PLACEMENT: Consent
TITLE:
title
INITIAL ASSESSMENT RESOLUTION FOR THE SE FLAMINGO DRIVE SOUTH MUNICIPAL SERVICE BENEFIT UNIT
end
EXECUTIVE SUMMARY:
executive summary
Board action is requested to adopt the Initial Assessment Resolution to allow for the paving of SE Flamingo Drive from SE Duncan Street to SE Sharon Street.
body
DEPARTMENT: Public Works
PREPARED BY: Name: Kim McLaughlin
Title: Public Works Grants Coordinator
REQUESTED BY: SE Flamingo Drive 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 on SE Flamingo Drive for Martin County (County) to pave and perpetually maintain 666 feet of SE Flamingo Drive from SE Duncan Street to its south terminus. SE Flamingo Drive is an open public road located in Hobe Sound, Florida that is publicly dedicated but currently privately maintained. There are eight 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 $12,878 and $16,097.50 per property. The final tally of all the ballots received to date as verified by the Martin County Supervisor of Elections office indicate 6 properties FOR the project, 2 AGAINST and 0 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 $14,652 per parcel unit (single family dwelling unit equivalent) which is within the estimated range as outlined in the ballots mentioned above. Amortizing the project over a 10-year period at an interest rate of 2.25% will result in an estimated annual payment of $1,811.05 per parcel unit. The annual payment includes 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. This project will be financed t...
Click here for full text