HomeMy WebLinkAboutCity of Tamarac Resolution R-2007-129Temporary Resolution #11262- August 7, 2007
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CITY OF TAMARAC, FLORIDA
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MAIN STREET (PHASE I) ASSESSMENT AREA
INITIAL ASSESSMENT RESOLUTION
ADOPTED AUGUST 22, 2007
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Temporary Resolution #11262- August 7, 2007
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TABLE OF CONTENTS
ARTICLE I DEFINITIONS AND CONSTRUCTION
Section 1.01. DEFINITIONS........................................................................ 3
Section 1.02. INTERPRETATION............................................................... 8
Section 1.03. GENERAL FINDINGS........................................................... 9
ARTICLE II NOTICE AND PUBLIC HEARING
Section 2.01.
ESTIMATED CAPITAL COST ....................................................
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Section 2.02.
ASSESSMENT ROLL...............................................................
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Section 2.03.
PUBLIC HEARING..................................................................
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Section 2.04.
NOTICE BY PUBLICATION......................................................
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Section 2.05.
NOTICE BY MAIL..................................................................
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ARTICLE III ASSESSMENTS
Section 3.01.
DESCRIPTION OF PROPOSED ASSESSMENT AREA ......................
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Section 3.02.
IMPOSITION OF ASSESSMENTS ................................................
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Section 3.03.
PREPAYMENT AMOUNTS.......................................................
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Section 3.04.
COMPUTATION OF ANNUAL ASSESSMENTS ..............................
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Section 3.05.
INITIAL PREPAYMENT OPTION ................................................
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Section 3.06.
ADDITIONAL PREPAYMENT OPTION .......................................
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Section 3.07.
MANDATORY PREPAYMENT ...................................................
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Section 3.08.
REALLOCATION UPON FUTURE SUBDIVISION ...........................
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ARTICLE IV GENERAL PROVISIONS
Section 4.01. METHOD OF COLLECTON....................................................... 20
Section 4.02. SEVERABILITY..................................................................... 20
Section 4.03. INTENT FOR REIMBURSEMENT FROM PROCEEDS ..................... 20
Section 4.04. EFFECTIVE DATE.................................................................. 21
Appendix A FORM OF NOTICE TO BE PUBLISHED
Appendix B FORM OF NOTICE TO BE MAILED
Appendix C DESCRIPTION OF PARCELS IN THE MAIN STREET (PHASE I)
ASSESSMENT AREA
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Temporary Resolution #11262- August 7, 2007
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CITY OF TAMARAC, FLORIDA
RESOLUTION NO.07-
A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF
TAMARAC, FLORIDA, RELATING TO CERTAIN CAPITAL
IMPROVEMENTS; DESCRIBING THE REAL PROPERTY TO BE
LOCATED WITHIN THE PROPOSED MAIN STREET (PHASE I)
ASSESSMENT AREA; DETERMINING THAT SUCH REAL
PROPERTY WILL BE SPECIALLY BENEFITED BY THE CAPITAL
IMPROVEMENTS; ESTABLISHING THE METHOD OF
ACCESSING THE PROJECT COSTS OF THE CAPITAL
IMPROVEMENTS AGAINST THE REAL PROPERTY THAT WILL
BE SPECIALLY BENEFITED THEREBY; ESTABLISHING OTHER
TERMS AND CONDITIONS OF THE ASSESSMENTS;
ESTABLISHING A PUBLIC HEARING TO CONSIDER
IMPOSITION OF THE PROPOSED ASSESSMENTS AND THE
METHOD OF THEIR COLLECTION; DIRECTING THE PROVISION
OF NOTICE IN CONNECTION THEREWITH; PROVIDING FOR
CONFLICTS, PROVIDING FOR SEVERABILITY AND PROVIDING
FOR AN EFFECTIVE DATE.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE
CITY OF TAMARAC, FLORIDA, AS FOLLOWS:
ARTICLE I
DEFINITIONS AND CONSTRUCTION
SECTION 1.01. DEFINITIONS. As used in this Resolution, the following terms shall
have the following meanings, unless the context hereof otherwise requires.
"Adjusted Prepayment Amount" means the amount required to prepay the Assessment
for each Tax Parcel located in the Assessment Area (A) following issuance of the Original
Obligations, as computed pursuant Section 3.03(B) hereof and revised annually pursuant
to Section 3.04(I) hereof, and (B) following issuance of any Refunding Obligations,
as computed pursuant Section 3.03(C) hereof and revised annually pursuant to Section 3.04(I)
hereof.
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"Annual Debt Service Component" means the amount computed for each Tax Parcel
pursuant to Section 3.04(E) hereof.
hereof .
"Annual Debt Service Factor" means the factor computed pursuant to Section 3.04(D)
"Assessment" means an annual special assessment imposed against real property located
within the Assessment Area to fund the Project Cost of Capital Improvements to serve the
Assessment Area and related expenses, computed in the manner described in Section 3.04
hereof.
"Assessment Area" means the proposed Main Street (Phase 1) Assessment Area
described in Section 3.01 hereof.
"Assessment Coordinator" means the person designated by the Commission to be
responsible for coordinating Assessments, or such person's designee.
