AGENDA ITEM REPORT
TITLE:
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A MOTION TO EXTEND THE DEADLINE TO PAY THE OUTSTANDING SPECIAL ASSESSMENT BALANCE ON THE JOHNS PARCEL FOR THE CULLUM ROAD UTILITY CONVERSION PROJECT.
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BACKGROUND:
The City of Coconut Creek received a request from Christina Bilenki, Esquire of Dunay, Miskel, and Backman, LLP on behalf of GSR RE Partners, LLC, the contract purchaser of the +/- 157 acre parcel generally located on the west side of Lyons Road between Wiles Road and West Sample Road (“Johns Parcel”) in the City of Coconut Creek, to request an extension of time to pay the outstanding balance on the Special Assessment adopted via Resolution No. 2013-31 for a public improvement project to convert existing overhead Florida Power and Light distribution lines to underground distribution lines along Cullum Road (“Special Assessment”), which became due on January 22, 2023.
DISCUSSION:
GSR RE Partners, LLC has assumed the obligation to satisfy the payments required by the Special Assessment upon closing on the Johns Parcel and is requesting to pay said assessment upon such closing, which will not occur until GSR RE Partners, LLC secures the necessary approvals for the MainStreet applications.
RECOMMENDATION:
Staff recommends approval of this motion so long as any accrued interest is paid at the time of satisfaction of the assessment and the extension does not go beyond two (2) years from the date of approval of this motion.
FISCAL IMPACT: N/A