Fiscal Plan for Krechimer Annexation Area in Penn Township

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Penn Township property records, in addition to a site inspection by the City, confirm the annexation area as being vacant and that it includes no improvements. Therefore, this property has zero population density. F. Buildings and Land Use There is no dwelling unit within the Annexation Area. The property within the Annexation Area is vacant. G. Zoning The site is zoned "R" Residential in unincorporated St. Joseph County. Upon annexation it will be zoned "A" Residential per the requirements of Chapter 21 of the Municipal Code of the City of South Bend. Upon the effective date of the annexation, it is anticipated that the property will remain "A" Residential until such time that present or future owners chose to exercise their right to petition the City for rezoning through the City's standard procedures. H. Tax Rate Since the City of South Bend will be providing fire service upon incorporation of the Annexation Area, the Township Rate will decrease by $.4095 per $100.00 of assessed valuation with the deletion of the Fire Fighting Fund, the Cumulative Fire Fund, and the Fire Debt Fund assessments. The tax rate for the Annexation Area will increase by $5.5989 per $100.00 of assessed valuation with the addition of the City and Town Rate, the Redevelopment District Rate and the South Bend Transpo Rate. The net increase in property taxes will be $5.1894 per $100.00 of assessed valuation. The tax rates used are those of 1991 payable in 1992. Table 3, in the Appendix shows the representative tax rate information as published by the St. Joseph County Auditor. I. Assessments Net assessments noted are the most up -to -date available from the 1991 payable 1992 property tax records. Real Property $24,340.00 Personal Property 0.00 TOTAL $24,340.00 Property tax records indicate that the property tax bill for the Annexation Area payable in 1992 is $2,268.40 (penalties not included). Assuming that factors remain constant, the property 0