"Assessment Roll" means a non -ad valorem assessment roll relating to the Project Cost
of the Capital Improvements and related expenses.
"Capital Cost" means all or any portion of the expenses that are properly attributable to
the acquisition, design, construction, installation, reconstruction, renewal or replacement
(including demolition, environmental mitigation by acquisition or relocation) of the Capital
Improvements and imposition of the Assessments under generally accepted accounting
principles; and including reimbursement to the City for any funds advanced for Capital Cost and
interest on any interfund or intrafund loan for such purposes.
"Capital Improvements" means the following: (1) facilities required for distribution
and use of potable water and recycled wastewater and related improvements; (2) facilities
required for collection of wastewater and related improvements; (3) facilities required to meet
storm water requirements, including but not limited to, drainage lines, swales, retention ponds
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and related improvements; (4) facilities required for placing electric and other utility lines
underground in a conduit to be owned by the City; (5) facilities required for distribution and use
of natural gas and related improvements; and (6) road and ancillary streetscape improvements to
be constructed by the City in the Assessment Area, including but not limited to, road repair,
paving and resurfacing, sidewalks, curbing, decorative lighting, landscaping, pedestrian benches,
decorative signs and monuments and other related improvements.
"City" means the City of Tamarac, Florida, a municipal corporation duly organized and
validly existing under the laws of the State of Florida.
"City Attorney" means the City's Attorney, or such person's designee.
"City Code" means the Code of the City of Tamarac, Florida.
"Collection Cost" means the estimated cost to be incurred by the City during any Fiscal
Year in connection with the collection of Assessments.
"Collection Cost Component" means the amount computed for each Tax Parcel
pursuant to Section 3.04(F) hereof.
hereof.
"Commission" means the City Commission of the City.
"County" means Broward County, a political subdivision of the State of Florida.
"Debt Service Amount" means the amount computed pursuant to Section 3.04(A)
"Excluded Area" means that portion of a Tax Parcel which (A) is used or planned for
use as City wells, road rights -of -way, utility easements, open space, stormwater retention or
drainage purposes, (B) does not otherwise benefit from construction of the Capital
Improvements, and (C) are either (1) owned by the City, or (2) privately -owned and restricted by
agreement to one of the uses described in (A) above.
"Final Assessment Resolution" means the resolution described in 6-67 of the City Code
that imposes Assessments within the Assessment Area.
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"Fiscal Year" means the period commencing on October 1 of each year and continuing
through the next succeeding September 30, or such other period as may be prescribed by law as
the fiscal year for the City.
"Funding Agreement" means the agreement pursuant to which the City agrees to
deliver the Obligations against payment therefore by the purchaser or underwriter of such
Obligations.
"Government Property" means real property owned by the United States of America,
the State of Florida, a county, a special district, a municipal corporation, or any of their
respective agencies or political subdivisions.
"Initial Prepayment Amount" means the amount computed pursuant Section 3.03(A)
hereof for each Tax Parcel located in the Assessment Area to prepay the Assessment in full.
"Local Improvement" means a capital improvement constructed or installed by the City
for the special benefit of a neighborhood or other local area, for which special assessments are
imposed pursuant to the Ordinance.
"Modified Debt Service Amount" means the amount computed pursuant to Section
3.04(C) hereof.
"Obligations" means Original Obligations or Refunding Obligations.
"Ordinance" means Ordinance No. 0-99-12 enacted by the Commission on June 23,
1999, as amended and supplemented from time to time, as codified in Chapter 6, Article III of
the City Code.
"Original Obligations" means a series of bonds or other evidence of indebtedness
including but not limited to, notes, commercial paper, internal loans, capital leases, reimbursable
advances by the City, or any other obligation issued or incurred to finance any portion of the
Project Cost of the Capital Improvements and secured, in whole or in part, by proceeds of the
Assessments.
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"Parcel Area" means the developable geographic area of a Tax Parcel or portion thereof
measured in square feet, rounded to the nearest foot, after taking into account non -developable
and Excluded Area of such Tax Parcel.
"Parcel of Record" means an unplatted parcel of record or a subdivided Platted Lot in
existence on the effective date of this Resolution.
"Platted Lot" means a building lot described on a map or plat recorded in the County's
Official Records on or prior to the effective date of this Resolution.
"Prepayment Modification Factor" means the factor computed pursuant to Section
3.04(B) hereof.
"Project Cost" means all or any portion of the expenses attributable to (A) the Capital
Cost, (B) the Transaction Cost associated with the Obligations, (C) interest accruing on the
Obligations for such period of time as the City deems appropriate, (D) the debt service reserve
fund or account, if any, established for the Obligations, and (E) any other costs or expenses
related thereto.
"Property Appraiser" means the Broward County Property Appraiser.
"Refunding Obligations" means a series of bonds or other evidence of indebtedness
including but not limited to, notes, commercial paper, capital leases or any other obligations of
the City issued or incurred to refund all or any portion of the Original Obligations or any
indebtedness issued to refinance the Original Obligations.
"State" means the State of Florida.
"Statutory Discount Amount" means the amount computed for each Tax Parcel
pursuant to Section 3.04(G) hereof.
