Fiscal Plan for LT Leasco Annexation Area in Centre Township

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Measco, LLCAnnexation Area 10 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: - 2003 payable 2004 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. Tax and land assessments for purposes of Table 1 are adjusted to reflect an approximate two -year delay to compensate for when actual measurement of assessments are actually done on properties. 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.