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HomeMy WebLinkAbout01.26.26 PC Special Meeting Minutes (signed)City of South Bend Indiana City of South BendInnovation Development District (IDD) January 26th, 2026 City of South Bend Indiana Downtown IDD •Scalable, market-driven approach in which increment generated by a project covers project funding gaps •State increment could cover under 15% of the total projects costs across proposed IDD, not exceeding 20% on any individual project •$1.18B private investment in current economic development negotiations (55 acres) •$1.7B private investment, 2,420 new FTEs (3,500+ total FTEs) possible over 120 total acres •1.8M ft.2 currently vacant space IDD Agreement with State of Indiana •Agreement between the State of Indiana, via the IEDC, and the City of South Bend governing local retention of state income and state sales tax in the downtown area •Creation of an Innovation Development District downtown •Cap of $15M of state sales and income tax increment annually over 30 year term •IEDC coordination required for utilization of funds above $7.5M per year •State maximum contribution of $225M over term, with ability to propose amendment in the future regarding future projects •Designation of district and setting of base rate on March 15, 2026 Indiana’s ROI •Based on Baker Tilly’s analysis, completed scope would add more than $1.1B to Indiana’s annual GDP •Expected to generate more than $600M in state and local tax increment •State increment incentive would not exceed 20% of any single project •Adds 2,420 net new (3,500 total) jobs in South Bend, with another 1,898 in indirect and 1,432 in induced jobs •Supports the creation of a true innovation hub that enables the University of Notre Dame to continue its transformative applied research expansion •Value generates more than $45M annually in state taxes, with only 33% necessary to be captured by IDD for projects to be actualized Approving Amendments to the Declaratory Resolution and the Development Plan for the River West Development Area •Establishes 8 new allocation areas concurrent to new Innovation Development District (IDD) and within the same boundaries •Required to proceed before formal establishment date of IDD Timeline for Allocation Area Establishment •January 26th: Plan Commission consideration, Common Council resolution adopting Plan Commission recommendation •February 12th: Redevelopment Commission consideration of confirming resolution City of South Bend Indiana Colfax Corner: •Anchored by the University of Notre Dame and strengthened by ambitious industry and community partners, Colfax Corner concentrates research, talent, and enterprise in the heart of downtown •Magnet for talent and an engine for growth, innovation, and community •Key Metrics:•400 FTEs, 202,000 ft 2 •$154M total investment•$750M+ direct economic impact over 10 years•35% university occupancy•90% local labor •Developer: Ancora City of South Bend Indiana •Unique venues to host events, speakers, concerts, and workshops •Applied research facilities, prototyping and tech demonstration spaces •Public-facing “hub” designed to connect community members and businesses with ND programs, resources, and collaboration opportunities. •Community focused programming in collaboration with Boys & Girls Club, City Church and more. •University Program Elements to occupy 35% of overall square footage •Balance of space for the recruitment of companies in advanced industries along with innovative training programs. Colfax Corner: