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Item O6 BOARD OF COUNTY COMMISSIONERS AGENDA ITEM SUMMARY Meeting Date: April 16, 2003 Division: BOCC Bulk Item: Yes No, -X- Department: DISTRICT 5 AGENDA ITEM WORDING: Discussion of Representative Sorensen's Residential Acquisition Fund Act which provides a reoccurring funding mechanism for local governments in areas declared areas of critical concern. ITEM BACKGROUND: Monroe County has been mandated to accomplish certain goals by the comprehensive land use plan and the carrying capacity study. Meeting the goals will require millions of dollars to implement by the timelines set by the state. Providing a reoccurring source of funding would provide the county with capital to implement the goals in a planned and efficient manner. PREVIOUS RELEVANT BOCC ACTION: CONTRACT/AGREEMENT CHANGES: STAFF RECOMMENDATIONS: TOTAL COST: BUDGETED: Yes No COST TO COUNTY: SOURCE OF FUNDS: REVENUE PRODUCING: Yes No AMOUNTPERMONTH_ Year APPROVED BY: County Arty _ OMB/Purchasing _ Risk Management _ DIVISION DIRECTOR APPROVAL: ~~ L~~ MAYOR TEM MURRAY NELSON DOCUMENTATION: Included X To Follow Not Required_ AGENDA ITEM #4 DISPOSITION: Rtply to; o 90311 0va1'MU HIghway, SuII8 A PoIt otIlce Box _ Tavernier. FL 33070 (305) 853-1947 o 020 Angela SIrMC I<$y Wett CIty H" K$y W-. FL 33040 (306) 283-1558 o 303 HOuM OftlClt Building 402 South Mantell Street T.Uah....., FL 32390-1300 (860) 488-Q968 '-motH; soreneen.ktn@mylIortdehOYse.com ' Florida House of Representatives Ken Sorensen, Ph.D. State Representative, Dlatrfct 120 Commltt...: LooeII Gov'l & Vel8nms Alf1Ilrs (Chair) Commerce & t.ocel Affairs Appropriations Neturlll RefOurcef Subcomrtittee an Environmental Regs. JudIciary Suboommlttee en C1.'11If Committee on Pubnc Security Select Cormuttee on National Oeftnae & Space-Relafed Economic Development FOR IMMEDIATE RELEASE ,March 24, 2003 CONTACT: PHONE: Laura Todd 850/488-9965 Tallahasse'e - State Representative Ken Sorensen (R-Key Largo) Is pleased to announce leg/slation thathe Is sponsoring which would create a permanent funding source for mandates from the state Imposed on the Keys by critics I concern. The bfll creates the "Residential Acquisition Fund Acf' and provides a funding mechanism for local governments located In areas declared Areas of Critical State Concern. The funding 'mechanism Imposes a voter approved fee, derived by applying a percentage of the purchase price, based on a sliding sosle, of a slngle-faml!y:or multi- family residence. The fee would be paid by the purchaser only, and would be tied to a county-wide referendum. It would establish a permanent source to address wastewater and storm water funding, for the purchase of land for moderate Income homes to provide relief to our working people, funding for purchase of envlrdnmentally sensitive lands and possIble funding for Jltaklng" Issues; The fee sln.Jcture Is a,8 follows: Properties purchased at $200,000 or less Properties purchased at $200,000 to $499,000 Properties purchased at $500,000 to $999,000 Properties purchased at $1,000,000 to $1,999,999 Properties PUrchased 'at $2,000,000 or more 0% 1.00% 1.50% 1.75% 2.00% Upon the sale of a resIdence, the purchaser would remit to the Clerk of the Court the appropriate fees outlined. Olstrlbutlon of the funds to local governments will be based on current formulas between the county and the cities. The economy has been exceptionally fluid since 9/11. It Is my thought that this would create a sense of certainty In developing 8 permanent funding source to accommodate mandates under the land Use Plan. I would hope that 8S things stabilize, we could get the state to match this funding which would ba approximately $10 million par year. Any funding from the state would go Into my proposed trust fund bill to be distributed under the same formula between the county and cities. That would Include potentials from Dept. of Community Affairs, Dept: of Environmental Protection and other state agendas, many of whom