AGENDA ITEM REPORT
TITLE:
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A RESOLUTION ACCEPTING THE PUBLIC IMPROVEMENT PROJECT APPROVED BY RESOLUTION NO. 2013-31, WHICH CONSISTS OF UNDERGROUNDING OVERHEAD UTILITIES WITHIN THE CULLUM ROAD UTILITY CONVERSION SPECIAL ASSESSMENT DISTRICT.
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BACKGROUND:
In 2013, the City Commission declared a Special Assessment for a public improvement project to convert existing overhead Florida Power & Light distribution lines to underground distribution lines within the Cullum Road Utility Conversion Special Assessment District (area along Cullum Road from Lyons Road west to State Road 7 and on Northwest 54 Avenue from Cullum Road south to Northwest 40th Street). In order to finalize the Special Assessment, the City Commission must adopt a Resolution accepting the improvements and establishing the final assessment against all properties subject to the Cullum Road Utility Conversion Special Assessment.
DISCUSSION:
The undergrounding of overhead utility lines within the Cullum Road Utility Conversion Special Assessment District is complete, The final actual cost of the public improvement totals $971,131.48 which is $204,575.52 less than the estimated cost of $1,175,707.00. The amount to be assessed against each property that has been improved has been adjusted to reflect actual costs.
If not paid in full, interest will start to accrue 30 days after adopting this Resolution at a rate of 4% per annum. Payment of the assessment and accrued interest shall be due and payable in full on or before the eighth anniversary of the adopting of this Resolution.
RECOMMENDATION:
Staff recommends adopting this Resolution accepting the final actual cost of the improvements as set forth in Exhibit "A" and establishing the final assessment as set forth in Exhibit "B".
FISCAL IMPACT:
REVENUES: $ 971,131.48
EXPENDITURES: $ N/A
BUDGETED? Yes
NOTES Revenue Account 33-V32510 Special Assessment