Fiscal Plan for Oliver Memorial Trust Annexed Area in Penn Township

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taxes due in future years will rise proportional to the development of the lots. Based on comparable lot sizes and the indication of the value of the homes that will be constructed, it is estimated that the total tax income for the development will be approximately $255,857.00 per year. The adjacent subdivision of Topsfield was used for comparative purposes. H. Councilmanic District The Annexation Area will be in Councilmanic District 5. SECTION III. STATE LAW REQUIREMENTS This annexation meets the state law requirements pursuant to Indiana Code 36- 4 -3 -5. This section of the Code pertains to owners of land who desire to have their property, if such property is contiguous, annexed to a municipality. The Petition to annex is signed by at least 51% of the owners of the land in the territory sought to be annexed. The Petition has been signed by the trustee of the Oliver Trust Memorial Foundation who represents all of the owners of the land within the Annexation Area. The property is at least 1/8 (one- eight; 12.5 %) contiguous to the South Bend City limits, as evidenced by the Legal Description and the Location Map, both of which are a part of this annexation plan. 73.77% of the aggregate external boundaries of the annexed area coincide with the boundaries of the City. Section IV of this annexation plan is a compilation of the service reports from City departments, and shows that the City is physically and financially able to provide municipal services to the territory sought to be annexed. - 3 -