Item Coversheet



BOCC AGENDA ITEM

Item Title:Approve Prepay for SAISS Capital Assessment from Property Owner
Date:3/27/2023
Department:OMB
Background:

The Board of County Commissioners currently contracts with the South Amelia Island Shore Stabilization, Inc. (SAISSA) to provide services pertaining to the administration, management, and oversight the beach nourishment project within the boundaries of the South Amelia Island Shore Stabilization Municipal Services Benefit Unit (SAISS or SAISS MSBU) created pursuant to Ordinance 93-14.  The current SAISS project is funded by State and Federal grants as well as a bank loan serviced by Synovus.  The bank loan is secured by assessments on the benefiting parcels and collected through the SAISS MSBU.  As of 3/27/2023, the outstanding balance of the loan is $4,807,331.

 

Section 4.05. Prepayment Option of Resolution 2021-009, upon Board approval, provides the owner an option to prepay all future unpaid annual assessments on each parcel subject to the SAISS Capital Assessment.

 

As such, an owner of property subject to the assessment is requesting to prepay all future unpaid assessments including all other costs associated with it.  Approximate costs are between $3,000 and $6,000.

 

This property is in the process of being sold and has a closing date of March 31, 2023.  The buyer has requested that the seller payoff the SAISS Capital Assessment associated with the property before the March 31,2023 closing.

Request:
Request approval of a prepayment of all future unpaid assessments of the SAISS Capital Assessment by a property owner, for Parcel ID 00-00-30-0546-0008-0000, and to apply the funds to the loan, and release the lien on the paid parcel.
Financial/Economic Impact to Future Years Budgeting Process or Effect on Citizens:

The assessments are paid by the commercial and residential property owners within the SAISS-MSBU so there is no direct impact on general citizenry.

 

Action Requested and Recommendation:
Request approval of a prepayment of all future unpaid assessments of the SAISS Capital Assessment by a property owner, for Parcel ID 00-00-30-0546-0008-0000, and to apply the funds to the loan, and release the lien on the paid parcel.
Is this action consistent with the Nassau County Comprehensive Land Use Plan?
NA
Funding Source:

32392539-571000 S2021

32392539-572000 S2021

Additional Information Needed for Contracts/Agreements (If Applicable)
Contract Number assigned by Contracts Management:
N/A
For non-governmental agencies, has the document been sent to the vendor for signature?
N/A
Does the document need to be recorded? If so, who will pay the recordation fee?
N/A
Are there any special mailing instructions? (Include contact name, address, deadline for submittal, how to mail such as express mail, FedEx, etc):
N/A
How many originals are needed?
1