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REGULAR MEETING May 28, 2019
<br /> Mr. Corcoran went on, So, in addition to the development plan, we also engaged Baker Tilly to do
<br /> a financial impact analysis. They prepared an analysis and impact statement for the overlapping
<br /> taxing units. The adjustments will have no net affect to the overall TIF revenue. All the added area,
<br /> for instance, is baselined out. So, it's not collecting anything. It's only if future development
<br /> happens where there will be a positive impact. The areas we removed have a very negligible affect
<br /> to funds coming into the TIF District because they haven't been developed.
<br /> Mr. Corcoran went on, I said $100,000 before but it's actually closer to $160,000 of River West
<br /> Development Area Funds, those will be shifted into the South Side Development Area due to the
<br /> transfer of land, that two hundred and twenty(220) acres that we talked about. There is about six
<br /> hundred and twenty-five dollars ($625) of West Washington TIF Funds that will shift into the
<br /> River West Area. Part of the development plan includes a property acquisition list. I think these
<br /> words together are kind of scary for the public. What we wanted to do is, one(1) explain what the
<br /> property acquisition list and, two (2), align that list to potential, and I want to highlight the fact it
<br /> is potential,priorities. There are nine hundred and twenty-five(925)properties being added to the
<br /> acquisition list. For instance, all of downtown is already on the acquisition list. Being on the
<br /> acquisition list does not mean the City is going to actively try and purchase or acquire that property.
<br /> However, if that property is on the acquisition list and there is a City project we want to try and
<br /> facilitate, it allows for the Redevelopment Commission to negotiate with the property owner in
<br /> order to come to some sort of mutually agreed price for that property. The Redevelopment
<br /> Commission does not have what the City has in terms of eminent domain power. They cannot just
<br /> take property for a particular use. So, like any sort of property transaction, you can come to a
<br /> mutually agreed price and that negotiation ability is why we put a property on the acquisition list.
<br /> If the City wanted to purchase a property,we have to go through a standard procedure through the
<br /> Board of Public Works. We get two(2) appraisals for a property,we take the average of those two
<br /> (2) appraisals, and that sets the value. Now, it might not be the value that you think the property is
<br /> actually worth, but that would be the only way the City could buy the property. This just enables
<br /> the Redevelopment Commission to be more flexible in how they purchase property by,essentially,
<br /> being able to pay more.
<br /> Mr. Corcoran continued, Two (2) weeks ago, when I gave this presentation to the Committee,
<br /> Councilmember Broden had some updates she wanted to incorporate into each of the development
<br /> plans. Those updates hit four(4)main areas. The purpose, the development areas activities, goals
<br /> and objectives, and procedure to amend. I just wanted to note that Councilmember Broden and I
<br /> worked together to incorporate all of those additions we had. We went back and forth a couple of
<br /> times to make sure that we were both ok with the wording and as well as making sure from a legal
<br /> point of view, through our legal team, those amendments were made. You can see those
<br /> amendments in the documents you have in front of you. One (1) thing we did that we didn't have
<br /> to do, at least not in terms of what the State Law requires, was we had two (2) additional public
<br /> engagement sessions. We mailed 1,450 mailers to all the property owners who are being added
<br /> into the TIF. We set up a website and the postcard we sent out is depicted in the upper right corner
<br /> there (referencing a slide in the presentation). We had two (2) meetings. One (1) was on March
<br /> 27th at the River Park Public Library. The second (2"d) was April 2nd at the Charles Martin Youth
<br /> Center. Generally speaking, this was a time for anybody being added into the TIF or added onto
<br /> that acquisition list to ask us questions and to explain how all of this works. We went through a
<br /> pretty elaborate presentation to explain all of that. Generally speaking,there were about thirty(30)
<br /> people total that came to those meetings. Again, there were actually a lot of people that spoke in
<br /> favor of it, especially in the Mishawaka Avenue area.
<br /> Mr. Corcoran went on, In terms of our TIF District adjustment process, we've gone through the
<br /> Redevelopment Commission and this is where it started with their Declaratory Resolution on April
<br /> 11th. It went to the Area Plan Commission on April 16th. That was approved. We came earlier to
<br /> Council to do this,we delayed that two(2)weeks until today.And then finally,once it goes through
<br /> Council, it will go to a public hearing. We have to publish that notice of public hearing, ten (10)
<br /> days prior to the Redevelopment Commission's confirming resolution. So,as you can see,we have
<br /> the letters printed and the names on the envelopes, ready to go, so we can get that mailed out, so
<br /> people understand and know when that Redevelopment Commission meeting will be held. We
<br /> also wanted to make sure that if there are more people who wanted to come to that Redevelopment
<br /> Commission meeting, which is normally held on the thirteenth (13th) floor of the County-City
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