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"Tax Parcel" means a parcel of real property to which the Property Appraiser has
assigned a distinct ad valorem property tax identification number.
"Tax Roll" means the real property ad valorem tax assessment roll maintained by the
Property Appraiser for the purpose of the levy and collection of ad valorem taxes.
"Transaction Cost" means the costs, fees and expenses incurred by the City in
connection with the issuance and sale of any series of Obligations, including but not limited to
(A) rating agency and other financing fees; (B) the fees and disbursements of bond counsel and
disclosure counsel, if any; (C) the underwriter's discount; (D) the fees and disbursements of the
City's financial advisor; (E) the costs of preparing and printing the Obligations, the preliminary
official statement, the final official statement, and all other documentation supporting issuance of
the Obligations; (F) the fees payable in respect of any municipal bond or reserve account
insurance policy; (G) administrative, development, credit review, and all other fees associated
with any pooled commercial paper or similar interim financing program; (H) any private
placement fees; and (I) any other costs of a similar nature incurred in connection with issuance of
such Obligations.
"Uniform Assessment Collection Act" means Sections 197.3632 and 197.3635, Florida
Statutes, or any successor statutes authorizing the collection of non -ad valorem assessments on
the same bill as ad valorem taxes, and any applicable regulations promulgated thereunder.
SECTION 1.02. INTERPRETATION. Unless the context indicates otherwise, words
importing the singular number include the plural number, and vice versa; the terms "hereof,"
"hereby," "herein," "hereto," "hereunder" and similar terms refer to this Resolution; and the term
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"hereafter" means after, and the term "heretofore" means before, the effective date of this
Resolution. Words of any gender include the correlative words of the other gender, unless the
sense indicates otherwise.
SECTION 1.03. GENERAL FINDINGS. It is hereby ascertained, determined and
declared that:
(A) Pursuant to Article VIII, Section 2(b) of the Florida Constitution, and Sections
166.021 and 166.041, Florida Statutes, the City has all powers of local self government to
perform municipal functions and to render municipal services except when prohibited by law and
such power may be exercised by the enactment of legislation in the form of City ordinances.
(B) The City may exercise any governmental, corporate, or proprietary power for a
municipal purpose except when expressly prohibited by law, and the Commission may legislate
on any subject matter on which the Legislature may act, except those subjects described in (a),
(b), (c), and (d) of Section 166.021(3), Florida Statutes. The subject matter of paragraphs (a),
(b), (c), and (d) of Section 166.021(3), Florida Statutes, is not relevant to imposition of
assessments related to Local Improvements within the City.
(C) The Commission has enacted the Ordinance (as codified in Chapter 6, Article III of
the City Code) to provide for the creation of Assessment Areas and authorize the imposition of
Assessments to fund the construction of Local Improvements to serve the real property located
therein.
(D) The Capital Improvements constitute a Local Improvement, as defined in the
Ordinance.
(E) The Commission desires to create the Assessment Area to fund construction of the
Capital Improvements.
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(F) The Capital Improvements protect and enhance the value, use and enjoyment of the
property in the Assessment Area by stabilizing or increasing property values, providing
increased identification of a defined commercial area and allowing higher density commercial
development to occur within the Assessment Area, thereby providing a special benefit to such
real property.
(G) Due to the configuration and relative size of the individual parcels, the use of Parcel
Area is the most fair and equitable method of allocating the Capital Cost among Tax Parcels
located within the Assessment Area since each square foot of resulting higher density
developable property (after taking into account the Excluded Area) derives the same benefit from
the Capital Improvements and serves as a proxy for the relative current or future development of
the Tax Parcel.
(H) In order to reduce the financial impact the Assessment will have on the future real
property owners in the Assessment Area, the City has decided to provide financing by allowing
payment of the Assessments over a period of time.
(1) The Commission hereby finds and determines that the Assessments to be imposed in
accordance with this Resolution provide an equitable method of funding the Capital
Improvements by fairly and reasonably allocating the cost to specially benefited real property.
ARTICLE II
NOTICE AND PUBLIC HEARING
SECTION 2.01. ESTIMATED CAPITAL COST. The estimated Capital Cost for the
Capital Improvements is $8,000,000. The Project Cost of the Capital Improvements will be
funded through the imposition of Assessments against real property located in the Assessment
Area in the manner set forth in Article III hereof.
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SECTION 2.02. ASSESSMENT ROLL. The Assessment Coordinator is hereby
directed to prepare a final estimate of the Capital Cost of the Capital Improvements and to
prepare the preliminary Assessment Roll in the manner provided in the Ordinance. The
Assessment Coordinator shall apportion the Project Cost among the parcels of real property
within the Assessment Area as reflected on the Tax Roll in conformity with Article III hereof.
The estimate of Capital Cost and the Assessment Roll shall be maintained on file at City Hall and
open to public inspection. The foregoing shall not be construed to require that the Assessment
Roll be in printed form if the amount of the Assessment for each Tax Parcel can be determined
by use of a computer terminal available to the public.
