11-25-2024 Community Investment Committee Meeting Minutes

Home Browse Search

v` CITY OF SOUTH BEND OFFICE OF THE CITY CLERK Joe Molnar added that if the READI 2.0 grant is awarded, there will likely be city involvement through Tax Increment Financing (TIF) dollars. Citizen Member Thomas Gryp asked how the private funds are being organized. Jasmine Bradley stated that while they have secured a few private investors, they are still actively seeking additional investment. When asked if the project would remain viable without the READI 2.0 grant, she assured the committee that they are pursuing alternative funding through loans and other grants to ensure the project's sustainability even if the grant is not awarded. Committee Chair Warner held the public hearing, and nobody spoke. Committee Member Ophelia Gooden-Rodgers motioned to send Bill No. 24-39 to the Full Council with a favorable recommendation, which was seconded by Citizen Member Kaine Kanczuzewski and carried by a vote of six (6) ayes. Committee Chair Troy Warner-Aye Committee Vice Chair Rachel Tomas Morgan—Aye Committee Member Ophelia Gooden Rodgers -Aye Committee Member Sherry Bolden-Simpson—Aye Committee Member Kaine Kanczuzewski -Aye Committee Member Thomas Gryp -Aye Committee Member Bolden-Simpson motioned to send Bill No. 24-40 to the Full Council with a favorable recommendation, which was seconded by Citizen Member Kaine Kanczuzewski and carried by a vote of six (6) ayes. Committee Chair Troy Warner-Aye Committee Vice Chair Rachel Tomas Morgan—Aye Committee Member Ophelia Gooden Rodgers -Aye Committee Member Sherry Bolden-Simpson—Aye Committee Member Kaine Kanczuzewski -Aye Committee Member Thomas Gryp -Aye Bill No. 24-4I - Resolution Approving an Order of the South Bend Plan Commission Approving Certain Declaratory Resolutions and Amended and Restated Development Plans Adopted by the South Bend Redevelopment Commission Chris Dressel, Senior Planner, with offices on the 141h floor of the County-City building, stated that Tax Increment Financing (TIF) is a financial tool used to fund economic development, infrastructure improvements,and community projects.It allows the city to capture future increased tax revenue generated by developments within a designated TIF district. These funds are then reinvested into eligible projects to further stimulate growth. TIF districts are periodically adjusted to fund new priorities,capture value from ongoing developments,and extend retail and community opportunities. Being within a TIF district or on the Acquisition List does not mean property taxes or tax rates will increase, nor does it indicate the city intends to purchase the property. The zoning and permitted use of the property will also remain unchanged. Inclusion on the Acquisition List simply gives the city greater flexibility in negotiating with property owners if necessary. Public information meetings will be held on December 10 and 11, 2024 at various locations in South Bend. These sessions will cover the TIF adjustment process, proposed expansion areas, and their impact on the community.Residents can attend at the NNN Community Center,German Township Library, River Park Library, and Innovation Park at Notre Dame. For more information, contact 574.235.5847 or email planning@southbendin.gov. EXCELLENCE ACCOUNTABILITY INNOVATION INCLUSION EMPOWERMENT 455 County-City Building 227 W.Jefferson Blvd. South Bend,Indiana 46601 p.574.235.9221 f.574.235.9173 www.southbendin.gov