 Public Information Meetings pi��tpmeme M1ermeelin�lnte,thm to Nammor<about rr �lw�d�an M1,nw-mwn M1ow lM1iz proposal ieb[es to You6nth meetings will coves the same gEneea4vl EyiwreaxW wopenY values. information. -�'r�Yµsgt(hNXZTlRpX.' tle,n4 mrtun a ilL UnUKI Ns ro duerl imryn on UX amwnl of We Iv u.es W x1 M an an�nv • Noon, December 10 - NNN Community Center _°°° °�° ��r 1013 Portage Ave. ��Y . wn Fnr more pnformatwn please ontact the Departmen[of Community ln�m<m at siaza;.=.��. �.,�ww:omnnenan.yn�mF ,a,. eM1Y nr • 6:00 PM, December 10 - German Twp. Library Branch 4. .. . 7 � .- 52807 Lynnewood Ave. • Noon, December 11 - River Park Library Branch 2022 Mishawaka Ave. • 6:00 PM, December 11 - Innovation Park @ Notre Dame 1400 E. Angela Blvd. (Use south entrance) CONTACT INFORMATION / MORE INFORMATION • 574.235.5847 I planning@south bend in.gov • visit: together.southbendin.gov/TIF • Printed materials - 1400 County- City Building TIF District Expansion Process * Q(;To9ER. 2d R.DC_ IICf 1 AQATr1QV QCsrQ1 1 111QN1 ADDDr1\/AI NOVEMBER 18 SB PLAN COMMISION DECLARATORY RESOLUTION APPROVAL 'S/ NOVEMBER 25 COMMON COUNCIL DECLARATORY RESOLUTION APPROVAL November 26 Notification letters sent to all property owners # November 29 Public Hearing Notice Published- for Confirming Resolution (10 days minimum required before RDC Hearing) December 10-11 PUBLIC INFORMATION MEETINGS CEMBER 1 RDC CONFIRMING RESOLUTION- PUBLIC HEARING AND APPROVAL.. (WRITTEN REMONSTRANCE D&ADLINE) # Public Information Meeting details will be shared with mailing of public hearing notice * All dates subject to change r-r O