SECTION 2.03. PUBLIC HEARING. A public hearing will be conducted by the
Commission at 9:00 AM, or as soon thereafter as the matter can be heard, on September 14,
2007, at 7525 N.W. 88th Avenue, Tamarac, Florida, to consider (A) creation of the Assessment
Area, (B) imposition of the Assessments, and (C) collection of the Assessments pursuant to the
Uniform Assessment Collection Act.
SECTION 2.04. NOTICE BY PUBLICATION. Upon completion of the materials
required by Section 2.02 hereof, the Assessment Coordinator shall publish a notice of the public
hearing authorized by Section 2.03 hereof in the manner and the time provided in Section 6-65 of
the City Code. Such notice shall be in substantially the form attached hereto as Appendix A.
SECTION 2.05. NOTICE BY MAIL. Upon completion of the materials required by
Section 2.02 hereof, the Assessment Coordinator shall, at the time and in the manner specified in
Section 6-66 of the City Code, provide first class mailed notice of the public hearing authorized
by Section 2.03 hereof to each real property owner proposed to be assessed at the address
indicated on the Tax Roll. Such notice shall be in substantially the form attached hereto as
Appendix B.
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ARTICLE III
ASSESSMENTS
SECTION 3.01. DESCRIPTION OF PROPOSED ASSESSMENT AREA. The
Commission proposes to create the Main Street (Phase 1) Assessment Area including those
parcels described in Appendix C attached hereto. The Assessment Area is proposed for the
purpose of improving the use and enjoyment of real property by funding the construction of
certain Capital Improvements to permit higher density commercial development to occur on such
real property.
SECTION 3.02. IMPOSITION OF ASSESSMENTS. Assessments shall be imposed
against real property located within the Assessment Area for a period of not -to -exceed twenty
(20) years. The first annual Assessment will be included on the ad valorem tax bill to be mailed
in October or November 2007. When imposed, the Assessment for each Fiscal Year shall
constitute a lien upon the Tax Parcels located in the Assessment Area, pursuant to the Ordinance.
SECTION 3.03. PREPAYMENT AMOUNTS.
(A) The Initial Prepayment Amount for each Tax Parcel located within the Assessment
Area shall be shall be the amount determined by (1) dividing the Parcel Area attributable to such
Tax Parcel by the Parcel Area attributable to Tax Parcels within the Assessment Area, and (2)
multiplying the result by the estimated Capital Cost of the Capital Improvements.
(B) Following issuance of the Original Obligations, an Adjusted Prepayment Amount for
each Tax Parcel, other than those Tax Parcels as to which the Assessment has been prepaid prior
to issuance of the Original Obligations, shall be computed by multiplying (1) the amount
computed by dividing (a) the Initial Prepayment Amount established herein for such Tax Parcel,
by (b) the aggregate Initial Prepayment Amounts for all Tax Parcels within the Assessment Area,
in each case excluding those Tax Parcels as to which the Assessment has been prepaid prior to
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issuance of the Original Obligations, by (2) the principal amount of the Original Obligations.
The Adjusted Prepayment Amount for each Tax Parcel shall be revised annually, as provided in
Section 3.04(I) hereof
(C) Following issuance of any Refunding Obligations, a new Adjusted Prepayment
Amount for each Tax Parcel, other than those Tax Parcels as to which the Assessment has been
prepaid prior to issuance of such Refunding Obligations, shall be computed by multiplying (1)
the amount computed by dividing (a) the Adjusted Prepayment Amount for such Tax Parcel, by
(b) the aggregate Adjusted Prepayment Amounts for all Tax Parcels within the Assessment Area,
in each case excluding those Tax Parcels as to which the Assessment has been prepaid prior to
issuance of such Refunding Obligations, by (2) the principal amount of such Refunding
Obligations. The Adjusted Prepayment Amount for each Tax Parcel shall be revised annually, as
provided in Section 3.04(I) hereof.
SECTION 3.04. COMPUTATION OF ANNUAL ASSESSMENTS. The annual
Assessment shall be computed for each Tax Parcel in the manner set forth in this Section 3.04.
(A) DEBT SERVICE AMOUNT. A "Debt Service Amount" shall be computed for each
Fiscal Year as the amount which would be payable in respect of the Obligations in accordance
with a debt service schedule prepared under the following assumptions: (1) the principal
installments equal those established in the Funding Agreement, and (2) the Obligations bear
interest at a rate one full percentage point in excess of the actual rates; provided however, that
the "Debt Service Amount" for any Fiscal Year shall not exceed the principal amount of
Obligations then outstanding plus interest thereon at rates one full percentage point in excess of
the actual rates. In the first Fiscal Year the Assessments are imposed, the City may use an
estimated debt service schedule in (1) above, provided that the Funding Agreement will be
executed before the end of such Fiscal Year.
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(B) PREPAYMENT MODIFICATION FACTOR. A "Prepayment Modification Factor"
shall be computed for each Fiscal Year by dividing (1) the amount computed by subtracting (a)
the sum of the Adjusted Prepayment Amounts, as of the date on which the Obligations are issued
by the City, for all Tax Parcels as to which prepayment has been made following issuance of the
Obligations, from (b) the total principal amount of Obligations initially issued by the City, by (2)
the total principal amount of Obligations initially issued by the City.
