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CASSGLBGRRY CITY COMMISSION Minutes of October 28, 2024 — Regular Meeting Page 6 of 12 The City Clerk read Resolution 24-3468 by title, as follows: "A RESOLUTION OF THE CITY OF CASSELBERRY, FLORIDA, ELECTING TO NOT EXEMPT CERTAIN PROPERTY FROM AD VALOREM TAXATION, AS ALLOWED UNDER SECTION 196.1978(3)(o)(2024), FLORIDA STATUTES, PROVIDING FOR CONFLICTS, SEVERABILITY, AND AN EFFECTIVE DATE." Notice of Public Hearing: The Notice of Public Hearing relative to Resolution 24-3468 was advertised in the Orlando Sentinel on Friday, October 18, 2024. Staff Presentation: Chief Planner Antonia DeJesus gave a brief overview of Resolution 24-3468 which addresses recent state legislative changes regarding property tax exemptions for affordable housing projects. In December 2023 the City Commission adopted Ordinance 23-1586 amending the City's Unified Land Development Regulations (ULDR) of the City's Code of Ordinances to provide standards for multifamily developments and address the Live Local Act adopted in the 2023 Legislative Session. During the 2024 Legislative Session, the Florida Legislature passed House Bill 7073 which was signed into law by Governor DeSantis on May 7, 2024 and codified as Chapter 2024-158 of the Florida Statutes, which amended Section 196.1978 of the Statutes to establish the "Live Local Act Property Tax Exemption". This amendment exempts ad valorem taxation for certain properties deemed affordable housing that serve persons or families whose annual household income is between 80 and 120 percent of the median annual adjusted gross income for households within a specific statistical area, specifically the Orlando -Kissimmee Metropolitan Statistical Area (MSA). According to the Bill, the exemption is only valid if the City finds that the most recent Sheinberg Center fon= Housing Studies Annual Report identifies Seminole County in that Orlando -Kissimmee MSA, or the number of affordable and available units in the MSA is greater than the number of renter households in the MSA for a specific category, and the category is entitled 1 to 120 percent area median adjusted gross income (AMI). The 2023 Shirnberg Center for Housing Studies Annual Report indicates a surplus in excess of 799 affordable and available rental units within the MSA that falls within the 0 to 120 percent AMI category. Therefore, the City Commission, through a super -majority vote, has the authority to decide whether to continue providing the tax exemption, and it is recommended that the City Commission adopt Resolution 24-3468 to opt out of providing the 80 to 120 percent AMI tax exemption as the City cannot financially support the loss of ad valorem taxes. Budget Impact: There is no negative impact on the City Budget. Recommendation: The City Manager and the Community Development Director recommended adoption of Resolution 24-3468. Public Hearing: Mayor Henson stated this was a public hearing to hear and consider comments and questions regarding Resolution 24-3468. Mayor Henson opened the floor for public participation. No one came forward to address Resolution 24-3468. Mayor Henson closed the public hearing relative to Resolution 24-3468. MOTION: Commissioner Busch moved to adopt Resolution 24-3468, as presented. Motion was seconded by Commissioner Divita. Motion carried unanimously 4-0 by roll call vote as follows: