Public Hearing to adopt a Resolution confirming the non-ad valorem capital assessment for the Rice Lake Lake Management MSBU for Phase I actual cost of restoration services. District5 - Herr (Tameka Morton, MSBU Program Manager)

Title: title Public Hearing to adopt a Resolution confirming the non-ad valorem capital assessment for the Rice Lake Lake Management MSBU for Phase I actual cost of restoration services. District5 - Herr (Tameka Morton, MSBU Program Manager) end Division: division Administrative Services - MSBU body Authorized By: Lorie Bailey Brown, CFO/Administrative Services Director Contact/Phone Number: Tameka Morton/407-665-7179 Background: The Rice Lake Lake Management MSBU [Ordinance 2023-27] was created at the request of property owners for the purpose of securing lake restoration and ongoing lake management services via non-ad valorem assessment. A preliminary non-ad valorem capital assessment of $3,226 based on estimated restoration cost was adopted by Ordinance 2023-27. The actual Phase I contracted services totaled $139,905, with $20,000 funded by the County via the General Fund. The remaining balance of $119,905 will be funded by the benefited properties. The allocated cost share per property is $3,867.89. The capital assessment may be paid in full within 30 days following the filing of the authorizing Resolution without incurring administrative fees or interest. Installment billing of the Phase I capital assessment is provided with 5 equal annual installments of $981.73 to be billed and collected via property tax bills beginning with tax year 2026. The annual installments include administrative fees and interest. Requested Action: Staff requests the Board adopt a Resolution confirming the non-ad valorem capital assessment for Rice Lake Lake Management MSBU for Phase I actual cost of restoration services.