(C) MODIFIED DEBT SERVICE AMOUNT. A "Modified Debt Service Amount" shall
be computed for each Fiscal Year by multiplying (1) the Debt Service Amount, by (2) the
Prepayment Modification Factor.
(D) ANNUAL DEBT SERVICE FACTOR. An "Annual Debt Service Factor" shall be
computed for each Fiscal Year by dividing (1) the Adjusted Prepayment Amount, by (2) the
aggregate Adjusted Prepayment Amount.
(E) ANNUAL DEBT SERVICE COMPONENT. The "Annual Debt Service Component"
shall be computed for each Fiscal Year for each Tax Parcel by multiplying (1) the Modified Debt
Service Amount, by (2) the Annual Debt Service Factor.
(F) COLLECTION COST COMPONENT. The "Collection Cost Component" shall be
computed each Fiscal Year for each Tax Parcel by (1) dividing (a) the Adjusted Prepayment
Amount for such Tax Parcel, by (b) the sum of the aggregate Adjusted Prepayment Amount, and
(2) multiplying the result by the Collection Cost.
(G) STATUTORY DISCOUNT AMOUNT. The "Statutory Discount Amount" shall be
computed for each Tax Parcel as the amount allowed by law as the maximum discount for early
payment of ad valorem taxes and non -ad valorem assessments, such amount to be calculated by
deducting (1) the sum of (a) the Annual Debt Service Component and (b) the Collection Cost
Component, from (2) the amount computed by dividing (a) the sum of (i) the Annual Debt
Service Component and (ii) the Collection Cost Component, by (b) the factor of 0.96.
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(H) ASSESSMENT. The annual Assessment for each Tax Parcel shall be computed as
the sum of (1) the Annual Debt Service Component, (2) the Collection Cost Component and (3)
the Statutory Discount Amount.
(I) REVISION OF ADJUSTED PREPAYMENT AMOUNT. Upon certification of the
Amortized Assessment Roll for each Fiscal Year, the Adjusted Prepayment Amount for each Tax
Parcel shall be recomputed by deducting (1) the amount computed by (a) dividing (i) the
principal component of the Debt Service Amount utilized to compute the Annual Debt Service
Component for the Assessment Roll, by (ii) the total Debt Service Amount utilized to compute
the Annual Debt Service Component for the Assessment Roll, and (b) multiplying the result by
the Annual Debt Service Component included on the Assessment Roll for the Tax Parcel, from
(2) the Adjusted Prepayment Amount (or for the initial Assessment Roll, the aggregate Initial
Prepayment Amount) utilized to compute the annual Assessment included on the Assessment
Roll for such Tax Parcel.
SECTION 3.05. INITIAL PREPAYMENT OPTION.
(A) Following adoption of the Final Assessment Resolution, the Assessment Coordinator
shall provide first class mailed notice to the owner of each Tax Parcel subject to the Assessment
(other than those Tax Parcel's owned by the City) describing the owner's option to prepay all
future annual Assessments. On or prior to the date specified in such notice (which shall not be
earlier than the thirtieth calendar day following the date on which the notice is delivered to the
possession of the U.S. Postal Service), the owner of each Tax Parcel subject to the Assessment
shall be entitled to prepay all future annual Assessments, upon payment of the Initial Prepayment
Amount. The Commission, in its sole discretion, may elect to accept prepayments pursuant to
this Section 3.05 on any date prior to execution of the Funding Agreement.
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(B) The amount of all prepayments made pursuant to this Section 3.05 shall be final. The
City shall not be required to refund any portion of a prepayment if the actual Capital Cost of the
Capital Improvements is less than the estimated Capital Cost upon which such the Initial
Prepayment Amount was computed.
SECTION 3.06. ADDITIONAL PREPAYMENT OPTION.
(A) Following the date specified in the notice provided pursuant to Section 3.05(A)
hereof, or such later date as the Commission may allow in its sole discretion, the owner of each
Tax Parcel subject to the Assessments shall be entitled to prepay all future unpaid annual
Assessments upon payment of an amount equal to the sum of (1) the Adjusted Prepayment
Amount for such Tax Parcel, and (2) interest on the Adjusted Prepayment Amount, computed at
a rate one full percentage point in excess of the rate on the Obligations, from the most recent date
to which interest on the Obligations has been paid to the next date following such prepayment on
which the City can redeem Obligations after providing all notices required to redeem all or any
portion of the Obligations.
(B) During any period commencing on the date the annual Assessment Roll is certified
for collection pursuant to the Uniform Assessment Collection Act and ending on the next date on
which unpaid ad valorem taxes become delinquent, the City may reduce the amount required to
prepay the future unpaid annual Assessments for the Tax Parcel by the amount of the Assessment
that has been certified for collection with respect to such Tax Parcel.
(C) The amount of all prepayments made pursuant to this Section 3.06 shall be final. The
City shall not be required to refund any portion of a prepayment if (1) the Capital Cost of the
Capital Improvements is less than the amount upon which such Adjusted Prepayment Amount
was computed, or (2) annual Assessments will not be imposed for the full number of years
anticipated at the time of such prepayment.
