The Seminole County former Deer Run Golf Course property stabilization is created to provide special benefit to the residential properties surrounding the former golf course property with the right to use the property as a future public park and neighborhood amenity. Both the acquisition and conversion of this former golf course property can prove beneficial to the residents of the Deer Run community by providing public open park space, storm water and groundwater benefits, and remediation. The preliminary estimate for the purchase of property was $7,000,000 and an estimated $8,100,000 for Phase I Park Development costs. Resident contribution was calculated at $2,310,000 which is 15.3% of this total projected costs ($2,460,000.00 including interest and fees). The per property capital non-ad valorem assessment for the 2,272 residential properties located within the assessment boundary is allocated according to residential property's proximity to the park by property. Each assessed unit is within .5 miles of the former Deer Run Golf Course property and receives one (1) benefit unit. Properties abutting the golf course receive an additional benefit unit (2). Benefit units were calculated at $971. Abutting properties will be assessed $1,942 per assessed property. Installment billing of the capital assessment is provided with 15 equal annual installments billed and collected via property tax bills beginning with tax year 2022. Installment billing will be initiated for all capital assessments not paid in full by July 31, 2022.
The petition process provided substantiation that the owners of 70% of the benefited properties support the proposal to create an MSBU for funding the stabilization of the property. One objection was received by the MSBU Program on 11/22/2021 and is included as an attachment to this Agenda Item.
To accommodate some of the parcels within the MSBU boundary that are within the City of Casselberry, per Section 125.01(q), Florida Statutes, the City is in the process of adopting an Ordinance conveying consent for the parcels within the City to be included within the MSBU. The consent is also reflected in the Interlocal Agreement with the City which has been agreed to in concept and is scheduled for final approval by the City Commission on December 13, 2021. It is requested that the Board authorize the Chairman to execute the Interlocal Agreement. This MSBU Ordinance is consistent with the Interlocal Agreement.