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Committee forwards Colfax Corner financing tied to new Innovation Development District
Summary
A South Bend committee voted to send an ordinance authorizing taxable development notes for the Colfax Corner project to the Committee of the Whole with a favorable recommendation after staff described a financing structure using a newly created Innovation Development District (IDD). The measure drew both business support and public concern about transparency in the IDD agreement.
Caleb Bauer, executive director of the Office of Community Investment, told the Community Investment Committee on Feb. 9 that the ordinance before the council would authorize up to $30,800,000 in taxable development notes to help finance the Colfax Corner redevelopment in downtown South Bend. Bauer said the project would be supported by an Innovation Development District — a state-authorized tool that allows the city to retain incremental state income and sales tax, in addition to property tax increment, to support project debt service.
Bauer said the state agreement governing IDD remittances includes an annual cap of $15,000,000 in state sales and income tax increment and a $225,000,000 maximum contribution over the district’s 30-year term. He said the Colfax Corner project is expected to…
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