By Steve Plunkett
The Greater Boca Raton Beach and Park District has wired the city $10,227,451 as early payoff of the bond that enabled acquisition of the Ocean Breeze property for the new North Park and is eagerly awaiting transfer of the title.
The move allowed the Beach and Park District to gain full ownership of the property, north of Yamato Road and west of Northwest Second Avenue, and save $1,083,600 in interest, Executive Director Briann Harms said.
The district had accumulated enough money through current and prior year savings, additional revenues and unspent capital project funds, she said. The early payoff will not affect any other ongoing or planned projects.
District Commissioner Steve Engel said he had always been taught and firmly believes that the less debt you have, the better off you are.
“This is our only debt,” Engel said before the July 7 vote. “Outside of this note, we are debt-free.”
Paying off the bond also allows the district to pursue a public-private partnership to develop the west side of the park, something it could not do under the terms of the bond’s agreement.
At the district’s July 21 meeting, commissioners adopted a tentative property tax rate of $1.08 per $1,000 of taxable value for the coming year, the same rate as in fiscal years 2023, 2024 and 2025.
The district’s total tax base has increased to $46.2 billion, up 7.4% from the current year, Harms said. The tentative rate will generate $48.4 million in tax revenue, up $3.2 million from this year, and amount to a $540 bill for a home worth $500,000.
Commissioner Craig Ehrnst said he empathized with homeowners facing higher bills and argued unsuccessfully for shaving 2 cents off the tax rate.
“Boca has become a lot more expensive,” he said.
The district will hold its first public hearing on the proposed budget at 6 p.m. Sept. 2, the day after Labor Day, and its final public hearing at 6 p.m. Sept. 15.
Big-ticket items in the coming budget include $22 million to develop the east side of North Park and $4.5 million for a shade structure over the roller rink at Sugar Sand Park.
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