HomeMy WebLinkAbout5E1 2025 Fiscal Report - Signed
South Bend
Redevelopment Commission
215 S. Dr. Martin Luther King, Jr. Blvd., Room 301, South Bend, Indiana
TO: South Bend Redevelopment Commission
FROM: Kyle Willis, Controller, City of South Bend
DATE: March 24, 2026
RE: Annual Fiscal Report (IC 36-7-14-8)
2025 Fiscal Report
A. Overview
Under Indiana Code (IC) 36-7-14-8(b), the treasurer1 of the South Bend Redevelopment
Commission (the “Commission”) must submit an annual report to the Commission. This report
provides an overview of the Tax Increment Financing (TIF) activity for fiscal year 2025, including
revenues and expenses, as well as 2026 anticipated property tax increment revenues for each
allocation area.
B. 2025 Revenue
For all allocation areas (TIF districts), incremental property tax revenue decreased $601,305
(down 1.5%) in 2025 compared to 2024. Despite the decrease in revenues from 2024, the
combined incremental property tax revenue for all TIF districts in 2025 was 9.9% higher than
revenue in 2023 ($36.72 million). The table also provides projected 2026 revenues, which is
estimated to be a 2% increase over 2025 revenues.
TIF District FY26 Projected FY25 Actuals FY24 Actuals YoY
Change
River West TIF District $ 20,815,353 $ 20,605,180 $ 20,520,362 0.4%
West Washington TIF District 526,593 521,276 610,117 -14.6%
River East 1 (Northeast) TIF
District 8,208,637 8,125,754 8,221,833 -1.2%
Southside TIF District #1 3,476,691 3,441,587 3,445,271 -0.1%
Douglas Road TIF District 281,544 278,701 346,093 -19.5%
River East 2 (Northeast
Residential) TIF District 7,443,645 7,368,486 7,798,613 -5.5%
Total Property Tax Revenue $ 40,752,462 $ 40,340,984 $ 40,942,289 -1.5%
1 Per IC 36-7-14-8(b), the “treasurer” of the Commission is defined as the “fiscal officer of the unit establishing a
redevelopment commission.” The Controller is the “fiscal officer” for the City of South Bend.
South Bend Redevelopment Commission
2
C. 2025 Expenses
The table below summarizes total expenditures in 2025 for each TIF district with a net decrease
of approximately $22.68 million (down 37.4%) in comparison to 2024. Infrastructure
improvements (e.g., sewers, streets, etc.) accounted for $4.35 million, while public and private
building improvements had total expenditures exceeding $7.07 million. Debt service accounted
for $12.71 million (see Section D). Expenditures in 2025 also included $2.11 million in
demolition and clearance services and $951,600 for legal and other professional service costs.
Projects supported by TIF projects include the Martin Luther King Jr. Dream Center ($1.02
million), City Hall ($735,000), Seitz Park ($849,000), 466 Works affordable housing project
($1.28 million), and Intend Indiana in-fill housing project ($1.25 million).
TIF District FY25 Actuals FY24 Actuals
YoY
Change
River West TIF District $ 21,874,783 $ 39,245,605 -44.3%
West Washington TIF District 174,380 1,208,357 -85.6%
River East 1 (Northeast) TIF District 7,622,273 5,176,736 47.2%
Southside TIF District #1 3,010,998 8,034,036 -62.5%
Douglas Road TIF District 348,434 0
River East 2 (Northeast Residential) TIF District 4,945,322 6,992,824 -29.3%
Total Expenditure $ 37,976,190 $ 60,657,558 -37.4%
D. Debt Service
TIF District FY25 Debt Service Payments FY24 Debt Service Payments
River West TIF District $ 6,972,444 $ 8,195,425
River East 1 (Northeast) TIF District 1,194,930 784,200
River East 2 (Northeast Residential)
TIF District 4,546,017 4,554,889
Total Debt Service $ 12,713,391 $ 13,534,514
E. Year-End Fund Balance
TIF District FY25 Actuals FY24 Actuals YoY Change
River West TIF District $ 36,524,968 $ 28,107,758 29.9%
West Washington TIF District 1,755,986 1,346,604 30.4%
River East 1 (Northeast) TIF District 22,251,787 21,696,392 2.6%
Southside TIF District #1 9,401,229 8,620,393 9.1%
Douglas Road TIF District 951,912 980,537 -2.9%
River East 2 (Northeast Residential) TIF District 12,976,450 10,131,628 28.1%
Total Fund Year-End Balances $ 83,862,332 $ 70,883,312 18.3%
_______________________________________ ____________________
Kyle Willis, Controller Date
3.24.26