| | | | | | | | FORT MYERS CITY COUNCIL AGENDA ITEM SUMMARY MEETING DATE: 5/6/2019
Regular Meeting | WARD: All | AGENDA ITEM NO 12.
Quasi-Judicial: No
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CONSENT AGENDA
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| | | | | | | | | MOTION: Approve waiving the Payment in Lieu of Taxes, in the amount of $82,765, due from the Housing Authority of the City of Fort Myers. | MANAGEMENT RECOMMENDATION: Approve | | FUNDING SOURCE: N/A
FISCAL IMPACT: Waiver of $82,765 of potential revenue that was not included in the budget.
BUDGETED ITEM: N/A FY - 2018 - 2019 | | WHAT ACTION ACCOMPLISHES: Waives the Payment in Lieu of Taxes due from the Housing Authority of the City of Fort Myers. |
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| | | | | | | | BACKGROUND INFORMATION:
Pursuant to an agreement with the Housing Authority of the City of Fort Myers (HACFM), the ad valorem real estate taxes on the properties assessed against HACFM are limited to 10% of total rents from the property exclusive of utilities. The 10% payment is referred to as a Payment in Lieu of Taxes (PILOT). The HACFM is required to submit an annual request of waiver to the City to avoid the payment. The requested waiver, in the amount of $82,765, is for fiscal year ended March 31, 2018. The City granted annual waivers in the last 5 years as follows:
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Date of Approval |
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Amount of Waiver |
| Year |
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| 2017 |
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2/20/2018 |
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$80,258 |
| 2016 |
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11/7/2016 |
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74,779 |
| 2015 |
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9/8/2015 |
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70,417 |
| 2014 |
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10/6/2014 |
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69,670 |
| 2013 |
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8/19/2013 |
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64,468 |
The waiver is an increase of $2,507 or 3.12% from 2017 due to the increase in Shelter Rent Collected by HACFM. The City did not anticipate receiving the revenue and granting the waiver did not affect the Fiscal Year 2018 budget.
| Person Initiating Request: Holly Simone, Deputy Director | Department: Financial Services - Treasury
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