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04-25-2022 Common Council Meeting Minutes (Signed)
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04-25-2022 Common Council Meeting Minutes (Signed)
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REGULAR MEETING April 25, 2022 <br />Councilmember Hamann inquires about the fifty-three (53) unique properties owners; how many <br />are residentials? <br />Tim Corcoran responds very few. <br />Councilmember Hamann asks if there is potential for property taxes to have people leave their <br />homes. <br />Tim Corcoran responds with being in the TIFF district does not affect one's taxes. The <br />development that comes is what may change the tax value. The developments are happening now <br />without any assistance from the city or being within TIFF. The reason we are doing this is to <br />capture that value so that we can use that incremental revenue to help with projects that may be <br />associated with some of the developments that are happening anyway. Venice Street has a lot of <br />issues without a sidewalk or curb down parts of it. The intersection of South Bend Ave and Charles <br />St. is very wide, we want to narrow because The Irish Quarter Development plans on having a <br />restaurant and a cafe. The incremental revenue helps up look at the infrastructure improvements. <br />Add revenue to the entire River East TIFF area that we can use in other areas. <br />Councilmember Hamann asks who makes decisions as to how this TIFF money is spent? <br />Tim Corcoran responds, the Redevelopment Commission, part of the land use in place is what is <br />legally able to be done right now. Rezoning in the future. The area in orange has interest. <br />Adjusting the TIF allows us to capture the revenue to use in this area and rest of the River East <br />TIF area. <br />Councilmember Lee asks to explain what a tax increment financial district is for the public. <br />Tim Corcoran responds when a TIF is overlaid across the part of the city, when the new <br />development happens within the district, the incremental growth in taxes goes back to a fund. The <br />taxes that are happening right now continue to go to the other taxing agents like the county, the <br />school Corp, Transpo, and the library. When new development happens, the increment of taxes <br />that are above today gets captured in a fund to allow us to invest in public improvements. In this <br />case all the River East TIF district. <br />Councilmember Lee states, if we don't expand this and new development happens then we miss <br />out on the opportunity to receive the revenue. The people who benefited from this already are the <br />county, schools, library, Transpo. By us expanding, it is getting ahead of what's getting ready to <br />happen. If people develop in that area and the taxes go up, that money goes back to further <br />development in that area. If we don't do this now, we miss out on that opportunity of that <br />incremental income. <br />Tim Corcoran responds with we missed out on the newly generated tax revenue. We have used <br />that revenue again for local improvements like Howard Park that helps pay the bond off for <br />Howard Park. We have Site Park that will be starting construction towards the end of the year. <br />Streetscape projects is typically how we use the majority of our TIF funds. <br />Councilmember Lee states it is important for us to understand that because we get ahead of it, as <br />the redevelopment happens, we got the opportunity to capture that revenue to make the area better. <br />Councilmember Davis states the new dollar only stays in that area until the money in that Tiff <br />District sets. The money won't be shared with the rest of South Bend. We never miss out on the <br />opportunity for anything, we just actually double up the redevelopment of that area. When we talk <br />about Eddy Street Commons, and how the city invested close to three hundred million dollars in <br />infrastructure dollars, that money never returned to the taxpayers and the citizens of that area <br />stayed in that one area while the area continues to reproduce more dollars to redevelop more and <br />more to provide great services to that area. The taxpayers from the West side of the city that help <br />produce that is night and day. There is a disadvantage and there is also an advantage of a TIF <br />district. We need to be clear that TIF districts don't always pan out the way we desire them to do <br />because somebody must make the initial investment for that to happen. If you make the initial <br />investment for something to happen, you want something back. You don't get anything back from <br />that, it stays here. <br />12 <br />
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