handle pass-thru funds for the county. This Is Independent of the theoretical $100 million from the federal government. I would ask that each local government take up and pass a resolution in support of this process as 800n as possIble, and would encourage local government to contact my office In Tallahassee if they have any questions. For over 25 years, we have lived with mandates and no funding. I feel this Is the first concrete step to solving once and for all the problems for the Florida Keys and Its . environment. -33- J}Jft February 19,2003 The Honorable Ken Sorensen, I 20th District State Representative House of Representatives State Capitol Dear Representative Sorensen, This is in response to your request for Residential Real Estate sales data for the year 2002. Below is a summary of the data from the Certified 2002 Tax Roll of Monroe County. Percentage 24,8185% 19.7175% 43,0253% 9.9863% 1.8638% 0.5886% Number of Sales 1265 1005 2193 509 95 30 5097 Sale Amount <99,999 100,000-199,999 200,000-499,999 500,000-999,999 1,000,000-1,999,999 2,000,000< TOTAL Total Sales amount is $1,459,393,900. The average sale price is $286,324. Very truly yours, ERVIN A. IDGGS, CRA-CRA MONROE COUNTY PROPERTY APPRAISER EAH/rs Cc: Sharon Gonzalez FLORIDA H 0 USE o F R E PRE S E N TAT I V E S ~ HB 1799 2003 1 A bill to be entitled 2 An act relating to a fee on residential acquisitions; 3 providing a popular name; providing for applicability of 4 fees in areas of critical state concern; providing for a 5 referendum; providing a fee. schedule; providing procedures 6 for collection of fees; providing criteria for utilization 7 of funds; providing a time limit on local government 8 authorization to impose or collect certain fees; providing, 9 an effective date. 10 11 WHEREAS, the Legislature finds that areas designated as 12 areas of critical state concern under s. 380.05, Florida 13 Statutes, experience certain limitations relating to affordable 14 housing, wastewater and stormwater drainage, and economic 15 viability and stability due to the vulnerability and fragility 16 of those areas, and 17 WHEREAS, areas of critical state concern may lack available 18 land on which to construct affordable housing and sufficient 19 funds for wastewater and stormwater improvements, which may 20 result in fewer employment opportunities to attract new 21 residents and keep new generations living in those areas., anq 22 WHEREAS, environmentally sensitive land must be set aside 23 for the benefit of future generations, and a lack of adequate 24 funds greatiy diminishes the ability of government to provide. 25 for acquisition of those lands, and 26 WHEREAS, for purposes of land acquisition for affordable 27 housing, provision of adequate wastewater and stormwater 28 facilities, economic stability and retention of an adequate 29 workforce, and acquisition of environmentally sensitive lands, 30 it is desirable to provide adequate funding through a stable, Page 1 of 4 CODING: Words strickc)A are deletions; words underlined are additions. FLORIDA H 0 USE o F REPRESENTATIVES ~ HB 1799 2003 31 recurring, and time-limited fee approved by the citizens 32 incurring such fee, . NOW , THEREFO:RE, 33 34 Be It Enacted by the Legislature of the State of Florida: 35 36 section 1. This act shall be known by the popular name the 37 "Residential Acquisition Fund Act." 38 Section 2. Authority to adopt ordinance or resolution; 39 amount of fee; referendum; disbursement.-- 40 (1) Any local qovernment that contains an area or part of 41 an area desiqnated as an area of critical state concern under s. 42 380.05, Florida Statutes, may adopt a resolution or ordinance 43 for imposition and collection of a residential acquisition fee. 44 However, in an area of critical state concern where the entire 45 county is included in the desiqnation pursuant to s. 380.05, 46 Florida Statutes, the authority under this act is exclusive to 47 the county. The fee shall be assessed in accordance with the 48 schedule set forth in subsection (2) of section 3. The 49 authorization provided in this section shall be construed to be 50 qeneral law authorization pursuant to s. 1, Art. VII of the 51 State Constitution. 