PENDLETON — Exact numbers for an annexation fiscal plan are still not complete, leading the Pendleton Town Council to tentatively schedule a special meeting on June 19 to finalize how much the proposed annexation will cost the town.
Lawyer Buzz Krohn was at the meeting with a fiscal plan draft that was still missing some numbers including how much road repairs might cost as the town looks to take in an additional 3.9 miles of road.
Krohn did have some exact numbers, however. The town is going to be taking in 750 acres of land that is broken into 24 parcels of land, 12 of which are homestead properties. Approximately 35 people will be coming into the town if the annexation ordinance, which has already had a first reading, is ultimately approved.
Krohn said the area has about a $1.7 million tax base the town could tap into if it moves forward.
Overall, Krohn said, the costs and revenues from the annexation would be negligible because the town is taking in such a small amount of land. He said where the town could eventually make some money is down the road if the area just east of exit 214 expands commercially.
He advised taking over the electric service territory in the area, which he said would be expensive now but could pay big dividends later on.
“This is not going to be a golden egg right out of the box,” Krohn said. “But it’s not going to cost you a lot either and eventually that area is going to be worth a lot of money if you have the electric rights.”
In order to acquire those rights, the town would have to petition the Indiana Utility Regulatory Commission within 60 days of the effective date of the annexation.
The council could have approved the fiscal plan Thursday night but Councilman Chet Babb and others really wanted to get everything finalized before moving forward.