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Resolution to Adopt Non-Ad Valorem Special Assessment Rates for Kensington Woods Street Lighting Municipal Service Benefit Unit
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BRIEF OVERVIEW
Pursuant to Florida Statues, Sections 125.01 and 197.3632, an application was received from the developer of a new subdivision requesting the creation of a Street Lighting Municipal Service Benefit Unit (MSBU) district. The Board approved the Kensington Woods Street Lighting Municipal Service Benefit Unit by adopting Ordinance 2023-13 at a public hearing held on September 26, 2023.
The MSBU boundaries consist of 139 assessable lots. The recommended FY 2025 budget is $11,600.00 (at 95% collection) to operate 28 streetlights and is assessed equally among the 139 lots, creating a per unit assessment of $88.00 which will be placed on the 2024 tax bill. A maximum assessment is recommended at $90.00 per unit.
In accordance with Section 197.3632, Florida Statues, a non-ad valorem assessment roll shall be adopted at a public hearing if the non-ad valorem assessment is levied for the first time. Property owners must be notified of the public hearing and assessment rates by first-class mail and newspaper advertisement at least 20 days prior to the public hearing.
FINANCIAL IMPACT
Funding for the MSBU street lighting operations will be available in the following account thru the collection of non-ad valorem assessments:
Revenue: Fund 7710 - Kensington Woods Street Lighting MSBU, Acct 3252001 - Asmt-Srvc-NonAdValorem $11,600.00
LEGAL NOTE
The Board has legal authority to establish MSBU’s and set assessment rates pursuant to Chapter 125.01, Florida Statutes.
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RECOMMENDATION
It is recommended that the Board adopt the final assessment roll and approve the attached resolution establishing the FY 2025 non-ad valorem assessment rate for the “Kensington Woods Street Lighting Municipal Service Benefit Unit” at $88.00 per unit.