2. Minutes 6/18/10 - Laserfiche WebLink

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South Bend Redevelopment Commission Regular Meeting -June 18, 2010 $4,000,000. Upon a motion by Mr. Downes, seconded by Mr. Alford and unanimously carried, the Commission approved Resolution No. 2701 setting a public hearing for 10:00 a.m., July 9, 2010 on the appropriation of Tax Increment Financing Revenues from various allocation areas for the payment of certain obligations and expenses related to their respective allocation areas and other related matters. (3) Resolution No. 2705 determining that the tax increment which may be collected in the Year 2011 is needed to satisfy obligations of the Commission and that no excess assessed value may be allocated to the respective taxing units and other related matters. Mr. Inks noted that Resolution No. 2705 sets a public hearing for 10:00 a.m., July 9, 2010. The state has a requirement that by July 15 of each year we must inform the Auditor's Office whether any of the increment being captured can be released to the other taxing units. Resolution No. 2705 states that none of the increment will be released; it will all be retained in the TIF districts. Staff has put together a list of anticipated TIF revenue for 2011 in each of the TIF areas and a list of projects on which the revenues maybe spent. The project list is not firm, but an estimate of what needs to be done from TIF revenues. There maybe some substitutions throughout the year. Mr. Varner noted that the St. Joseph Valley Metronet is a private corporation. He thinks it should reimburse the city something each year for the investment the city has made. COMMISSION APPROVED RESOLUTION NO.2701 SETTING A PUBLIC HEARING FOR 10:00 A.M., 7ULY 9, 2010 ON THE APPROPRIATION OF TAX INCREMENT FINANCING REVENUES FROM VARIOUS ALLOCATION AREAS FOR THE PAYMENT OF CERTAIN OBLIGATIONS AND EXPENSES RELATED TO THEIR RESPECTIVE ALLOCATION AREAS AND OTHER RELATED MATTERS 24