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REGULAR MEETING May 28, 2019
<br /> part of the West Washington Chapin Development Area into the River West TIF District. This is
<br /> just the area below the City Cemetery. The City Cemetery is something we have been working on
<br /> for a while and you'll notice during the Colfax two (2)-way street conversion,phase one(1)of that
<br /> project is in place. The second (2nd) area is, number two (2), the TIF District transfer area that is
<br /> going from the River West Development Area into the South Side Development Area. I will
<br /> explore further some of the consequences of that, as well, during this presentation. What this all
<br /> accounts for is about one point three (1.3) acres being moved from West Washington to River
<br /> West, and two hundred and twenty(220) acres from River West into South Side. This shift in area
<br /> will transfer approximately$100,00 of TIF revenue into the South Side Development Area. With
<br /> that, we want to make sure that transfer of dollars didn't affect any of the debt service that is
<br /> currently being done through the River West area. Umbaugh, or Baker Tilly now, has shown that
<br /> there is no net affect to any of the debt service areas. So, we are not worried about that.
<br /> Mr. Corcoran went on, What I've done here (referencing a slide in the presentation) is to show,
<br /> the areas in blue are the existing TIF Districts and the areas in orange are the TIF District additions.
<br /> This is to just simplify it to make it a little bit clearer. The adjustments generally fall into the
<br /> following three(3) categories. One(1) are areas that have recently been annexed to the City. Two
<br /> (2) is corridors. So, much like the Lincolnway and Western Avenue Corridors we added in 2014,
<br /> we are looking to add Mishawaka Avenue and Miami Street as well as parts of Portage, Elwood
<br /> and Linden Avenue. And three (3), parks and community aspects. So, Leeper Park, the City
<br /> Cemetery and places like that. So, these (referencing a slide in the presentation) are the recent
<br /> annexation areas. Starting from the north and wrapping around to the south east, the Baney
<br /> Property that is now Holladay Properties is looking to develop for Light Industrial use. South of
<br /> that is the South Bend Chocolate Factory site. Further south is adjacent to the Ethanol Plant where
<br /> we recently annexed that a few months back. Finally, wrapping around the south is another
<br /> annexation area. I'm not sure when that was annexed. Nothing has happened on that site yet, but
<br /> it makes sense to put it into the TIF District to collect the revenue that might be generated off of
<br /> new development through there. The areas in blue are the corridors I mentioned earlier. We have
<br /> in the north Portage/Elwood, we have Linden Avenue, Miami Street and Mishawaka Avenue. The
<br /> reason we added these in was, because of the success we've seen on Western Avenue and
<br /> Lincolnway as well, we wanted to forward think about how we might do future planning in those
<br /> areas. Some of those areas we have thought about already, like the Portage Elwood area,but there
<br /> are possibilities in some of these other areas as well as we move forward. Finally, parks and
<br /> community assets. We've put in a lot of parks. The Zoo, for instance, Pulaski Park, the History
<br /> Museum, the City Cemetery, what might be Coal Line Phase Three (3) down the road. We don't
<br /> know how that might happen,but we wanted to get it into the TIF now,that way there is a possible
<br /> funding source for the future. Leeper Park, Muessel Grove Park and parts of the river extending
<br /> south of Leeper Park toward Madison Street.
<br /> Mr. Corcoran continued, So, I'm going to zoom into this area in the box for you all to see. This
<br /> kind of illustrates those areas we were just talking about.The development plans are the underlying
<br /> documents that sort of speak to what can be done in the TIF Districts. So, why do we need to
<br /> update these? One(1)of the reasons is that, for instance,the River West has been an amalgamation
<br /> of what were sub-TIF areas.What we've done is basically amalgamated all of those over the course
<br /> of decades, and they are actually not usable. They actually take up an entire drawer in a filing
<br /> cabinet.They are practically unusable and they're certainly not accessible to both the staff,in some
<br /> ways, and certainly the public. So, our objective is to amend and replace the existing documents
<br /> with new documents that you have as part of your packet. We want to make sure we align the
<br /> development plan goals and objectives to be consistent with the City's Comprehensive Plan so that
<br /> those two (2) plans speak to each other. We want to ensure the development plans are accessible,
<br /> and I mean readable. They need to be able to be seen by the public as well as staff and Council
<br /> Members. We want to also ensure that the context of the development plans comply with current
<br /> State Law. It is State Law that dictates the content of the development plans and this is the basic
<br /> required content. The history of the development area, the location which is just a map and a legal
<br /> description, development area activities, so,what we can spend TIF on and that is clearly stated in
<br /> State Law, and goals and objectives. Statutory findings, there is an acquisition list of real property
<br /> and I will get to what that means as well. Finally, there is a procedure for amendment. What we
<br /> are doing right now is part of that procedure of amendment.
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