Fiscal Plan for Arbors at Belleville Annexation Area in Portage Township

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Arbors at Belleville Park Annexation Area E. Buildings and Land Use The Arbors at Belleville Park is an apartment complex consisting of a series of 13 three -story buildings with a club house. An additional 13 three -story buildings will be constructed to the east of the existing buildings. A total of 208 units will be located within the Annexation Area. F. Zoning & Subdivisions The site is zoned "R -2" Multi- family in unincorporated St. Joseph County. It is proposed to be zoned "MF2" upon approval of the City Council and incorporation into the City of South Bend. G. Population The 2000 Census indicates that the average household size per renter - occupied units in South Bend is 2.35. 208 units would generate a population size approximately 489 (208 * 2.35 rounded). H. Tax Rate The tax rates used are those of 2002 payable in 2003. The Township Rate will decrease by $.2187 per $100.00 of assessed valuation with the deletion of the Fire Fighting Fund, Fire Equipment Debt and the Cumulative Fire assessments. The tax rate for the Annexation Area will increase by $2.1341 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 $1.9154 per $100.00 of assessed valuation. Table 1 shows representative tax rate information as published by the St. Joseph County Auditor. I. Assessments 2002 payable 2003, St. Joseph County Auditor property tax records: Land: $0.00 Improvements: $0.00 Net: $0.00 This property has no assessed value assigned to it as of the date of this fiscal plan. The Hurwich Farms apartment complex is being used as the closest available comparison. Net Assessment of Hurwich Farms is $17,208,800 (2002/2003).