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Lafayette Falls Extension Annexation Area 11 <br /> <br /> <br /> <br />SECTION V. FISCAL IMPACT <br /> <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 /> <br />2) The City is financially able to support city services to the territory sought to be annexed. <br /> <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 /> <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 /> <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 /> <br />6) Property tax revenue and land assessment estimates are based on 2023 payable 2024 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 /> <br />7) Department expenditures and revenues are derived from the City of South Bend Budget. <br /> <br />8) The estimated costs to provide services, noted in Section III, Municipal Services, are 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 /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br />