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South Bend Redevelopment Commission <br /> Regular Meeting—September 13, 2011 <br /> 6. NEW BUSINESS (CONT.) <br /> H. Other <br /> (1) continued... <br /> necessary every year in which there is a <br /> reassessment of all properties. Historically, <br /> these calculations were only required once <br /> every ten years when a general reassessment <br /> was done. However, now these calculations <br /> are needed every year, since every year all <br /> property values are adjusted for market <br /> trending. <br /> This calculation adjusts the base assessed <br /> value for each TIF area to "neutralize" the <br /> effect of the reassessment. To achieve this <br /> neutralization, the base assessed values are <br /> adjusted to reflect growth in the County vs. <br /> the TIF area, and to achieve the amount of <br /> tax revenue collected in prior year plus tax <br /> revenue due to new"real growth" and tax <br /> abatement roll offs. Staff recommends <br /> favorable consideration. <br /> Ms. King asked if the city ever bid this work <br /> out. Mr. Inks replied that the city has not. <br /> Ms. King asked if there was any other firm <br /> that performs those calculations. Mr. Inks <br /> responded that the city has used Umbaugh& <br /> Associates before, and believes they could do <br /> them. <br /> Upon a motion by Mr. Varner, seconded by COMMISSION APPROVED THE PROPOSAL FROM <br /> Mr. Downes and unanimously carried, the CROWE HORWATH FOR TIF NEUTRALIZATION <br /> Commission approved the Proposal from CALCULATIONS. <br /> Crowe Horwath for TIF Neutralization <br /> Calculations. <br /> 28 <br />