Okay, I think it's time we can call to order the special meeting related to the downtown special assessment.

The date is September 8th.

Yes, that's right, September 8th, 2026.

The time is ten seventeen AM Eastern.

Miss Siddons, could you please do the role?

We mayor Mayor Thompson, did you want to do the pledge first?

Sure, we can we can pledge allegiance once again.

Why not?

All right, everyone please stand and we will pledge allegiance.

I pledge allegiance to the flag of the United States of America and two Republic for which it stands one nation under God, indivisible with liberty and justice for all.

Now to the roll call.

Mayor Thompson.

Yes, I am still here.

Deputy Mayor Grow.

Mayor.

Councilmember Drucker.

Here.

Councilmember Proman is absent.

Councilmember Sippel.

Present.

Mayor, you have a quorum.

Very good.

Thank you, Ms.

Sittens.

The purpose of our meeting here today, the special meeting is for a public hearing, and for consideration of resolution number ninety-nine dash twenty twenty-six, the downtown special assessment.

So I think we should move right to it.

Ms.

Siddons, could you please read the title of resolution number ninety-nine dash twenty twenty-six?

Resolution ninety-nine twenty twenty-six.

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.

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

And the total of special the total special assessment amounts will not change.

Only the prerodish share for each partial may change.

So our resolution for, which is 99 2026, uh equalizes and adopts the special assessment for 2027.

The rate was calculated using the tax roll as certified by the property appraisers office.

The 2027 assessment is due on January 1st, 2027.

The required bond payment is the divisor for the assessment.

The total downtown market value determines the actual assessment rate.

So this is actually the old presentation, and it's not the newest one.

So I'm just going to read the actual assessment rate.

The assessment rate for 2027 is.0086, a reduction of 14 percent from the 2026 rate.

The rate decreased again due to an increase in property values in the area and the addition of 150 new properties into the downtown.

This increased the benefit of properties by nearly three 430 million.

So that's still the old one.

The downtown property values increased by 14.1% from 3 million in 2024 to 3.472 in 2025.

The historical assessment rate continues to drop after the we have one bond left that has the current payments, and then the um assessment values continue to increase.

For 2027, a home of $500,000 will have an assessment value of $43 versus a $50 assessment in 2026 and a $53 assessment in 2025.

For the fifth year in a row, we received no objection letter.

And so we are recommending that the City of Council adopt and approve resolution 9926, equalizing and adopting the special assessment for the downtown for the 27th fiscal year.

I'm happy to answer any questions.

Thank you, Mr.

Timberlake.

Members of the council, and do we have any questions for staff?

Great.

Seeing none, we can open up the public hearing.

Ms.

Siddons, do we have any cards for people which shouldn't speak on this matter?

Mayor Thompson, I have received no comment cards for this meeting.

Okay, very good.

Any members of the public in attendance if they wish to be heard on this matter, please step up to the podium, state your name and address, and you will have up to three minutes.