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<br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br />Office of the Mayor <br /> <br />NEWS RELEASE <br />January 15, 2010 <br />4:30 p.m. <br /> <br />Redevelopment Commission reviews likely TIF projects <br /> <br />Contact: <br />Mikki Dobski, Director of Communications & Special Projects, 235-5855 or 876-1564 <br /> <br />or Don Inks, Director of Economic Development, 235-9371 <br /> <br />The City of South Bend will pump nearly $41.4 million worth of economic-development <br />and infrastructure investment into the local economy in 2010 as a result of the growth in <br />its eight tax increment financing, or TIF, districts. <br /> <br />The tax revenue, resulting from the growth in business activity, will allow for key <br />economic investments, such as support of commercialization efforts growing out of the <br />Midwest Institute for Nanoelectronics Discovery, or MIND, and for the development of <br />Ignition Park, part of the City’s two-site state-certified technology park. <br /> <br />It will enable the City to expand the Metronet, extend Commerce Drive, install a trunk <br />sewer along Mayflower Road, or to acquire property and demolish outdated structures, <br />making way for new private investment in places like Ignition Park and LaSalle Square. <br /> <br />TIF supplements City capital investment, allowing for possible renovations at Coveleski <br />Stadium and adaptive re-use of the College Football Hall of Fame facility. And it will <br />provide a pool of resources for economic-development staff to work with private <br />developers, whether in potential new office buildings or condominiums downtown or <br />with the University of Notre Dame’s renovation of the Hansel Center into a Center for <br />Latino Culture. <br /> <br />These efforts and other projects are tentatively identified for action in 2010, according to <br />a strategy presented to the South Bend Redevelopment Commission. The Commission <br />reviewed today approved TIF allocation amounts for each of the TIF districts, based on <br />anticipated TIF proceeds for 2009 and cash balances from previous years. <br /> <br /> “Tax increment financing revenue is the primary tool in the City’s economic- <br />development engine,” said Jeff Gibney, executive director of the Department of <br /> <br />