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INDIAN RIVER COUNTY, FLORIDA DEPARTMENT OF UTILITY SERVICES Date: March 6, 2014 To: Joseph A. Baird, County Administrator From: Vincent Burke, P.E., Director of Utility Services eiv,t,u( V3) Prepared By: Arjuna Weragoda, P.E., Capital Projects Manager /10 Subject: Financing Capital Cost on the 66th Avenue Watermain Project From 8th Street to 16th Street Indian River County Project No: UCP 4040 It is requested that the following information be given formal consideration by the Board of County Commissioners at its regular meeting of March 18, 2014. DESCRIPTIONS AND CONDITIONS: On January 21, 2014, The Board of County Commissioners (BCC) approved a cost recovery method to collect a proportionate project costs for UCP No. 4040 if and when a resident makes an application for service along 66th Avenue between 8th and 16th Street. The approved alternative was scenario No. 2, which was the 70/30 split. The equitable per parcel capital cost in scenario No. 2 to be collected during connection is $ 13,637.29. The current County ordinance does not have any provisions to allow financing the capital cost. ANALYSIS The Indian River County Department of Utility Services (IRCDUS) currently finances the impact fees for a period of 5 -years per County Ordinance 201.09. In the case of a Special Assessment Project, the capital cost of the project typically has been financed for a period of 10 -years. Both of these financing mechanisms are tied to the property; therefore the loan triggers a Tien against the property. There is currently no mechanism in County Ordinance to allow for financing non- mandatory capital connection costs. F:\Utilities\UTILITY - Engineering\projects - Utility Construction Permits\IRC - 66th Avenue Phase 2 Roadway4th St to 16th St - Utility Conflicts UCP#4040 Carter Assoc\Agenda Items\BCC agenda item - 5 -Yr Financing Option -03-06-14 three.doc 76