It seems that aside from federal tax refunds, Cape Coral Properties
owners will also receive a part of $19 million as the city gives back to those who had water, sewer and irrigation lines installed in the 1990’s. According to Thomas Stewart of news-press.com, about 54,000 accounts will be able to see the money. Homeowners who hold multiple accounts can also see the funds available in their accounts.
Based on the report, three of the biggest assessment areas finished paying off their 18-year assessments in the previous year. Now that the accounts are closed, the surpluses will be reimbursed to the properties’ present owners. Moreover, the City Council will approve the payments and this is expected to happen in the next month.
The said rebates can range from less than $10 to a few hundred. The refund will be issued by mid-June. Property owners can expect more than $1,000 after the rebates from sewer, water and irrigation have been summed up. According to Connie Barron, the city spokeswoman, the surpluses are the result of the various methods of financing and completing utility projects that occurred in the 1990s. However specific details are still not available. Barron said, “The bottom line is, the projects ended up costing less than what property owners paid by the time everything was said and done.”
In the year 2001, the city also refunded about $5 million to property owners. Some receive an average of $400 per property owner. This is the result of better payment and lower delinquency.
Councilman Marty McClain, on the other hand, said that he is anticipating doling out the money and moving into the subsequent stage of the project. This summer, construction in the Southwest 6 and 7 areas is set to begin. McClain also believed that the rebate could result to a better local economy, depending on how well people are able to budget and allocate the funds.
Some residents believe that the extra cash will help meet ends meet. Lamar Hertzog, who lives at the west side of Del Prado Boulevard and south of Hancock Bridge Parkway, said that he will not buy anything luxurious. Instead, Hertzog said that he will use the extra cash to help him pay his monthly dues. Proper management of cash is very important in order to avoid debt trap and pay for what is really necessary.