In 2017, the Town Council of the Town of Palm Beach, Florida established and approved a special assessment against property within the Townwide Underground Utility Assessment Area of the Town to fund the design, acquisition, construction, and installation of the Underground Utility Improvements. Much progress has been made on this project. Design has been awarded and is underway for all phases of the project. Construction has been completed in Phase 1 North and South, and Phase 2 North. Construction is underway in Phase 2 South, Phase 3 North and South and Phase 4 North. The Town has been awarded an $8.5 million dollar FEMA grant to offset the costs of construction throughout Phase 5.
The Town is financing this important project with a combination of short-term and long-term debt to ensure the most efficient method of project financing.
The Town is preparing to receive the next installment of its long-term debt to provide funding for the next phases of construction, and the Town Council has elected to authorize an additional opportunity for property owners to prepay the underground utility assessments. Property owners may choose to prepay their remaining assessment in full at any time prior to February 3, 2021 to avoid additional interest and other annual costs associated with the assessment program. Letters are being mailed this week to each property owner with an outstanding Townwide assessment. The prepayment amount and payment instructions will be provided in the letter.
This will be the final opportunity to prepay the assessment. No prepayments will be accepted after February 3, 2021.