HomeMy WebLinkAbout06-13-16 Community InvestmentOFFICE OF THE CITY CLERK
KAREEMAH FOWLER, CITY CLERK
COMMUNITY INVESTMENT JUNE 13, 2016 3:40 P.M.
Committee Members Present:
Other Council Present:
Others Present:
Agenda:
Gavin Ferlic, Regina Williams- Preston, Oliver Davis,
Randy Kelly, Paul Tipps, William Smith
Tim Scott, Dr. David Varner, Karen White, John Voorde,
Jo M. Broden
Kathleen Cekanski - Farrand, Adriana Rodriguez,
Kareemah Fowler, Alkeyna Aldridge, Beth Leonard
Bill No. 16 -54 — Authorization for the release of Erskine
TIF District
Chairperson Gavin Ferlic called the meeting of the Community Investment Committee to order
at 3:40 p.m. with one item on the agenda.
Bill No. 16 -54 — Authorization for the release of Erskine TIF District
Beth Leonard, Department of Community Investment with offices on the 14th Floor. The
resolution will allow them to release the increment for the South Side #3 TIF. The reason we're
able to do this is because we already have enough cash to pay off the bonds, but we cannot pay
off those bonds until February of 2017 because of how the bond documents are written.
Dr. Varner asked what the annual net will be for the City's General Fund.
Ms. Leonard stated that last time the City received money for the TIF, we received $600,000, so
it would be about 60% of that. There have been appeals since then, so we don't know exactly
what the taxes will be.
Councilmember White asked how the share of the wealth will be distributed, and who makes that
decision. Ms. Leonard stated that it is divided the same way all of the taxes are distributed, we
do not have any discretion with regard to that. Our percentage will go back into the General
Fund.
No one from the public wished to speak in favor or in opposition.
455 County -City Building • 227 W. Jefferson Boulevard • South Bend, Indiana 46601
Phone 574- 235 -9221 • Fax 574- 235 -9173 • TDD 574- 235 -5567 • www.SouthBendIN.gov
JENNIFER M. COFFMAN ALKEYNA M. ALDRIDGE EMILY SEXTON
CHIEF DEPUTY/ CHIEF OF STAFF DEPUTY/ DIRECTOR OF POLICY ORDINANCE VIOLATION CLERK
Committeemember Randy Kelly moved to send Bill No. 16 -54 to the full Council favorably,
Committeemember Davis seconded the motion, and it carried with a voice vote of four (4) ayes.
With no other business before the Committee, Committee Chair Ferlic adjourned the meeting at
4:21 p.m.
Respectfully Submitt ,
Gavin Ferlic, Chairperson
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