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SECTION 3.07. MANDATORY PREPAYMENT.
(A) The owner of a Tax Parcel subject to the Assessment shall immediately prepay all
future unpaid annual Assessments for such Tax Parcel if (1) the Tax Parcel is acquired by a
public entity (other than the City) through condemnation, negotiated sale or otherwise, or (2) a
tax certificate has been issued and remains outstanding in respect of the Tax Parcel and the City,
at its sole option, elects to accelerate the Assessment.
(B) The amount required to prepay the future unpaid annual Assessments will be equal to
the sum of (1) the Adjusted Prepayment Amount for such Tax Parcel, and (2) interest on the
Adjusted Prepayment Amount, computed at a rate one full percentage point in excess of the rate
on the Obligations, from the most recent date to which interest on the Obligations has been paid
to the next date following such prepayment on which the City can redeem Obligations after
providing all notices required to redeem all or any portion of the Obligations.
(C) During any period commencing on the date the annual Assessment Roll is certified
for collection pursuant to the Uniform Assessment Collection Act and ending on the next date on
which unpaid ad valorem taxes become delinquent, the City may reduce the amount required to
prepay the future unpaid annual Assessments for the Tax Parcel by the amount of the Assessment
that has been certified for collection with respect to such Tax Parcel.
(D) The amount of all prepayments made pursuant to this Section 3.07 shall be final. The
City shall not be required to refund any portion of a prepayment if (1) the Capital Cost of the
Capital improvements is less than the amount upon which such Adjusted Prepayment Amount
was computed, or (2) annual Assessments will not be imposed for the full number of years
anticipated at the time of such prepayment.
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SECTION 3.08. REALLOCATION UPON FUTURE SUBDIVISION.
(A) Upon subdivision of any Tax Parcel located within the Assessment Area that is
subject to the Assessment, and compliance with the conditions set forth below, the Initial
Prepayment Amount for such Tax Parcel (or, if the Obligations have been issued, the Adjusted
Prepayment Amount for such Tax Parcel) shall be reallocated among the subdivided parcels.
(B) In order to have the Initial Prepayment Amount for such Tax Parcel (or, if the
Obligations have been issued, the Adjusted Prepayment Amount for such Tax Parcel) reallocated
in connection with any such subdivision, the owner shall be required to apply to the City and
comply with each of the following conditions:
(1) a recorded plat, approved site plan or comparable document must be provided
to the City sufficient in detail to describe adequately the location of the Tax Parcel and the
individual parcels in the proposed subdivision;
(2) the Property Appraiser must have assigned distinct ad valorem property tax
identification numbers to each individual subdivided parcel or committed in writing to assign
such numbers prior to the next ensuing August 1 or any later date approved by the City that will
not prevent timely certification of the Assessment Roll in accordance with the Uniform
Assessment Collection Act;
(3) at the expense of the real property owner, an appraisal must be provided by a
"certified general appraiser," as defined in Section 475.611(g), Florida Statutes, approved by the
City, which indicates the fair market value of the Tax Parcel prior to the subdivision and the fair
market value of each individual subdivided parcel; in determining the fair market value of the
individual subdivided parcels, the appraiser may take into consideration any infrastructure
improvements that are then under construction if funds sufficient for their completion are secured
to the satisfaction of the City Attorney;
Temporary Resolution #11262- August 7, 2007
Page 19
(4) a proposed reallocation of the Initial Prepayment Amount for such Tax Parcel
(or, if the Obligations have been issued, the Adjusted Prepayment Amount for such Tax Parcel)
to each individual parcel must be provided to the City; provided however, that no portion of the
Initial Prepayment Amount for such Tax Parcel (or, if the Obligations have been issued, the
Adjusted Prepayment Amount for such Tax Parcel) may be reallocated to real property proposed
for dedication to the public or to common use of the subdivided parcels;
(5) the fair market value of each separate parcel after the subdivision must be at
least five times the Initial Prepayment Amount for such Tax Parcel (or, if the Obligations have
been issued, the Adjusted Prepayment Amount for such Tax Parcel) reallocated thereto; and
(6) the real property owner shall pay an assessment reallocation fee to the City
for each individual parcel resulting from the subdivision, in an amount to be established by
resolution of the Commission.
(C) If the owner of any Tax Parcel subject to the Assessment subdivides such Tax Parcel
and fails to comply with the foregoing conditions, the City shall reallocate the Initial Prepayment
Amount for such Tax Parcel (or, if the Obligations have been issued, the Adjusted Prepayment
Amount for such Tax Parcel) among the subdivided parcels, based upon the land value, without
improvements, assessed to each subdivided parcel by the Property Appraiser. At its sole option,
the City may obtain an appraisal of the subdivided parcels at any time and reallocate the Initial
Prepayment Amount for such Tax Parcel (or, if the Obligations have been issued, the Adjusted
Prepayment Amount for such Tax Parcel) based upon the land value, without improvements,
reflected in the appraisal. If an appraisal is obtained, the cost of the appraisal will be allocated
among the subdivided parcels on the basis of the value reflected therein and added to the
Collection Cost Component of the Assessment for each subdivided parcel in the Fiscal Year
following receipt of the appraisal. It is hereby found and determined that the foregoing method of
Temporary Resolution #11262- August 7, 2007
Page 20
reallocating the Initial Prepayment Amount (or, if the Obligations have been issued, the Adjusted
Prepayment Amount) among subdivided parcels is fair and reasonable, taking into consideration
the opportunity for reallocation available to the owner and the requirement to provide adequate
security for the Obligations.
