TO: Mayor and Commission AGENDA DATE: 3/4/2024
FROM: Interim City Manager AGENDA ITEM: 8 - A
SUBJECT:
Title
Request for approval of Budget Resolution and Amendment for the reimbursement of the overpayment of the proportionate fair share amount of $622,203.40 to Seefried Industrial Properties (I-4 Industrial Park) - Mari Leisen, Director of Finance (386) 878-8553.
Strategic Goal: Fiscal Issues
Body
LOCATION:
Citywide
COST:
$622,203.40
SOURCE OF FUNDS:
Transportation Fund
ORIGINATING DEPARTMENT:
Finance
STAFF RECOMMENDATION PRESENTED BY:
Mari Leisen, Director, Finance - Staff recommends the City Commission approve Budget Resolution 2024-15 and Amendment 2024-032 for the reimbursement of the overpayment of the proportionate fair share amount of $622,203.40 to Seefried Industrial Properties (I-4 Industrial Park).
POTENTIAL MOTION:
Recommendation
"I move to approve Budget Resolution 2024-15 and Amendment 2024-032 for the reimbursement of the overpayment of the proportionate fair share amount of $622,203.40 to Seefried Industrial Properties (I-4 Industrial Park)."
END
BACKGROUND:
Background
On February 5, 2024, the City Commission approved the overpayment to Seefried Industrial Properties in the amount of $622,203.40. Pursuant to the recorded Development Agreement for the overall parcel (Instrument No. 2021206258), the owner/developer is responsible for making a proportionate fair share payment to the City of Deltona in the total amount of $889,344.40 for the overall parcel, which is to be used toward the improvement of N. Normandy Boulevard. $267,141.00 of this $889,344.40 amount is allocable to the Phase 1 is the only portion of the overall parcel that has been developed yet, they paid the entire proportionate fair share amount ($889,344.40) to the City due to an error. This reimbursement will not relinquish the developer's responsibility for paying the remaining balance of the overall proportionate fair share amount to the Ci...
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