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SOUTH BEACH IMPACT FEES <br />The Board reviewed the following memorandum from the <br />County Administrator: <br />TO: Honorable Members of the BATF: November 20, 1981 FILE: <br />Board of County Commissioners <br />SUBJECT: South Beach Impact Fees <br />(a) Memo, Liner to Nelson, <br />Potential Problems/So. Beach, <br />dated 10/26/81 <br />(b) Letter, Roger Wheelwright <br />FROM. Neil Nelson, County Admin. REFERENCES: to Neil Nelson, dated 11/4/81 <br />(c) Letter, Livengood to Nelson <br />dated 11/13/81 <br />DESCRIPTION AND CONDITIONS <br />There is mounting concern of the slow response of impact fees for <br />South Beach coming in. After the initial rush we have only received 4 <br />in the past two weeks (see Ref. a and b). Some of the developers have <br />made promises of subsequent payments so that they can hold the money and <br />receive the interest income from it before turning it loose to the county. <br />The letter (Ref. b) from Mr. Wheelwright exemplifies the problem and <br />concern about making the impact fee payment. <br />Each person interested in getting the water service is informed <br />that if he delays, he runs the risk of being excluded from the 255 <br />connections. Simultaneously, we inform him that if we fall short of <br />accruing the $790,000 escrow, his money will be refunded. The developer <br />(or resident) then has to decide how he wants to handle this paradox. <br />ALTERNATIVES AND ANALYSIS <br />Ref. (c) suggests establishing a firm date when impact fees are <br />to be paid to the county before the 120 day period expires. It further <br />suggests that the county pay interest to the developers up to the <br />deadline date (i.e. expiration of the 120 day period). This would_ <br />remove the objection the developers have of paying the impact fee <br />early and losing the interest. Review of this matter with the finance <br />director indicates that it will be practical to pay up to 100,10 interest <br />for all parties who pay the impact fee before the 120 day period <br />expires. <br />The alternative is to run the risk (indicated in Ref. b) of allowing <br />developers and customers to apply right up to the 120 day deadline and <br />then trying to salvage the terms of the agreement with Vero Beach. <br />RECOMMENDATION AND FUNDING <br />We recommend that all South Beach escrowed money be deposited to <br />an interest bearing account. All parties who pay impact fees will be <br />entitled to receive up to 10; average annual interest, pro -rated for <br />the period of time the county holds the money up to the 120 day°deadline <br />date. <br />QEC 2 198.1 <br />29 <br />BooK 48 mu 252 <br />