PLACEMENT: Consent
TITLE:
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INITIAL ASSESSMENT RESOLUTION FOR THE SW HONEY TERRACE MUNICIPAL SERVICE BENEFIT UNIT
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EXECUTIVE SUMMARY:
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Board action is requested to adopt the Initial Assessment Resolution to allow for the paving of SW Honey Terrace from SW Citrus Boulevard (CR 76A) to SW Leighton Farm Avenue.
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DEPARTMENT: Public Works
PREPARED BY: Name: George Dzama, P.E.
Title: Capital Projects Manager
REQUESTED BY: SW Honey Terrace Property Owners
PRESET:
PROCEDURES: None
BACKGROUND/RELATED STRATEGIC GOAL:
The Public Works Department is in receipt of a majority ballot vote from the property owners adjacent to SW Honey Terrace in favor of the proposed project for Martin County (County) to pave SW Honey Terrace from SW Citrus Boulevard (CR 76A) to SW Leighton Farm Avenue. SW Honey Terrace is an open public dirt road that is located in Palm City Farms and maintained by the County. There are 31 properties in the proposed project area.
The affected property owners in this project area were sent ballots indicating that the estimated cost of the project would be between $9,326.85 and $11,642.70 per property. The final tally of all the ballots received to date as verified by the Martin County Supervisor of Elections Office indicate 17 properties FOR the project, 6 AGAINST and 8 that did not vote.
Based on the final design and assuming a County contribution is made as described below under Issues, the initial prepayment amount is $9,326.85 per parcel unit (single family dwelling unit equivalent) which is below the estimated range as outlined in the ballots mentioned above. Amortizing the project over a 10 year period at an interest rate of 4.25%, interest will result in an estimated annual payment of $1,164.27 per parcel unit. The annual payment will also include a total of 8.75% in fees; 2% Tax Collector fee, 2.75% tax roll preparer and legal consultants, and 4% adjustment for early tax bill payments. The pr...
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