A.  Conduct a Public Hearing to approve the final assessment for the Sunset Cove Channel Dredge Capital Improvement Program (CIP) Municipal Service Benefit Unit (MSBU).  

B.  Adopt a resolution to ratify the completion of the construction of improvements and comfirming 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 $450,898 for the Sunset Cove Channel 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 entrance channel to the residential canal system between Bayside Dr and Travers Ave in Fort Myers in order to access the Caloosahatchee River. The Sunset Cove Channel is on the southeast side of the Caloosahatchee River, between the Cape Coral Bridge and the Midpoint Memorial Bridge, off of McGregor Blvd.

The MSTBU office received 32 petitions (of the 61 parcels) in favor of this project, therefore meeting the required 50%+1.  The estimated cost of the project was $393,395.  The assessment methodology that will be used is a Per Parcel Basis.  The MSBU was created by Resolution No. 18-04-06, on April 03, 2018.

The final cost of the project was $450,898.  The project costs were higher than estimated due to an eleven percent (11%) increase in the volume to be removed, higher than estimated bid results, and the removal of additional unpermitted piles.  The cost increase is less than the fifteen percent (15%) maximum increase allowed by Administrative Code 3-15.  Administrative Code 3-25 allows the County to contribute, from available MSBU funds, up to twenty percent (20%) of certain project costs, which reduces the cost to property owners by $90,180.   The final cost of the project to the property owners is $360,718, or $5,913.41 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 ten (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 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 $450,898.00 for the Sunset Cove Channel Dredge CIP MSBU.