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Adopting Fiscal Plan to an Annexation Area in Portage Township Mayflower-Western
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Adopting Fiscal Plan to an Annexation Area in Portage Township Mayflower-Western
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Last modified
10/6/2015 3:55:14 PM
Creation date
10/6/2015 3:55:07 PM
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City Council - City Clerk
City Council - Document Type
Resolutions
City Counci - Date
9/28/2015
Ord-Res Number
4497-15
Bill Number
15-85
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Mayflower-Western Annexation Area 12 <br /> SECTION V. FISCAL IMPACT <br /> 1) Essential city services can be made available to the residents (and territory) of the <br /> Annexation Area in a timely and comparable fashion per the requirements of State law and <br /> this fiscal plan. <br /> 2) The City is financially able to support city services to the territory sought to be annexed. <br /> 3) Required improvements made by the petitioner and/or owner of the parcel(s) must be <br /> made in accordance with the standards of the City of South Bend. <br /> 4) Required improvements made by the City will be completed within the time frames provided <br /> by State law and this fiscal plan. <br /> 5)All figures are estimates. Final cost of capital expenditures, if any, will not be determined <br /> until bids are publicly solicited, contracts are awarded, and projects are closed out. <br /> 6) Property tax revenue and land assessment estimates are based on a combination of: 2014 <br /> payable 2015 tax information, taxes paid in previous years by comparable development, <br /> estimates of units built, estimates of unit values and land assessments, and tax abatements <br /> or adjustments, if any. Tax rates are subject to change every year, and property tax revenues <br /> may be subject to tax caps. <br /> 7) Department expenditures and revenues are derived from the City of South Bend Budget. <br /> 8) The estimated costs to provide services, noted in Section III, Municipal Services, is a City- <br /> wide average based on a particular budget year. In the case of the proposed development in <br /> the Annexation Area, some of these services may not be required or possibly requested for <br /> many years. Hence, the cost of providing services over the first five years should be evaluated <br /> with this in mind. <br />
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