06/19/74 Board of Public Works Minutes

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I130 REGULAR MEETING JUNE 19, 1974 SECTION 6. The Board of Public Works determines that the revenue to the City to be anticipated from such annexation will be derived from the following: A. Property tax revenue as based upon assessed valuation of $4,642,050 would produce $233,959.32 per year to be derived from tax payment made annually beginning with 1975 payable 1976 taxes. B. Revenue from distribution of state collected taxes from motor vehicle highway tax, special $.02 motor vehicle highway tax, cigarette tax to general fund and cigarette tax to cumulative capital improvement fund is estimated at $21.06 per capita.for a total available distribution of $94,496.22. C. Estimated revenue sharing distribution from the federal govern- ment based upon present revenue sharing would be in the amount of $68,023 per annum. D. Total estimated revenue from the territory to be annexed would be $396,478.54. E. Total cost of services to be furnished to the area to be annexed, including all governmental services for fire and police protection as well as the proprietary services herein enumerated, together with allowance for 10% of government overhead expense.of $35,889.30, would be $394,782.30. Adopted this 19th day of June, 1974.- BOARD OF PUBLIC WORKS s/ James V. Barcome s/ James R. Seitz ATTEST: s/ Patricia DeClercq, Clerk REAL ESTATE DESCRIBED IN ATTACHMENT Beginning at a point in the south right-of-way line of Grant Road approximately a quarter of a mile west of Mayflower Road which point is in the present city limits line; thence; west along the south right-of-way line of Grant Road to the intersection with the westerly right-of-way line of the U.S. 20 By -Pass, thence; northerly along the westerly right-of-way line of U.S. 20 By -Pass to a point 400 feet south of the south right - of way -line of Lincolnway Way West (US 20) measured at right angles, thence; westerly along a line 400 feet south of measured at right angles and parallel to the south right-of-way line of Lincoln Way West to the point of intersection with the centerline of Olive Road extended to the south, thence; due north along the centerline of Olive Road extended to the south to the centerline of Lincolnway West (US 20) thence; southeasterly along the centerline of Lincoln Way West (US 20) to the point of intersection with the easterly right-of-way line of Olive Road extended to the south, thence; due north along the easterly right-of-way line of Olive Road extended to the south and the easterly right-of-way line of Olive Road, and the easterly right-of-way line of Olive Road extended to the north to a point 690 feet north of the centerline of Brick Road.