Fiscal Plan for Waggoner's Dairy Farm, Inc. Phase II Annexation Area in German Township

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Waggoner's Dairy Farm, Inc. Phase II Annexation Area 11 SECTION IV. FISCAL IMPACT 1) Essential city services can be made available to the current and future property owners of the Annexation Area in a timely and comparable fashion, per the requirements of State law and this fiscal plan. 2) The City is financially willing and able to support city services to the territory sought to be annexed. 3) Required improvements made by the petitioner and/or owner of the parcels must be made in accordance with the standards of the City of South Bend. 4) Required improvements and services made and offered by the City of South Bend will be completed and provided within the time frames required by State law and stated in this fiscal plan. 5) All figures are estimates. Final cost of capital expenditures, if any, will not be determined until bids are publicly solicited, contracts are awarded and projects are closed out. 6) Property tax revenue and land assessment estimates are based on a combination of- - 2004 payable 2005 tax rates - taxes paid in previous years by a comparable development - estimates of units built - estimates of unit values and land assessments. Tax rates are subject to change every year. 7) Department expenditures and revenues are derived from the City of South Bend Budget. 8) The estimated costs to provide services, noted in Section III, Municipal Services, is a City-wide average based on a particular budget year. In the case of the proposed development in the Annexation Area, some of these services will not be required or possibly requested for many years. Hence, the cost of providing services over the first five years is adjusted, and the costs reflected in this fiscal plan should be evaluated with this in mind. 9) A development agreement with the City of South Bend has not been entered into. Exhibit `B ". Portage Prairie Planned Unit Development dated February 9 2005 as submitted by the developer as a part of his Petition, will provide a context for detailed discussions between the developer and the City of South Bend. Additional requirements may be added. The South Bend Redevelopment Commission and the City of South Bend policy on matters such as this, has historically been to sequester taxes generated within the development area through a tax increment financing district. The Annexation Area is adjacent to the Airport Economic Development District. It will be the developer's responsibility to provide all public works improvements above and beyond that which can be financed through the development agreement with the City.