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HomeMy WebLinkAboutDocumentation_Regular_Tab 05E_02/12/2004 � i � � TEQUESTA UTILITIES ` MEMORANDUM V "� TO: MICHAEL R. COUZZO, VII.,LAGE MANACTER FROM: RUSSELL K. WHITE, PUBLIC SERVICES MANAGER SUBJECT: SEABROOK ROAD SWALE EXCAVATION DATE: FEBRUARY 3, 2004 CC: MARY MILES, VII.LAGE CLERK The Seabrook Road project is being done to help control Stormwater runo� consistent with aur Stormwater Utility policy. This project will help to recharge the aquifer, while filtering impurities out of the stormwater runoff. This is a budgeted project far F/Y 2003/2004. � Tequesta Water Utilitv - Tropic Vista Expansion Project The Village of Tequesta's expansion of its water utility distribution system into the Tropic Vista area of Martin County. Q. Why would the Yillage want to expand it water utility distribution system into Martin County? A. The Village will receive additional water sales revenue. Q. Who will be responsible for the construction of the expansion? A. The Village of Tequesta will contract the work to expand the distribution system. Q. Why should the Village of Tequesta be responsible for the construction of the water expansion project? A. The Village of Tequesta will own the assets (lines, meters etc), the right to service this area and collect revenue for a specified time. Q. Who will pay for the construction of this expansion project? A. The Village of Tequesta will acquire a tax-exempt loan to pay for the construction of the project and the lot owners, receiving benefit from the water lines, will repay the costs of the project by means of a special assessment on their property. Q. Why doesn't Martin County take out a loan to finance this project? A. Although residents of Martin County will receive the benefit of better water quality, Village of Tequesta will own the assets and receive the revenue from water sales and be granted exclusive rights to service this area for a specified term. Q. How will the Village of Tequesta repay the loan? A. Through special assessments placed upon the property of the residents within the area of expansion (Tropic Vista MSBL�. Martin County will prepare and certify an annual Assessment Roll to the Martin County Tax Collector for each Fiscal Year, as required by Section 197.3632, Florida Statutes and as such will be collected on the ad valorem tax bill. Martin County will forwaxd the Village of Tequesta's portion of the assessment and the Village will use the assessment proceeds to pay for the debt service on the loan. Q. Will the Village of Tequesta guarantee the repayment of this loan with property tax revenues. A. No, the loan will be secured by an interlocal agreement with Martin County to collect special assessments and forward them to the Village of Tequesta Q. What happens if a lot owner doesn't pay the assessment? A. Assessments imposed against property located within the MSBU for each Fiscal Year shall constitute a lien upon the Tax Parcels located in the MSBU. Failure to pay the assessments will cause a tax certificate to be issued against the property which may result in a loss of title.