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South Bend Redevelopment Commission <br />Rescheduled Regular Meeting -March 10, 2006 <br />6. NEW BUSINESS (CONT.) <br />B. South Bend Central Development Area <br />() continued... <br />Collaborative's financing does not <br />directly rely on the successful application <br />for these tax exemptions and/or credits. <br />However, likely success of the project is <br />probably dependent at least on the <br />exemptions. As the Commission is aware, <br />since the recent changes in the <br />assessments, tax rates in downtown South <br />Bend have sky-rocketed and are exerting a <br />chilling effect on the desire of many <br />households otherwise interested in <br />relocating to downtown. Tax abatements <br />and exemptions can help the city to offset <br />this negative influence. Frankly, we're <br />hoping the state does something to <br />straighten this out and not punish center <br />CltleS. <br />Ms. Jones noted that that would then <br />stretch out the time until the city could <br />recoup its investment. Mr. Keen agreed. <br />2) Please provide a reference of similar <br />projects in other communities which have <br />received these credits and the time line for <br />app lic at io n/approval? <br />Written Answer: It is Eco-Urban <br />Collaborative'sunderstanthng that the <br />recent development by the Cooreman <br />group in South Bend has received such <br />consideration. Eco-Urban does not know <br />the time-line. It would have to rely on the <br />redevelopment staff and their expertise <br />and familiarity with past practice and <br />timing in South Bend, as well as other <br />communities, to help determine this. <br />20 <br />