Residents of condos at the St. Andrews Club just north of town will benefit from Gulf Stream’s underground utilities project without spending a dime.
Town commissioners decided Sept. 15 to pull $450,000 from reserves to prepay Gulf Stream’s portion of the project, which includes assessments for six town-owned parcels and the share St. Andrews residents would pay if they lived inside town limits instead of in Boynton Beach.
The St. Andrews Club condos are included in the project because they will enjoy aesthetic and other benefits from the removal of powerlines on Little Club Road.
Twenty-two Gulf Stream property owners already had sent in checks totaling $169,000, beating the Nov. 1 deadline to prepay and saving $10,424 in first-year capitalized interest, financing costs and administrative fees, Town Manager William Thrasher said.
The underground assessment for Town Hall, for example, is $10,898.61 with a $638.24 prepay savings.
Gulf Stream mailed notices about the prepay option Sept. 2 that warned a 20-year installment plan could include interest rates “not to exceed 10 percent,” Thrasher said, “which prompted a lot of people to prepay.’’
He noted the exact interest rate won’t be known until February, but added it should be closer to 4 percent.
Town Clerk Rita Taylor said the first prepayment check arrived even before the notice was sent out. A second, final notice about prepayments was to be mailed Sept. 30.
Surveyors finished measur-ing the south part of town and their work was forwarded to Gulf Stream’s consulting engineer, Thrasher said. The engineer has said actual construction to bury electric, phone and cable TV lines will begin next spring.