Fiscal Plan for Oliver Memorial Trust Annexed Area in Penn Township

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D. Population There are no people currently living on the site. E. Buildinas and Land Use The Annexation Area is currently vacant land, and has no structures located on it. A developer has submitted a Preliminary Plat to the Area Plan Commission for the development of the Annexation Area into single - family lots. A Final Plat will not be approved until the annexation is effectively annexed into the City. In conjunction with some additional vacant land to the north and adjacent to the Annexation Area and already in the City, the developer proposes to develop a 52 lot subdivision to City standards. Average lot sizes are indicated to be approximately 3/4 acre. F. Zoning The site is presently 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. Since a developer has formally submitted a Preliminary Plat to the Area Plan Commission for the development of the site into single - family lots, the zoning of the parcel will remain as "A" Residential. G. Tax Rate and Assessment Since the City of South Bend provides fire service, the Township Rate will decrease by $0.4095 per $100.00 of assessed valuation with the deletion of the Fire Fighting, the Fire Debt and the Cumulative Fire Fund assessments. The tax rate for the Annexation Area will increase by the addition of the City and Town Rate, the Redevelopment District Rate and the South Bend Transpo Rate. The tax rate for South Bend -Penn is 15.8750. 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 shows the tax rate information as published by the St. Joseph County Auditor. The current, net assessment of the property is $32,760.00 resulting in a net tax of $3,053.09. Assuming the property remains vacant, annexation of the property would result in a new net tax of $4,401.32, based on current tax rates and calculations. Since the Annexation Area will be developed into single - family lots, the net - 2 -