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10-14-13 Common Council Meeting Minutes
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10-14-13 Common Council Meeting Minutes
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REGULAR MEETING OCTOBER 14, 2013 <br /> <br /> <br /> <br /> <br />like to specify is the money that is being raised specifically for that project is private money, so <br />we do not sit in an redevelopment area, we don’t sit in a TIF District, we are not part of the <br />Central Business District, the funds that would be utilized will be private funds which is part of <br />the reason why we’re looking for this tax abatement. <br /> <br />Councilmember Henry Davis, Jr., sure, could you please give me a brief understanding or run <br />down of the tax credit application process and what is involved in the tax credit application, what <br />do you have to list, yes, that is what I am asking. <br /> <br />Nick Surak: Ok, there’s one round held by the State every year to apply for tax credits and <br />applications are due on November 1. From there they take all the applications that are generated <br />and this year so far all indications are that they have 50 of them to review. Those will be <br />reviewed and they will announce awards at the end of February and at that time, if you are <br />selected for an allocation of tax credits then you will start the process of putting together your <br />equity partners and final review of the project and work towards getting permits ready for <br />development. <br /> <br />Councilmember Henry Davis Jr., asked if you can get tax credits anywhere in the City of South <br />Bend or State of Indiana. <br /> <br />Nick Surak: these tax credits? <br /> <br />Councilmember Henry Davis Jr., yeah, I mean is there a requirement to get tax credits. No that’s <br />not the question. Is there a way, can you get tax credits in any corner of the United States of <br />America or the City of South Bend or the State of Indiana? <br /> <br />Nick Surak: this particular tax credit is a federal tax credit that is administered by each state. So, <br />every state has an allocation that they can award according to their own criteria. So, yes, no <br />matter where. <br /> <br />Councilmember Henry Davis, Jr., what is the criteria for this one? <br /> <br />Nick Surak: the State of Indiana has a variety of factors that they assign a point value to, based <br />on that they use that to evaluate which ones they think are most deserving of an award. <br /> <br />Councilmember Henry Davis, Jr., what is the criteria for this project? Obviously, you have the? <br /> <br />Nick Surak: first of all, it is an adaptive re-use project, it constitutes in-fill development, it is near <br />some recent infrastructure improvements and those are the main things that way into this and <br />also the tax abatement would be useful and they do give you some extra points if there is <br />something like a tax abatement or some other sort of local government funding or contribution to <br />the project. <br /> <br />Councilmember Henry Davis, Jr., tax credit programs usually or traditionally are given in areas <br />that should I say underdeveloped. <br /> <br />Nick Surak: well again it depends on the State, every state is allow to decide whatever they want <br />and the States that I have had experience with that is not a factor. I would say in Indiana that is <br />the case and that the State authority, Indiana Housing and Community Development Authority <br />does place an emphasis on developing underserved areas or areas that have suffered from <br />disinvestment. <br /> <br />Councilmember Henry Davis, Jr., ok, now clearly we had a conversation earlier that again, I <br />don’t necessarily believe and think that it was that bad, honestly, I think that conversation needs <br />to happen and in light of fairness and you know me speaking with you in the hallway as well as <br />Karen here after the meeting, would there be any consideration to develop a community <br />conversation given a two-week delay on this particular matter based upon all of things that we <br />have talked about and things that preceded after the conversation and in light of fairness. <br /> <br />15 <br /> <br /> <br />
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