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South Bend Redevelopment.Commission <br />Special Meeting— August 8, 2002 <br />6. NEW BUSINESS (CONT.) <br />E. Airport Economic Development Area <br />(4) continued... <br />10 acre lake. At the same time, <br />Mr. Cooremen will begin to develop 100+ <br />single family homes in Section "C" ranging <br />in price from $150,000 to $300,000 on City <br />water and sewer. Section C will remain <br />outside the city limits. The annexation <br />process for Section "C" would not begin <br />until the subdivision in Section C is <br />substantially complete. <br />Mr. Hunt continued to explain that the MOU <br />requires the City to bring main line sewer <br />west to Orange Road. The Developer will <br />then be responsible for main line sewer up <br />Orange Road to the area that will be <br />annexed in the future (Section "C "). The <br />Developer will also be responsible for all <br />internal site improvements including water <br />and sewer, road work, excavation, street <br />lights, etc. for both Projects. The residents <br />buying homes in Section "C" will be on City <br />water and sewer and will be required to enter <br />into a compact that will necessitate those <br />homeowners to pay a differential property <br />tax rate, (not the County rate), but a higher <br />tax rate. It would be a 50% differential <br />between the City's tax rate and the County <br />tax rate. This would generate additional <br />monies for the City. These amounts will <br />probably be invoiced on water bills. In <br />addition, because these homes are initially <br />outside the City, there will be a surcharge on <br />the utility services. At some point in time, <br />perhaps five (5) years, the City will move on <br />annexation assuming the Project is <br />11 <br />