Good afternoon and welcome to a special meeting of the Boca Ratone City Council.

It is Monday, September 8, 2025.

The time is 2004.

The first item of business is a pledge of allegiance.

Will everyone please rise and join in?

I pledge allegiance to the flag of the United States of America and to the Republic for which it stands.

One nation, under God, indivisible, with liberty and justice for all.

Ms.

Siddons, will you please call the roll?

Mayor Singer?

Here.

Deputy Mayor Knackless?

Here.

Councilmember Drucker?

Here.

Councilmember Thompson.

Still here.

Councilmember Wakter.

All present.

Thank you.

The purpose of this public hearing is to consider resolution 129-2025.

And I'll ask Ms.

Siddons to read its title now, please.

Resolution 129-2025.

A resolution of the City of Boca Ratone equalizing the assessments, levying the same as assessments against benefited properties within the downtown special assessment district, City of Boca Ratone, Florida.

Directing the city clerk to record assessments in the improvement lien book.

Establishing priority of lien and payment of principal and interest.

Providing for severality, providing for appealer, providing an effective date.

Thank you, Mr.

Brown.

Thank you, Mayor Stephen Timberlake, Special Projects Manager in the Financial Services Department will make the presentation on resolution 129-2025.

Thank you, Mr.

Brown.

Good afternoon, Mayor, members of council.

Before you is the downtown special assessment, the annual adoption of it.

The City Council first adopted the downtown special assessment methodology so that certain property owners owners would pay for certain infrastructure projects that specifically benefit the downtown.

The special assessment is required to fund the debt service and administrative costs for those special assessment revenue bonds.

The downtown special assessment area overlaps the CRA area.

This map here includes all of the projects which have been completed as part of the downtown special assessment.

So the purpose of today's meeting is to hear and consider any and all complaints as to the special assessments.

A recommendation will be made concerning adjustments and equalization of the special assessment.

And the total special assessment amount cannot change, only the peretta share for each parcel.

So resolution 129-2025 equalizes and adopts the special assessment for downtown 26.

The 2026 special assessment was calculated with the latest certified tax roll, which is the 2024 from Palm Beach County Property Appraisers Office.

The 2026 special assessment roll details the market value, the specific special benefit and special assessment installment amount due for each property on or before January 1st of 2026.

To calculate the payment, we take the total required bond payment divided by the total downtown market value, and that equals our assessment rate.

The assessment rate for 2026 is 0.00100, a reduction of a little over 5.5% from 2025.

Our rate decreased again due to an increase in property values.

And overall, the property values went up about 6.5% year over year.

This graph shows the historical history of our assessment rate.

As you can see, it dropped off drastically in 2022, and one of the bonds was retired.

We have one bond left that retires in 2030.

The value of the benefit of properties continues to uh grow, uh, passing the three hundred three billion dollar mark.

So what does that mean?

That means for an average home of $500,000 in the in the uh downtown special district.

$58 would have been your assessment in 24.

23, it was 53, and this year it will be at 50.

Uh for the sixth year in a row, I believe we received no objection letters.

So we recommend approval of resolution 129-2025, equalizing and adopting the special assessment for the next fiscal year, and I'll be happy to answer any questions.

Thank you, Councilmembers.