City to extend prepayment for UEP
The city of Cape Coral has extended the first prepayment period for property owners in the North 2 Utilities Extension Project area.
On Tuesday, officials reported that the city is extending the period to prepay assessments and capital facility expansion charges, with no added interest costs. The “initial” period was set to end Sept. 30.
“Resolutions to extend the deadline will be added to (the City) Council agenda on Monday, Sept. 25,” spokeswoman Connie Barron said in a prepared statement.
The deadline will be extended to Oct. 31.
The “second” prepayment period will now begin Nov. 1 and continue through July 31.
“Property owners can prepay any assessments or capital facility charges during this period,” Barron said via the statement. “However, interest costs will be added to the assessments.”
During both periods, the city provides a 20 percent discount for prepayment of any of the capital facility expansion charges – water, sewer and irrigation. It reduces the costs from $6,750 to $5,400.
Staff has projected the cost for a standard 10,000 square foot parcel at $19,382. That would equate to $12,632 for the assessment costs for construction and $6,750 for capital facility expansion charges.
During the initial period, the total cost is $18,032. It is $19,376 during the interim period.
After July 31, any unpaid assessments and capital facility expansion charges – no discount – will be added to the property tax bill to be collected in annual installments. The total cost is about $20,726.
Those who choose to finance their assessment over 20 years will pay about $32,338.
The yearly payment will be attached to the property tax bills in November. Payments for the first six years for all three utilities will be $2,585, with the payments the following 14 years reduced to $1,202.
The city had previously established a hardship program for those on low or fixed incomes.
Staff previously reported that the city will use an State Revolving Plan loan, at a current rate of less than 2 percent, for financing the $269 million project that will service nearly 9,000 parcels.
Construction was slated to start in August with a completion date of August 2019.