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South Bend redevelopment office reports $70.8 million in TIF balances; Riverwest named focus for 2024 acquisitions
Summary
City redevelopment staff presented the annual 2024 tax-increment financing (TIF) management report, showing $70.8 million in combined fund balances, increased revenues in 2024 and large property acquisitions in the Riverwest Development Area. Council members asked about expiring districts and possible uses for TIF funds.
Caleb Bauer, executive director of the City of South Bend’s Community Investment office, presented the 2024 Tax Increment Financing management report to the Common Council on April 14, 2025, detailing fund balances, district performance and tools used by the Redevelopment Commission.
The report showed combined TIF fund balances across South Bend’s economic development areas of $70,800,000 at the end of 2024 and noted total TIF revenue rising from about $40 million in 2023 to roughly $55 million in 2024. Bauer told the council the Riverwest Development Area remains the largest by parcels and footprint and was the primary focus of Commission spending in 2024, including several real-estate acquisitions.
Why it matters: TIF districts capture growth above a base assessed value and let the city reinvest incremental tax dollars in public infrastructure and development projects within the designated areas. These dollars do not fund core city services but are used for streets, utilities, public facilities and development…
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