Fiscal Plan for Hidden Creek LLC, Annexation Area in Centre Township

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Hidden Creek LLCAnnexation Area SECTION IV. FISCAL IMPACT 9 1) Essential city services can be made available to the residents (and territory) 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 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 made by the City will be completed within the time frames provide by State law and 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. 2002 payable 2003 tax rates, taxes paid in previous years by a comparable development, estimates of units built, estimates of unit values and land assessments, and tax abatements or adjustments, if any. 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 largely reduced, and the costs reflected in this fiscal impact should be evaluated with this in mind.