9/14/1987 - Laserfiche WebLink

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� � r Other Immediate Long Term Debt Needs Court Facility Downtown Redevelopment Additional Administrative Offices Health Facility Jail Phases IV and V Road Infrastructure Development of Additional County Parks Wetlands Purchase North Beach Utility Purchase Chairman Scurlock asked if the 2 million shown for Indian River Boulevard North is net after impact fees are used as that north extension obviously is going to require substantially more than 2 million dollars. OMB Director Baird advised that is the amount they felt they might be short as far as cash flow is concerned. They did not take impact fees into consideration as it is too difficult to determine what they will amount to because of the many factors involved; also, you can't bond based on impact fees - you can bond on gas tax monies. The 2 million is what we would have to borrow if we didn't have enough built in our gas tax money. Based on our cash flow projections, if we used all the gas tax revenue in Fund 109, we would probably need 2 million additional, and we would bond the gas tax revenues to cover the 2 million. Chairman Scurlock noted that you can use impact fees to retire the debt; you just can't use them as a primary pledge. He continued to discuss impact fees and zones, and noted that we may be required by the new law to acquire R/W and to pay for it, and what we projected originally did not include large sums for R/W acquisition. The Public Works Director has advised him that R/W acquisition makes up almost 50% of the cost of the project; so, we may have to direct staff to work with our consultant to come up with revised impact fee numbers that include R/W acquisition or else be faced with a substantial shortfall. The Chairman felt staff should move immediately to revisit our impact fee structure. L_ SEP 141987 4 - aov :. 69 PAGE X28