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RECOMMENDATION <br />Due to the high capital cost of this project and the one-time payment and concerns expressed by <br />residents to staff, the following financing mechanism is proposed. These will be treated similar to <br />impact fee loans and assessments, whereas the loan will constitute a lien against the property. <br />Following is a summary of the financing details per parcel or property electing to connect: <br />Loan Amount: <br />Interest: $ 13,637.29 <br />Loan Period: 5.75%* <br />60 -months <br />Payment per month: <br />Total Payment at 60 -months: $ 262.06 <br />$ 15,723.60 <br />*As set by the BCC each year <br />Staff recommends that the Board of County Commissioners approve a 5 -year financing mechanism <br />for the 18 properties to cover the capital cost for project UCP No. 4040 on 66th Avenue between <br />8th and 16th Street. <br />Residents will still be responsible for the standard impact fees and connection fees in addition to <br />the capital costs. <br />ATTACHMENTS <br />Approved Scenario No.2 <br />Capital Cost Financing Information <br />APPROVED FOR AGENDA: <br />Joseph A. Baird, County Administrator <br />> czi--) S a0/1 <br />Date <br />Indian River Co. <br />Administration <br />Legal <br />Budget <br />Utilities <br />Utilities -Finance <br />3-1i -r q <br />F:\Utilities\UTILITY - Engineering\Projects - Utility Construction Permits\IRC - 66th Avenue Phase 2 Roadway4th St to 16th St - Utility Conflicts <br />UCP#4040 Carter Assoc\Agenda Items\BCC agenda item - 5 -Yr Financing Option -03-06-14 three.doc <br />77 <br />