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MAY 2 1 mu 8, PmJE 451 <br />COMMISSIONER SCURLOCK'S REPORT ON PRESENTATION GIVEN TO <br />PROFESSIONAL SERVICES ADVISORY COMMITTEE <br />PRESENTATION TO <br />INDIAN RIVER COUNTY, FLORIDA <br />PROFESSIONAL SERVICES ADVISORY COMMISSION <br />-IMPACT FEE LINE EXTENSION FINANCING PROGRAM <br />Existing Program <br />.Property owners may pay one-time impact fee to the County, <br />.,using their own funds. <br />Property owners may pay a one-time impact fee to the County, <br />i <br />using funds borrowed from a lending institution. <br />Property owners may agree to pay a special assessment in <br />lieu of an impact fee to the County over a two to five year <br />period. The current interest rate on the special assessment <br />is 12%. **Prove need to Board of County Commission and get <br />extended payment of 5 years. <br />Option I - Specific Project Loan Program <br />County issues 15 year Bonds -to finance specific projects <br />that are expected to be paid for with impact fees over the <br />next 3 to 5 years. <br />The Bonds will be fully amortized over the term on the <br />Bonds. <br />The County will deposit the Bond proceeds into the Impact <br />Fee Fund and ufie the monies -to pay the costs of the <br />projects. <br />Property,owners may pay one-time impact fee to the County. <br />Property owners may agree to pay a special assessment in <br />lieu of an impact fee over a 10 year period. The interest <br />rate will be approximately 7.75% under current market <br />conditions. <br />The Bonds will be repaid from the impact <br />fees and the <br />special assessments in lieu of impact fees. <br />To obtain a rating or bond insurance, the <br />Bonds will be <br />further secured by one of the following: <br />1.• Nater and sewer system revenues. <br />2, Franchise Fees. <br />3. Gas Tax revenues. <br />r <br />4. Covenant to budget and appropriate <br />non -ad valorem <br />revenues. <br />Option II - Revolving Capital Improvements Fund <br />County issues 20 year Bonds to finance _unspecified expansion <br />projects over the <br />next 10 years. <br />.. The Bonds will have a single maturity in the <br />provisions for optional <br />20th•year, with <br />redemption. <br />The County will deposit the Bond proceeds <br />Fee Fund and the <br />into the Impact <br />..use monies to pay the costs <br />that can be funded with impact fees. <br />of projects <br />73 <br />i <br />