Prepayment Option for Underground Townwide Utilities Assessment
July 31, 2017
Subject: Prepayment Option for Underground Townwide Utilities Assessment
The Town Council of the Town of Palm Beach, Florida recently established and approved a special assessment against property within the Townwide Underground Utility Assessment Area to fund the design, acquisition, construction, and installation of the Underground Utility Improvements. This type of financing where the property owners participate in the cost of the program is used throughout Florida and is consistent with the policy of the Town.
The assessments will be collected on the ad valorem tax bill, as authorized by Section 197.3632, Florida Statutes. The assessments will be payable in not to exceed thirty (30) annual installments, the first of which shall be included on the ad valorem tax bill to be mailed in November 2017.
The Town plans to finance this project with a combination of short-term and long-term debt to ensure the most efficient method of project financing. This will permit the cost attributable to your property to be amortized over a period of not to exceed thirty (30) years. However, you may choose to prepay your assessment in full at any time prior to September 1, 2017 to avoid additional interest and other annual costs associated with the assessment program.
A letter was recently mailed to property owners showing the amount required to prepay the assessment on or prior to September 1, 2017. If property owners choose to prepay at this time, the property will no longer be subject to the annual assessment for underground utility improvements.
To prepay an assessment, please make your check for the prepayment amount shown on your personalized letter, payable to the Town of Palm Beach, Florida and mail it to the Town of Palm Beach, Attention: Finance Department, P. O. Box 2029, Palm Beach, Florida 33480. Please be sure to either write the assessment parcel number (shown on the letter) on your check or return a copy of the letter with your payment.
Assessment records and copies of applicable Ordinances and Resolutions passed by the Town Council are on file at the offices of the Town Manager, located at 360 South County Road, Palm Beach, Florida.
Undergrounding assessment questions may be directed to:
email: underground@TownofPalmBeach.com
Telephone: (561) 227-7077
Postal: Town Manager’s Office, 360 South County Road, Palm Beach, FL 33480
Post Office Box 2029 • 360 South County Road • Palm Beach, Florida 33480
Telephone (561) 838-5410 • Facsimile (561) 838-5411 • townmanager@townofpalmbeach.com
