06/25/73 Board of Public Works Minutes

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REGULAR MEETING JUNE 25, 1973 City at an annual expense of $15,000. Funds for this maintenance will come from appropriations from revenue sharing funds for the first two years and from tax revenues the third year. It is further proposed to make certain capital improvements consisting of lighting the baseball diamond at a cost of $65,000 and add additional bleachers at a cost Of $10,000. Additional playground equipment for the Clay Park and school sites would cost about $7,000. It is proposed that these expenditures will come from the City's cumulative capital improvement fund. SECTION 5. The Board of Public Works determines that revenue to City to be anticipated from such annexation will be derived from the following: a. Property tax revenue based upon the assessed valuation of $18,368,822 at a City tax rate of $5.04 per $100 of assessed valuation to produce $925,789 to be derived from tax payment made for 1974 payable 1975 taxes. b. Revenue from distribution of State collected taxes on a per capita basis based upon population estimated at 10,830 people. C. Motor vehicle highway tax Special $0.02 MVH tax Cigarette tax to General Cigarette tax to CCIF $8.85 per capita 6.60 per capita Fund 1.20 per capita 4.41 per capita $21.06 d. Total distribution of State collected taxes is estimated to be $228,079 per annum. e. Estimated revenue sharing distribution from the Federal Government is estimated annually to be in the amount of $164,318. SECTION 6. That for a period of three (3) years after annexation shall take effect, municipal property taxes to be imposed upon the annexed territory shall be impounded as follows: First year - 100% Second year - 75°/ Third year - 50% and placed in a special fund solely for the benefit of the annexed territory, its property owners and inhabitants, in the extension of municipal services and benefits and the making of municipal or public improvements in the annexed territory. Adopted this 25th day of June, 1973. BOARD OF PUBLIC WORKS s/ Rollin E. Farrand s/ James R. Seitz ATTEST: s/ Patricia DeClercq CLERK ATTACHMENT LEGAL DESCRIPTION OF LAND IN GERMAN OR CLAY TOWNSHIP ST. JOSEPH COUNTY INDIANA Beginning at the intersection of the south right of way line of the Toll Road and the east line of Section 29, Twp. 38 North, Range 3 East; thence west alone the south right of way line of the Indiana Toll Road a distance of one mile to the west line of Section 29, Twp. 38 North, Range 3 East; thence north along the west line of Section 29, Twp. 38 North, Range 3 East to the north right of way line of the Toll Road; thence westerly along the north right of way line of the Toll Road to the north and south centerline of Section 25, Twp. 38 North, Range 2 East, which line is also the east city limits line of the Town of Roseland; thence north along the east city limits line of the Town of Roseland to the