|
<br />Sunny Isles Beach Special Assessment Report
<br />
<br />LOAN DATA
<br />
<br />Colllllc,
<br />
<br />AVC!IIUe StroutSCdPC, AllJortl/dtlOrJ Sctwdule
<br />
<br />TABLE OATA
<br />Table starts at date:
<br />or at payment number: 1
<br />
<br />.
<br />
<br />Loan amount: $10,085,339
<br />Anruallnterest rate: 5,C'O%
<br />Term In years: 10
<br />Payments per year: 1
<br />First paymant due: 4/:l/02
<br />PERIODIC PAYMENT
<br />Use peyment of: ',.$1;306,097.54
<br />1st payment:
<br />
<br />TOTAL PAYMENTS
<br />Beginning balance at payment 1: ,
<br />Cumulative interest prior to payment 1: '..." '
<br />
<br />$13,060.975
<br />$3.Q.()Il:5,~M
<br />:$0
<br />
<br />
<br /> Peyment Beginning Ending Cumuletlve
<br />No. Oete Belence Interest Prlnclpel Balence Interest
<br />1 4/1/02 $10,OB5,339 $504,267 $801,831 $9,283,508 $504,267
<br />2 4/1/03 $9,283,508 $464.175 $841.922 $8.441.586 $968,442
<br />3 4/1/04 $8,441,586 $422,079 $884.018 $7,557,568 $1,390.522
<br />4 4/1105 $7,557,568 $377,878 $928,219 $6,629,349 $1,768,400
<br />5 4/1/06 $6,629.349 $331,467 $974,630 $5,654,719 $2,099,868
<br />6 4/1/07 $5,654,719 $282,736 $1,023,362 $4,631.357 $2.382,603
<br />7 4/1/08 $4,631,357 $231,568 $1,074,530 $3,556,828 $2.614.171
<br />8 4/1/09 $3,556,828 $177,841 $1,128.256 $2,428,571 $2,792,013
<br />9 4/1/10 $2,428,571 $121,429 $1,184.669 $1.243,902 $2,913,441
<br />10 4/1/11 $1.243,902 $62,195 $1,243,902 $0 $2.975.636
<br />DELINEATION OF BENEFIT AREA
<br />
<br />An important step in thr3 special assessment process is delineating the geographic area that
<br />will benefit from plannEid improvements. While conceptually easy to understand, the actual
<br />identification of speCific land parcels will require careful attention to detail and consistent
<br />applic;~tion of criteria for determining whether or not properties are included. For example,
<br />there are residential developments in the City of Sunny Isles Beach that have direct access
<br />to Collins Avenue, but tile land parcel(s) are located on a separate Island. City officials will
<br />have t:l make policy deGlsions on whether to include certain classes of land parcels in the
<br />special assessment are,a.
<br />
<br />The City may establish l;riteria that range from a narrow to a broad delineation of the benefit
<br />area. A narrow delineation of the benefit area may be achieved by limiting the special
<br />assesliment to properth3s that will be directly connected to the underground utility lines.
<br />Given the magnitude of the planned improvements, property owners paying the special
<br />assessment will want to maximize the number of parcels in the benefit area. Because the
<br />planned improvements will enhance the welfare of the entire community, it may be possible
<br />to show that all properties within the City of Sunny Isles Beach will benefit from some
<br />aspects of the streetscClpe improvements and thus should share in the cost allocation.
<br />
<br />3
<br />
|