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<br />Sunny Isles Beach Special Assessment Report <br /> <br />POSSIBLE COST ALLOCATION METHODS <br /> <br />To evaluate cost allocation methods TA has assumed the City will borrow funds to complete <br />the e~;timated $10 million in streetscape improvements along Collins Avenue. If the debt for <br />this project is retired over ten years, we have roughly estimated the annual debt service <br />payment to be approximately $1.3 million. <br /> <br />The d'3termination of special benefit is not limited to the present use of the property, but <br />may include a special benefit to a reasonable future use. The first three cost allocation <br />methods are based on current conditions (Le., road frontage, parcel size and land value). <br />The last two alternativEls are based on the development potential of the property under the <br />City's Comprehensive Plan. <br /> <br />Road Footage <br /> <br />The City of Sunny Isles Beach is approximately 2.5 miles in length, or 13,200 linear feet. <br />BecaLlse properties on both sides of Collins Avenue will help pay for the streetscape <br />improvements, the totelllength of road frontage is 26.400 feet. Ifthe $1.3 million annual <br />debt service payment is allocated equally to the entire length of road frontage, the average <br />cost is $49 per foot. Over the ten-year life of the special assessment, the six prototype <br />properties would annually pay the amounts shown below under the road frontage <br />alternative. <br /> <br />Millenium Condominium <br />18671 Collins Ave. <br />Driftwood Motel <br />17121 Collins Ave. <br />Oceania Beach (vacant parcel) <br />16151 Collins Ave, <br />R.K, Shopping Center <br />17100 Collins Ave, <br />Tony Romas Restaurant <br />18070 Collins Ave. <br />Handy Mart Nelghbrhd Ctr <br />16204-28 Collins Ave, <br /> <br />Parcel Size <br /> <br />Road <br />Footage <br /> <br />$9,898 <br />$9,898 <br />$30,919 <br />$29,694 <br />$14.406 <br />$11,368 <br /> <br />The Miami-Dade County Property Appraiser has data on the lot size of all land parcels within <br />the City of Sunny Isles fleach. Because lot size is based on the width and depth of a land <br />parcel, it may provide a better indication of potential benefit from the planned streetscape <br />improvements. The table below indicates the cost allocation based on parcel size for each <br />prototype. <br /> <br />5 <br />