AGENDA MEMORANDUM

 

 

Meeting Date:           September 22, 2008

 

From:                          Kenneth L. Thomas, Director of Housing & Economic Development          

 

Subject:                      Impact Fee Deferral Request

 

 

Staff Recommendation:

Staff recommends the City Commission approve the request for the impact fee deferral requested by Legacy Commercial Development with the following requirements:

 

  1. The deferral is specific to the proposed developer, project and location;
  2. The deferral shall only apply to the eligible structure that shall be constructed within two years of adoption of this resolution;
  3. The deferral is not transferable without prior approval of the City;
  4. The principal amount of the impact fees are $47,469.45, of which the developer will pay 20% up front, leaving a balance of $37,975.56 to be deferred for five  years;
  5. The amount being deferred shall not exceed $37,975.56;
  6. Failure to meet the provisions of Section 22-333 of the Leesburg Code of Ordinance could result in termination of utility services to the commercial business. 

 

Analysis:

The City Commission on September 27, 1993 approved Ordinance 93-19, which created the financing policy for deferment of sewer and water impact fees.  The proposed commercial development includes a restaurant consisting of a 5,730 square feet restaurant and 12,102 square feet of office space.  The planned restaurant will seat 150 patrons.  The project is located south on Highway 27, and Legacy Boulevard.  

 

The deferral program was specifically created to assist businesses with financing of the sewer and water impact fees if they pledged to operate their business continuously and hire local employees. 

 

Options:

1.  Approve the Impact fee deferral, or;

2.  Such alternative action as the Commission may deem appropriate

 

Fiscal Impact: 

The total amount of deferral will be $37,975.56. The interest generated based on a 5% interest rate will result in $5,023 of interest revenue to the City. 

 

 

Submission Date and Time:    9/17/2008 5:44 PM____

 

Department: ______________________

Prepared by:  ______________________                     

Attachments:         Yes____   No ______

Advertised:   ____Not Required ______                     

Dates:   __________________________                      

Attorney Review :       Yes___  No ____

                                                

_________________________________           

Revised 6/10/04

 

Reviewed by: Dept. Head ________

 

Finance  Dept. __________________                                     

                              

Deputy C.M. _______EFS_________                                                                         

 

Submitted by:

City Manager ___________________

 

Account No. _________________

 

Project No. ___________________

 

WF No. ______________________

 

Budget  ______________________

 

Available _____________________

 

RESOLUTION NO._______________

 

A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF LEESBURG, FLORIDA, AUTHORIZING THE DEFERRAL OF WATER AND WASTEWATER IMPACT FEES FOR A RESTAURANT PROJECT BY LEGACY COMMECIAL; AND PROVIDING AN EFFECTIVE DATE.

 

WHEREAS, the City Commission of the City of Leesburg, Florida has approved Ordinance 93-19, which permits financing of sewer and water impact fees for commercial development.

 

BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF LEESBURG, FLORIDA:

 

            THAT an impact fees deferral is hereby approved for a project located at Highway 27      

            and Legacy Boulevard, with the following requirements:

 

  1. The deferral is specific to the proposed developer, project and location;
  2. The deferral shall only apply to the eligible structure that shall be constructed within two years of adoption of this resolution;
  3. The deferral is not transferable without prior approval of the City;
  4. The principal amount of the impact fees are $47,469.45 of which the developer will pay 20% up front, leaving a balance of $37,975.56 to be  deferred for five  years;
  5. The amount being deferred shall not exceed $37,975.56;
  6. Failure to meet the provisions of Section 22-333 of the Leesburg Code of Ordinance could result in termination of utility services to the commercial business. 

 

 THIS RESOLUTION shall become effective immediately upon its passage and adoption according to law.

 

PASSED AND ADOPTED by the City Commission of the City of Leesburg, Florida, at a regular meeting held the 22nd day of September 2008.

 

 

 

                                                                            __________________________

                                                                             Mayor

 

ATTEST:

 

 

__________________________

City Clerk