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SOUTH BEND (INDIANA) REDEVELOPMENT COMMISSION <br />STATEMENT DISCLOSING THE IMPACT OF AMENDING THE RIVER WEST <br />DEVELOPMENT AREA AND RIVER WEST ALLOCATION AREA <br />5 <br />Impact Summary (Cont’d) <br />provision. The Commission cannot finance the Projects without the Tax Increment from the Future Development. <br />Therefore, the Commission has determined that the capture of increase in assessed value from the Future <br />Development will not have a negative impact on anticipated revenues or the tax rates of the taxing units that are <br />wholly or partially located in the Expansion Allocation Area. Without the Tax Increment, the Projects would not be <br />funded, and therefore, the Future Development would not occur, the property would remain undeveloped, and the <br />tax base would remain unchanged. During the period of the Tax Increment capture, the tax base of the <br />overlapping taxing units would materially remain the same (holding other factors constant). After the expiration of <br />the Expansion Allocation Area, the additional assessed value will increase the property tax base of all the <br />overlapping taxing units. <br />Please note that for purposes of estimating the impact of Tax Increment financing, certain factors were held <br />constant in this analysis. No other growth in real property assessed value was assumed to take place anywhere in <br />the City or within the Amended River West Allocation Area. No increases in the budgets of the overlapping taxing <br />units were assumed for purposes of this analysis. Potential impacts from future statewide reassessments or <br />trending were not included in this analysis. <br />NON-PROPERTY TAX IMPACTS <br />Additional local income taxes could be generated from any new jobs associated with the Future Development and <br />possible redevelopment of the Expansion Areas, assuming the new employees will be new residents of St. <br />Joseph County or from incremental growth in wages and income of current and new employees. Increases in <br />employees and wages, would, in turn, increase local spending and commercial activity. Additional revenue <br />sources, which would potentially increase as a result of new business enterprises which locate in the Amended <br />Area include food and beverage revenues, motor vehicle highway funds, local road and street funds, and excise <br />taxes.