approved by the City Commission. Favorable outcomes of refinancing resulted in:

• Monthly Payments Remained Unchanged: Refinancing with the same favorable lower loan amount over a longer term not only save money over the life of the loan but also result in reduced monthly payments. This can free up cash flow for other expenses or investments.
• Improved Loan Terms: The City can use land loan refinancing to modify loan terms. The City can opted for a longer loan term to pay off the debt to reduce monthly payments.
• Access to Equity: If the value of the land has increased since the original loan was secured, the City may be able to tap into the land's equity. This can provide funds for other investments, or property improvements.
• Improved Credit Rating: Successful refinancing of the land loan with better terms can have a positive impact on the City's credit rating. This can lead to improved credit scores and better access to credit in the future.

The sale of the land or refinancing of the loan should be approached with careful consideration and a clear understanding of the potential benefits and costs involved.

6. Impact Fees Rate Study: Impact fees were reviewed by the consultant conducting the water and wastewater rate study. Impact fees haven't been reviewed for the past two decades. In FY 2024/25, City staff presented to the commission the recommended new impact fees based on the results of the study and were approved by the commission. A comprehensive impact fee study was crucial undertaking for the City and has far-reaching implications for both the City and the community it serves. Here are some benefits considered regarding the City's impact fee study:

• Revenue Generation: The primary objective of an impact fee study is to assess and quantify the impact of new developments on the City's infrastructure and services. Ultimately, the fees that developers should pay to mitigate these impacts can be validated. This generates revenue that can be used to fund future expansion related infrastructure projects and maintain service levels.
• Infrastructure Investment: Impact fees are typically earmarked for specific purposes, such as expansion of roads, utilities, parks, or public facilities. A rate study helps identify the infrastructure needs arising from population growth and new developments, ensuring that the City can accommodate its expanding population effectively.
• Economic Analysis: A rate study includes an economic analysis to ensure that the impact fees being charged are in line with new development activity. This analysis considers factors like housing affordability, economic competitiveness, and market dynamics.
• Public Input: Community engagement is a crucial component of the rate study process. Public hearings, meetings, and feedback allow residents, developers, and stakeholders to express their views and concerns. This input can assist in shaping the study's recommendations.
• Planning for Growth: An impact fee study is inherently forward-looking. It considers projected growth patterns and population increases to ensure that infrastructure is

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