(D) Notwithstanding the foregoing, if a Tax Parcel, (1) includes more than one Platted
Lot and no Parcel of Record, or (2) the Tax Parcel is owned by the City, then in each case, the
Assessment imposed against such Tax Parcel may be reallocated among the Platted Lots upon (a)
application of the owner (if the owner is not the City), and (b) assignment of a distinct ad
valorem property tax identification number to each Platted Lot or any combination of Platted
Lots by the -Property Appraiser.
ARTICLE IV
GENERAL PROVISIONS
SECTION 4.01. METHOD OF COLLECTION. The Assessments shall be collected
pursuant to the Uniform Assessment Collection Act; provided, however, that any Assessments
imposed against Government Property shall be collected pursuant to Section 6-75 of the City
Code.
SECTION 4.02. SEVERABILITY. If any clause, section or provision of this
Resolution shall be declared unconstitutional or invalid for any reason or cause, the
remaining portion of said Resolution shall be in full force and effect and be valid as if such
invalid portion thereof had not been incorporated herein.
SECTION 4.03. INTENT FOR REIMBURSEMENT FROM PROCEEDS. The City
is hereby authorized to temporarily advance funds for the payment of Capital Cost of the Capital
Improvements, such advances to be reimbursed from proceeds of tax-exempt Obligations. This is
a Declaration of Official Intent under U.S. Treasury Regulations for purposes of Sections 103
and 141 to 150 of the Internal Revenue Code of 1986, as amended (the "Internal Revenue
Temporary Resolution #11262- August 7, 2007
Page 21
Code"). The City declares that it reasonably expects that the Capital Cost for the Capital
Improvements will be reimbursed with the proceeds of bonds (as defined in Section 150 of the
Internal Revenue Code). The maximum principal amount of bonds expected to be issued for the
Capital Cost of the Capital Improvements is $8,000,000.
SECTION 4.04. EFFECTIVE DATE. This Resolution shall take effect immediately
upon its adoption. DULY ADOPTED this 22°d day of August, 2007.
ATTEST:
MARION SWENSO , CMC
CITY CLERK
I HEREBY CERTIFY that
I have approved this
RESOLUTION as to form.
AMUEL S. GOREN
CITY ATTORNEY
1
CITY OF TAMARAC, FLORIDA
,, /i
Beth Flansbaum-Talabisco, Mayor
RECORD OF COMMISSION VOTE:
MAYOR FLANSBAUM-TALABISCO
DIST 1: COMM. PORTNER 'A
DIST 2: COMM. ATKINS-GRAD
DIST 3: VIM SULTANOF
DIST 4: COMM. DRESSLER
Temporary Resolution #11262- August 7, 2007
Page 22
APPENDIX A
FORM OF NOTICE TO BE PUBLISHED
To Be Published on or before August 24, 2007
[INSERT MAP OF ASSESSMENT AREA]
NOTICE OF HEARING TO IMPOSE AND
PROVIDE FOR COLLECTION OF SPECIAL ASSESSMENTS
IN THE MAIN STREET (PHASE I) ASSESSMENT AREA
Notice is hereby given that the City Commission of the City of Tamarac will conduct a public
hearing to consider creation of the Main Street (Phase I) Assessment Area, as shown above, and
imposition of special assessments for the construction of certain capital improvements thereon to
allow higher density of commercial development to occur on such property. The hearing will be held
at 9:00 AM, or as soon thereafter as the matter can be heard, on September 14, 2007, at City Hall
located at 7525 N.W. 88th Avenue, Tamarac, Florida, for the purpose of receiving public comment on
the proposed Main Street (Phase 1) Assessment Area and collection of the assessments on the ad
valorem tax bill. All affected real property owners have a right to appear at the hearing and to file
written objections with the City Clerk anytime prior to the public hearing. If a person decides to
appeal any decision made by the City Commission with respect to any matter considered at the
hearing, such person will need a record of the proceedings and may need to ensure that a verbatim
record is made, including the testimony and evidence upon which the appeal is to be made. In
accordance with the Americans with Disabilities Act, persons needing a special --accommodation or an
interpreter to participate in this proceeding should contact the ADA Coordinator at (954) 597-3505 at
least seven days prior to the date of the hearing.
The assessment for each parcel of real property will be based upon the total square footage
contained within the parcel (with certain exclusions) in relation to all property in the assessment area.
A more specific description of the improvements and the method of computing the assessment for
each parcel of real property are set forth in the Initial Assessment Resolution adopted by the City
Commission on August 22, 2007. Copies of the Initial Assessment Resolution and the preliminary
Assessment Roll are available for inspection at the City Hall located at 7525 N.W. 88th Avenue,
Tamarac, Florida.
