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Dylan Reingold, County Attorney William K. DeBraal, Deputy County Attorney Susan J. Prado, Assistant County Attorney Public Hearings - B.C.C. 5.16.23 Office of INDIAN RIVER COUNTY MEMORANDUM TO: Board of County Commissioners FROM: Dylan Reingold, County Attorney ATTORNEY DATE: May 8, 2023 SUBJECT: Public Hearing to Consider a Resolution Electing to Use the Uniform Method for the Levy, Collection and Enforcement of Non -Ad Valorem Assessments for Water Portion of North County Septic to Sewer Project - LEGISLATIVE BACKGROUND. On December 20, 2022, the Indian River County Board of County Commissioners voted to move forward with initiating the assessment process under section 197.3632, Florida Statutes, for the water portion of the North County septic to sewer project, which would allow for assessments to be collected on the tax bills that will go out in the fall of 2023. Per section 197.3632, Florida Statutes, prior to this hearing, County staff sent letters by first class mail to all of the property owners subject to this assessment. Additionally, per statute, notice has also been provided by publication in a newspaper generally circulated within Indian River County. The amount to be levied per parcel will be $ 2,247.76. Residents will have the option to pay in full within 90 days of the adoption of Resolution IV, which was approved by the Board on May 2, 2023; otherwise, the amount will be levied over 10 years at a maximum annual percentage rate (APR) of 3.25%, as determined by the Board on May 2, 2023. The total revenue collected will be $361,889.36, plus any interest. FUNDING. The principal assessment would be $2,247.76 per parcel per year for 10 years with a 3.25% interest rate. RECOMMENDATION. The County Attorney's Office recommends that after the public hearing the Board vote to approve the draft ordinance. ATTACHMENT(S). Draft Ordinance Assessment Roll C. VsmWprod*pDamV d1Te 19CL Tedmiopmr=VPDF81(d,BCLWOE3B5FWCWCIE3B5F.dm 243