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Budget Amendment for Reimbursement of Improvements to Cabot Citrus Farms Community Development District According to Interlocal Agreement
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BRIEF OVERVIEW
On October 24, 2023, the Hernando County Board of County Commissioners entered into an Interlocal Agreement with Cabot Citrus Farms Community Development District (CDD), acknowledging the material benefit to be received and enjoyed by the County and its residents as a result of the construction of the public improvements as well as the fiscal benefit anticipated to be received by the County as a result of the development of Cabot Citrus Farms.
As part of the Interlocal Agreement, the County agreed to participate in the development of needed public improvements by reimbursing the CDD for a portion of the costs attributable to those improvements. It includes a Community Reinvestment Trust for recreational investments in Hernando County from the CDD equal to 1% of the annual reimbursement.
The County is in receipt of the 2024 Financial Impact Report and agrees with the financial assessment. Based upon those figures, the reimbursement details are described below:
Fiscal Impact: $562,718
Return rate of 47%: $264,478
Community Reinvestment Trust Fund ($2,645)
Net Payment to Cabot: $261,833
Staff requests approval of the attached budget amendment in the amount of $261,833. The amount was confirmed with the Cabot team and agreed upon.
FINANCIAL IMPACT
The applicable budget amendment is attached. The line items are summarized below:
Expenses:
Fund: 0011 - General Fund, Department: 05981 - Contingencies Reserve, Account: 5909999 - Budget Reserves/Cash Forward in the amount of $261,833.00.
Fund: 0011 - General Fund, Department: 01551 - Economic Incentive, Account: 5808233 - AID-Job Creation Incentive in the amount of $261,833.00.
LEGAL NOTE
The Board is authorized to act on this matter pursuant to Chapter 125, Florida Statutes.
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RECOMMENDATION
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