AGENDA ITEM REPORT
TITLE:
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AN ORDINANCE AMENDING THE CITY’S CODE OF ORDINANCES BY AMENDING CHAPTER 10, “FLOOD PREVENTION AND PROTECTION,” ARTICLE II, “APPLICABILITY,” SECTION 10-9, “BASIS FOR ESTABLISHING FLOOD HAZARD AREAS,” TO UPDATE THE DATE OF THE FLOOD INSURANCE STUDY AND FLOOD INSURANCE RATE MAP; AND BY AMENDING ARTICLE IV, “DEFINITIONS,” SECTION 10-63, “DEFINITIONS,” TO UPDATE THE MEANING OF MARKET VALUE. (FIRST READING)
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BACKGROUND:
The City participates in the National Flood Insurance Program (“NFIP”), a program created by the U.S. Congress in 1968, to share the risk of flood losses through flood insurance and to reduce flood damages by restricting floodplain development. The NFIP is managed by the Federal Emergency Management Agency (“FEMA”). The NFIP enables homeowners, business owners, and renters in participating communities to purchase federally-backed flood insurance.
As part of the NFIP, the City has adopted and enforced floodplain management ordinances to mitigate flood damage. Effective on July 31, 2024, FEMA will issue its updated Flood Insurance Study (“FIS”) that summarized and analyzed the flood hazards in the City of Coconut Creek. The FIS was used to prepare the Flood Insurance Rate Map (”FIRM”), which is a map that shows the flood hazard areas in the City. The FIRM is the basis for floodplain management, mitigation, and insurance activities in the NFIP, and the FIS provides information to supplement it.
DISCUSSION:
This year FEMA has revised the FIS and FIRM for all of the incorporated and unincorporated areas within Broward County, Florida, with an effective date of July 31, 2024. To continue to meet the requirements to participate in the NFIP, the City must ensure compliance and consistency with the flood map revisions. Therefore, the City is required to make modifications to the City’s Code of Ordinances, Chapter 10, “Flood Prevention and Protection,” to update the new effective date of the FIS and FIRM.
The definition of “market value” has been amended based on the current regulatory guidance document from the Florida State Office of Floodplain Management. The definition was modified to focus on actual cash value and adjusted tax assessment value rather than the “traditional” appraisal approach based on sales of comparable properties.
RECOMMENDATION:
Staff recommends approval of this ordinance.
FISCAL IMPACT: N/A