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

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RESOLUTION NO. 8 , 1974 A RESOLUTION AUTHORIZING 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. 00 will be collected for impoundment pursuant to said Ordinance over a three year period; and WHEREAS, it is now proposed to extend certain municipal services and benefits and make public improvements for the benefit of the annexed area during 1974, 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 Board of Public Works 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 , now proposes during 1974, or as soon thereafter as practicable, to extend the following services and benefits and make the following improvements in said annexed territory : A. Construct sanitary sewer project for which the City ' s share of the cost will be $30,000. 00. r 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. I. SECTION II. That said improvements and benefits herein set forth shall be made in discharge of the obligation of the City of South Bend under said Ordinance to impound in a special fund and to use solely for the benefit of the annexed territory one-half of the municipal property taxes collected in the next three ,years from said territory. i BOARD OF PUBLIC WORKS CLERK Adopted this 13th day of May, 1974.