Change is coming to the South End Palm Beach, but many residents and civil leaders are less than thrilled by the proposed plan. As it stands, the Town Council has approved a plan to pay for the Palm Beach-wide burial of utility lines through assessments by property owners. According to the opposition, condo owners will pay a much higher premium for the project – more so than they would through property tax.
While all Palm Beach residents will undoubtedly benefit from the island-wide facelift, single-family home owners certainly have more to gain that their condo owning counterparts. Lee Crampton – chair of the Citizen’s Association of Palm Beach – simply states that the current assessment method does not benefit the residents of South End. Almost all South End Palm Beach – homes south of Sloan’s Curve – are comprised of multi-unit residential condominiums whom will bare the brunt end of payments.
Preserving South End Palm Beach Real Estate
On March 15, South End Palm Beach town voters have the chance at a referendum. Currently, the underground utility project is to be funded by a $90 million bond to be paid through special assessments over the next 30 years by Palm Beach property owners. Unfortunately for condo owners, they will be held to largely disproportional figures which will affect the Palm Beach luxury real estate market. The method has been approved by the Palm Beach Town Council and validated by the courts in Palm Beach County. No alternate recommendations to replace the assessment with property taxes have been made at this time.
While no alternate monetary solutions have been found, a different approach has been posed – separation. Town Manager, Tom Bradford, asked South End residents if they would be in support of creating a separate district south of Sloan’s Curve, thus separating the assessment
as well. While some civil leaders are warming to the idea and at least acknowledging it as, “a step in the right direction,” others are not so keen. The board shut it down in a 6-1 vote.
“I don’t live on the ocean, so why should I pay for [protection of] the sea shore? I’m voting ‘no’ on the balkanization of Palm Beach.” – Wilbur Ross
For more information on this rising South End Palm Beach Real Estate issue, follow the link HERE.