This action will adopt a resolution to determine the final cost of the project and cost on a per front footage basis to the property owners. The property owners requested a Municipal Service Benefit Unit (MSBU) be created to pave Burgundy Farms Road in unincorporated Lee County, Florida. Burgundy Farms Road is east of Alico Road and north of Corkscrew Road. The MSTBU office received 18 petitions (of the 32 parcels) in favor of this project, therefore meeting the required 50%+1. The estimated cost of the project was $489,532. The proposed methodology that will be used is Front Footage Basis. The total front footage is 10,440 feet and the anticipated cost per foot was $46.89. The MSBU was created by Resolution No. 18-12-03, on December 04, 2018.
The final cost of the project was $460,937. Administrative Code 3-25 allows the County to contribute, from available MSBU funds, up to 20% of certain project costs, which reduces the cost to property owners by $92,187. There are 32 parcels and each EAU/parcel will be assessed according to their measured front footage as shown on the attached assessment list.
Property owners now have a choice to pay the per front footage assessment in full within 30 calendar days of this meeting at a cost per front footage of $35.32, or they can chose to amortize the cost (including additonal financing cost) over a period of 10 years on their property taxes. Those property owners electing to finance the assessment will have their assessment adjusted with the loan interest and closing costs. The loan interest rate will be determined at the signing of the long term loan agreement approved after the 30 calendar day period. The first assessment payment will be on the November 2020 Property Tax Bill.
This action will adopt a resolution that will allow for the execution of the loan documents with Synovus Bank, N.A., for long-term financing of up to $460,937 for the Burgundy Farms Road Paving CIP MSBU.