A.  Conduct a Public Hearing to approve the final assessment for the Marina/Coral Circle Canal Dredge Capital Improvement Program (CIP) Municipal Service Benefit Unit (MSBU).  

B.  Adopt a resolution to ratify the completion of the construction of improvements and confirming a preliminary assessment roll. 

C. Authorize Chair to sign a resolution that will allow for the execution of the loan documents with Synovus Bank for long-term financing of up to $387,632 for the Marina/Coral Circle Canal Dredge Capital Improvement Program (CIP) Municipal Service Benefit Unit (MSBU) and authorize Budget Amendment Resolutions to reflect this transaction.

D.  Authorize the County Manager, or his designee, to do those things necessary to complete the final financing of the MSBU Project with the selected lender.

This action will adopt a resolution to determine the final cost of the project and cost on a per parcel basis to the property owners.  The property owners requested a Municipal Service Benefit Unit (MSBU) be created perform maintenance dredging of the residential canal between Marina Circle and Coral Circle in North Fort Myers in order to access the Caloosahatchee River. The Marina/Coral Circle Canal is on the northwest side of the Caloosahatchee River, approximately halfway between the Caloosahatchee Bridge and the Midpoint Memorial Bridge, off of Orange Grove Blvd.

The MSTBU office received 11 petitions (of the 20 parcels) in favor of this project, therefore meeting the required 50%+1.  The estimated cost of the project was $385,729.  The assessment methodology that will be used is a Per Parcel Basis.  The MSBU was created by Resolution No. 17-04-16, on April 18, 2017.

The final cost of the project was $387,632.   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 $77,526.   The final cost of the project to the property owners is $310,105, or $15,505.27 per parcel as shown on the attached assessment list.

Property owners now have a choice to pay the per parcel assessment in full within thirty (30) calendar days of this meeting, or they can chose to amortize the cost (including additional financing cost) over a period of fifteen (15) 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 2021 Property Tax Bill.

This action will also 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 $387,632.00 for the Marina/Coral Circle Canal Dredge CIP MSBU.