Approving improvements to be made in annexed territory pursuant to annexation ordinance requiring impoundment of taxes

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RESOLUTION NO. y.2 y- -7-4 A RESOLUTION APPROVING IMPROVEMENTS TO BE MADE IN ANNEXED TERRITORY PURSUANT TO ANNEXATION ORDINANCE REQUIRING IMPOUNDMENT OF TAXES. WHEREAS, the area described in Ordinance 5009-68, and which real estate is specifically described in the Ordinance attached hereto and made a part hereof and marked Exhibit A, was annexed to the City of South Bend effective 7-12-73 ; and WHEREAS, said Ordinance provides pursuant to provision permitted by the annexation laws of the State of Indiana for impoundment of one-half of all municipal property taxes to be imposed upon the annexed territory for a three year period following the effective date of the annexation; and WHEREAS, it is presently estimated that $37,800 will be collected for impoundment pursuant to said Ordinance over a three year period; and WHEREAS, the Board of Public Works of the City of South Bend proposes to extend municipal services and benefits and make public improvements for the benefit of the annexed area during 1974 by using the funds which at a later date will be appropriated for such purpose and which benefits and improvements will be of a cost and benefit in excess of the amount of property taxes to be impounded for said area over the three year period. NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of South Bend, Indiana: SECTION I. The City of South Bend in discharge of its obligation under Ordinance No. 5009-68 to use one-half of the municipal property taxes collected and impounded over a three year period for the extension of municipal services and benefits and the making of public improvements in said territory, shall during 1974 or as soon thereafter as practicable, extend the following services and benefits and make the following improvements in the annexed territory : A. Construct sanitary sewer project for which the City' s share of the cost will be $30 ,000. 00. B. Make street improvements for Denslow and Inwood Streets at a cost of $88,000.00. C. Pave Sampson Street at a cost of $10 ,000. 00. D. Install street lights in the area at an estimated cost of $1600. 00 per year. SECTION II. That municipal property taxes impounded in the future for the benefit of said area shall upon receipt for impoundment be transferred by appropriate ordinance to reimburse the funds from which the monies for the improvements herein set forth will in the future be appropriated. SECTION III. This Resolution shall be in full force and effect from and after its passage by the Common Council, and its approval by the Mayor. FILED IN CLERK'S OFFICE Member of'thb Common Council (r1 Ay 8 1974 Irene Gammon PRESENTED S-/ 3 - '7 '� CITY CLERK, SOUTH BEND, IND. NOT APPROVED ADOPTED S - ! 3 - 12 �/