Discussions on annexing Shadow Lake into Greenwood continue as the city’s Planning Commission is still considering the issue.
The commission met Monday to discuss the issue further. According to previous research and debate from the Greenwood Annexation Committee, it makes financial sense to annex the estimated 120-home community.
“From a financial aspect, thanks to the population density in that area being what it is, we’ll get some turn-back fees and some increase in property tax on those properties if they came into the city,” Annexation Committee chairman Robert McKinney said. “The recommendation of the committee is that this is feasible for the city to continue to look at.”
Greenwood, with a population of about 9,000, initially took interest in Shadow Lake as part of a larger plan to explore annexation on all sides of the city.
Based on an estimated 120 Shadow Lake properties, Greenwood would receive an additional $24,292 in property taxes annually, according to the committee’s study. It was also estimated that Greenwood would pull in between $69,000 and $82,000 a year in additional state turn-back taxes.
The city provides water and sewage services to Shadow Lake residents, but residents pay 25 percent more than Greenwood residents. The benefits of Shadow Lake becoming a part of Greenwood are an improved fire insurance rating, primary fire and police protection and cheaper water service. Other benefits to the area would be developing commercial zones to provide a boost to the economy.
Planning Director Sonny Bell said the annexation would provide residents access to the Planning Commission panel that would prevent substandard structures and buildings and help with zoning issues.expanding north toward the future Interstate 4 The millage rate for Shadow Lake residents, at 47.20 now, would increase to 52.20, City Councilman Craig Hamilton said. He estimated the annual difference on property taxes for a $200,000 home at $200. - See more at: http://swtimes.com/sections/news/shadow-lake-residents-show-greenwood-annexation-meeting.html#sthash.ukHDn0Jd.dpu
The issue will be turned over to the City Council should the Planning Commission approve the annexation of Shadow Lake; however, a combined vote of both the city and Shadow Lake residents would be required for final approval.
“I just want to make an informed decision based off of numbers, based off of feedback, based off of zoning and the master street plan; that’s all I’m asking because I can’t just take numbers and say that this is the right thing to do,” Planning Commission member Ken Gish said. “It’s not a hostile takeover. We just need to decide what’s right for them and what’s right for Greenwood.”
Bell said a final decision to annex is still far off.
“It’s a long process,” Bell said. “I could say a year, but that’s pushing it. We want everyone involved in the process to have a chance to express their opinion.”
The Planning Commission will discuss the issue further in its next scheduled meeting in October.of about 9,00xxx