The assessments will be collected on the ad valorem tax bill, as authorized by Section
197.3632, Florida Statutes. The Commission intends to collect the assessments in twenty (20) annual
installments, the first of which will be included on the ad valorem tax bill to be mailed in October or
November 2007. Failure to pay the assessments will cause a tax certificate to be issued against the
real property which may result in a loss of title.
If you have any questions, please contact the City's Assessment Coordinator at (954) 597-
3550.
Temporary Resolution #11262- August 7, 2007
Page 23
APPENDIX B
FORM OF NOTICE TO BE MAILED
CITY OF TAMARAC, FLORIDA
CITY OF TAMARAC
7525 N.W. 88th Avenue Tamarac, Florida
August T, 2007
[Property Owner Name]
[Street Address]
[City, State and zip]
Re: Parcel Number [Insert Number]
Main Street (Phase 1)
Assessment Area
Dear Property Owner:
The City of Tamarac is considering creation of the Main Street (Phase I) Assessment Area for
the construction of certain capital improvements therein to allow higher density of commercial
development to occur on your property. The cost of the capital improvements will be funded by
assessments against real property within the Assessment Area. The assessment for each parcel of real
property is based upon the total square footage contained within the parcel (with certain exclusions) in
relation to all property in the Assessment Area. A more specific description of the assessment
program is included in the Initial Assessment Resolution adopted by the Commission on August 22,
2007. Copies of the Initial Assessment Resolution and the preliminary Assessment Roll are available
for your review at City Hall located at 7525 N.W. 88th Avenue, Tamarac, Florida. Information
regarding the assessment for your specific real property, including the number of square feet, is
attached to this letter.
The City intends to obtain a loan to finance this and other assessment projects. This will permit
the cost attributable to your real property to be amortized over a period of twenty (20) years.
However, you may choose to prepay your assessment in full ($ per square foot to cover your
share of the capital cost) and avoid the additional financing cost. Please do not send payment now. If
the assessments are imposed, you will receive a separate notice of the date and place for payment.
If you do not choose to prepay during the period described in the next notice, the amount
necessary to pay your assessment in full will be increased by your share of the financing cost (loan
issuance costs, capitalized interest and reserve account, if any). The City anticipates that financing
cost will increase the prepayment amount by approximately _ percent to $ per square foot.
M.
Temporary Resolution #11262- August 7, 2007
Page 24
The annual assessment will include your share of the principal, interest, and amounts related to
collection of the assessments. The maximum annual assessment is estimated to be $ per square
foot. However, the actual annual assessment cannot be determined until the loan is obtained and the
assessment may be lower. The City intends to include annual assessments on your ad valorem tax bill
with the first payment on the bill to be mailed in October or November 2007. Failure to pay your
assessments will cause a tax certificate to be issued against the real property which may result in a
loss of title.
The City of Tamarac City Commission will hold a public hearing at 9:00 AM, or as soon
thereafter as the matter can be heard, on September 14, 2007, at City Hall located at 7525 N.W. 88th
Avenue, Tamarac, Florida, for the purpose of receiving comments on the proposed Assessment Area
and the assessments, including collection on the ad valorem tax bill. You are invited to attend and
participate in the public hearing or to file written objections with the City Clerk anytime prior to the
public hearing.
If you decide to appeal any decision made by the City Commission with respect to any matter
considered at the hearing, you will need a record of the proceedings and may need to ensure that a
verbatim record is made, including the testimony and evidence upon which the appeal is to be made.
In accordance with the Americans with Disabilities Act, if you need a special accommodation or an
interpreter to participate in this proceeding, please contact the ADA Coordinator at (954) 597-3505 at
least seven days prior to the date of the hearing.
Questions regarding your assessment and the process for collection may be directed to the
City's Assessment Coordinator at (954) 597-3550.
CITY OF TAMARAC, FLORIDA
MIN
1
1
1
Temporary Resolution 411262- August 7, 2007
Page 25
MAIN STREET (PHASE I) ASSESSMENT AREA
[Property Owner Name]
Parcel Number [Insert Number]
Total number of square feet attributed to property:
Amount to make full payment before loan:
(no financing costs included)
Prepayment amount after loan is obtained*:
(includes financing costs)
Number of annual payments:
Maximum annual payment*:
[Insert Number]
[Insert Amount]
[Insert Amount]
20
[Insert Amount]
* This amount will be reduced after each annual payment.
* * * * * SEND NO MONEY NOW. THIS IS NOT AN INVOICE * * * * *
In
Temporary Resolution #11262- August 7, 2007
Page 26
APPENDIX C
DESCRIPTION OF PARCELS IN THE
MAIN STREET (PHASE I)
ASSESSMENT AREA
Including the following tax parcels:
494108020010
494108020040
494108020080
494108020110
494108020140
494108020170
494108020200
494108030070
494108030140
494108030200
494108020020
494108020061
494108020090
494108020120
494108020150
494108020180
494108020210
494108030120
494108030150
494109040210
494108020030
494108020070
494108020100
494108020130
494108020160
494108020190
494108030060
494108030130
494108030160
494109070180
1
1
1