| COMMISSION MEETING DATE: 7/19/2016 |
| REQUESTED ACTION BY COMMISSION: A continuation of the discussion concerning the Quantum Park Overlay District which was originally discussed at the June 21, 2016 Commission Meeting and to have comments by the overlay district staff and representatives of a property owner(s) within the overlay district. |
| EXPLANATION OF REQUEST: The Quantum Park Overlay District is a dependent special district created by Boynton Beach to maintain and improve the areas within the defined special district. The District is currently responsible for the maintenance of the stormwater management facilities and associated infrastructure and payment on outstanding debt that funded improvements within the District. Staff has been directed to prepare a financial impact report to determine the financial impacts to the City if the District is dissolved and methods to recover those costs. The report is attached along with some commonly asks questions and answers concerning the special district. |
| HOW WILL THIS AFFECT CITY PROGRAMS OR SERVICES? |
| FISCAL IMPACT: Non-budgeted Staff has reviewed the Districts financial audits, budgets and minutes to determine the cost impact to the City if the district was dissolved. Based on this review, the City would assume approximately $110,000 of maintenance costs and $364,337 of debt payment until the debt is retired. This represents approximately $420,000 less than what is currently funded by the property owners within the district. These costs could be recovered through special assessments or special taxing districts until such time that the current debt is retired and the maintenance costs are blended into the overall City costs for the Stormwater Utility. |
| ALTERNATIVES: Do not discuss the district. |
| STRATEGIC PLAN: |
| STRATEGIC PLAN APPLICATION: |