52 (2) Such ordinance or resolution must be approved by a 53 maiority of the qualified electors in the affected area of 54 critical state concern. The ordinance or resolution for fee 55 adoption must establish the date, time, and place of the 56 referendum and provide appropriate ballot lanquaqe, includinq, 57 but not limited to, the fee schedule set forth in subsection (2) 58 of section 3. 59 (3) Any fees imposed and collected pursuant to this 60 section shall be deposited into a residential acquisition fund Page 2 of 4 CODING: Words stricken are deletions; words underlined are additions. FLORIDA H 0 USE o F REPRESENTATIVES ~ HB 1799 2003 61 to be established by ordinance or resolution of the qoverninq 62 body of the local qovernment imposinq the fee. The fund shall be 63 maintained and administered by the clerk of the court. Six 64 months after the initial collection, and quarterly thereafter, 65 the clerk shall remit the proceeds accrued in the residential 66 acquisition fund, less reasonable administrative costs, to the 67 local qovernment imposinq the fee. 68 Section 3. Applicability of fee; fee schedule.-- 69 (1) The residential acquisition fee shall be imposed at 70 closinq or upon the sale of a sinqle-family residential or 71 multifamily residential property on a slidinq scale based on 72 purchase price of the property. Commercial and qovernmental 73 properties are not subject to the provisions of this act. 74 (2) The fee is based on the followinq schedule: 75 SCHEDULE OF FEES 80 PURCHASE PRICE OF PROPERTY PERCENTAGE OF FEE Properties purchased at $199,999 or less 0% Properties purchased at $200,000 to $499,999 1.00% Properties purchased at $500,000 to $999,999 1. 50% Properties purchased at $1,000,000 to $1,999,999 1.75% Properties purchased at $2,000,000 or more 2_.00 %- c., 76 77 78 79 81 82 Section 4. Collection of fee.--At the time of closinq or 83 upon the sale of a single-family residential or a multifamily 84 residential property, the closinq aqent, the representative of 85 the closinq aqent, or the seller must collect and remit the fee 86 to the clerk. The closinq aqent, the representative of the 87 closing aqent, or the seller must provide a space on the buyer 88 and seller disbursement statement or an addendum accompanying 89 the buyer and seller disbursement statement identifying the fee Page 3 of 4 CODING: Words stricken are deletions; words underlined are additions. FLORIDA H 0 USE o F REPRESENTATIVES ~ HB 1799 2003 90 and must disclose the amount of the fee to the prospective 91 buyer . 92 Section 5. Utilization of funds.--Funds received by the 93 local government pursuant to this act shall be used as follows: 94 (1) Seventy percent of the funds received shall be used 95 for improvements to wastewater or stormwater facilities. 96 (2) Ten percent of the funds received shall be used for 97 acquisition of land for moderate and affordable housing. 98 (3) Ten percent of the funds received shall be used for 99 acquisition of environmentally sensitive lands as designated by 100 the local qoverninq entity imposinq the fee. 101 (4) Ten percent of the funds received shall be used for 102 other purposes necessary or resulting from the implementation of 103 this act. 104 105 Funds collected under this act may be used to complete proiects 106 currently underway or proiects undertaken pursuant to this act. 107 Section 6. A local qovernment's authorization to impose or 108 collect the fee authorized under this act shall expire 10 years 109 after the termination of the oesiqnation of the area of critical 110 state concern pursuant to s. 380.05, Florida Statutes, in which 111 the local government is located. 112 Section 7. This act shall take effect upon becoming a law. Page 4 of 4 CODING: Words e:trickQn are deletions; words underlined are additions.