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Resurrection Lutheran Annexation Area 11 <br /> SECTION V. FISCAL IMPACT <br /> 1) Essential city services can be made available to the residents (and territory) of the <br /> Annexation Area in a timely and comparable fashion per the requirements of State law and <br /> this fiscal plan. <br /> 2)The City is financially able to support city services to the territory sought to be annexed. <br /> 3) Required improvements made by the petitioner and/or owner of the parcel(s) must be <br /> made in accordance with the standards of the City of South Bend. <br /> 4) Required improvements made by the City, if any, will be completed within the time frames <br /> provided by State law and this fiscal plan. <br /> 5)All figures are estimates. Final cost of capital expenditures, if any, will not be determined <br /> until bids are publicly solicited, contracts are awarded, and projects are closed out. <br /> 6) Property tax revenue and land assessment estimates are based on 2022 payable 2023 tax <br /> information, assessments of comparable developments, estimates of units built, estimates of <br /> unit values and land assessments, and tax abatements or adjustments, if any. Tax rates are <br /> subject to change every year, and property tax revenues may be subject to tax caps. <br /> 7) Department expenditures and revenues are derived from the City of South Bend Budget. <br /> 8)The estimated costs to provide services, noted in Section III, Municipal Services, is a City- <br /> wide average based on a particular budget year. In the case of the proposed development in <br /> the Annexation Area, some of these services may not be required or possibly requested for <br /> many years. Hence, the cost of providing services over the first five years should be evaluated <br /> with this in mind. <br />