Fiscal Plan for U.S. 31 South Annexation Area in Centre Township

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US 31 South Annexation Area 8 SECTION IV. FISCAL IMPACT The cost of providing city services to the Annexation Area can be absorbed by Department budgets: 1) essential city services and facilities are or can be made available to the residents of the Annexation Area 2) the city is physically and financially able to provide city services to the territory sought to be annexed Summary Table - Fiscal Impact 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. Property tax estimates are based on 1997 payable 1998 tax rates, taxes paid in previous years by a comparable development, estimates of units built, and no tax abatements. Tax rates are subject to change every year. Capital & Non - Capital Expenditures (est.) Revenue (est.) 1998 -2002 Extension Sewer $515,000 developer cost $435,000 Water $625,592 developer cost $375,592 Street Lights $50,000 developer cost $50,000 Police $0.00 Fire $0.00 Street Crack Seal $50,000 developer cost $50,000 Sanitation $0.00 TOTAL $1,240,592 $910,592 Property Tax tax year 97/98 (unincorporated) $122,781 $0.00 current development tax year 98/99 (unincorporated) $0.00 current development tax year 99/2000 $78,200 current development + tax year 2000 /2001 $187,410 current development + tax year 2001/2002 $296,620 TOTAL Taxing revenue (est.) $562,230 Assessed Value (est) $4,979,970.00 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. Property tax estimates are based on 1997 payable 1998 tax rates, taxes paid in previous years by a comparable development, estimates of units built, and no tax abatements. Tax rates are subject to change every year.