5A2_RDC Budget Request TIF Expansion Funding [Financial Services] - Signed

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South Bend r 1 Redevelopment Commission raw 227 West Jefferson Boulevard, Room 1308, South Bend, Indiana Redevelopment Commission Agenda Item DATE: September 9, 2024 FROM: Chris Dressel, Staff U� I Pres/V-Pres ATTEST: tit.(' &A�etary Date: 9 — 19 -0) q SUBJECT: Funding Request — Professional Services (financial J APPROVED El Not Approved analysis) for Forthcoming TIF expansion SOUTH BEND REDEVELOPMENT COMMISSION Funding Source* (circle) River West; River East; South Side; Douglas Road; West Washington; KDC Genera Riv. East Res. * Funds are subject to the City Controller's determination of availability; if funds are unavailable, as solely determined by ntroIIer, then the authorization of the expenditure of such funds shall be void and of no effect. PURPOSE OF REQUEST: Request for funds in the amount of $37,500 to support financial services for forthcoming TIF expansion process SPECIFICS: The City of South Bend plans to expand its TIF districts in the Fall of 2024. The expansion is expected to add approximately 200 property parcels within 3 TIF districts (River East, River West and South Side). Financial analysis services are required to accompany and document the process. These services are expected to include the following: Assist with the Creation of New TIF Allocation Area (TIF Area) or Amendment of Existing TIF Area • As needed, work with the Client and its advisors to analyze the boundaries of the proposed TIF Area or TIF Area amendment and potential assessed value impacts of proposed new construction/demolition projects within the proposed TIF Area. ■ As needed, provide information required by the Client's attorney for preparing resolutions and other legal documents required to establish the proposed TIF Area, if needed. • Prepare, on behalf of the Client, an analysis and a statement disclosing the impact of the proposed TIF Area upon the overlapping taxing units (the Impact Statement) and facilitate the delivery of the Impact Statement to the overlapping taxing units. ■ If needed, virtually or personally meet with representatives of the overlapping taxing units to discuss questions, comments or concerns related to the creation of the proposed TIF Area, as needed. • At the request of the Client, attend meetings and required public hearings to explain the impact of the creation of the proposed TIF Area and to address any questions. The request breakdown is as follows: Up to per $12,500 per TIF Area amended: $12,500 — River East $12,500 — River West $12,500 —South Side $37,500 - TOTAL EXCELLENCE i ACCOUNTABILITY INNOVATION INCLUSION EMPOWERMENT 1400S County -City Building 227 W. Jefferson Bvld. South Bend, Indiana 46601 p 574.235.9371 vwAmsouthbendin gov