100 COMPUTERS PURCHASED FOR PUBLIC USE BY NEW BOCA LIBRARY

With construction back on track and completion expected by the end of the year, there will be 65,000 books and 7,000 other media (DVD’s and CD’s). Computers will be purchased and there will be 2 computer labs, one for children and the other for adults. Another new library is planned on a parcel of land just north of the existing downtown facility at 100 NW Second Avenue.

UPDATE: FLORIDA LEGISLATURE

PROPERTY TAX – “where it is” on 5-4-07

The Florida Legislature suspended negotiations on Save Our Homes portability, rollbacks and other property tax reform proposals until next month when lawmakers return to Tallahassee for a 10-day special session from June 12-June 22. Both sides have already agreed on two FAR-supported tax relief measures - $25,000 exemption on personal intangible property for small businesses and some form of Save Our Homes portability (terms not released). Sources say that so far there is agreement on cutting property taxes by about $20-$25-billion over 5 years; no sales tax increase; some form of Save our Homes portability.

To write your legislator send an email to http://floridarealtors.org - see Legislative Center.

Legislators made it easier for certain property owners to get insurance from Citizens which is now Florida’s largest insurer with 1.3 million policyholders. Property owners will be allowed into the Citizens pool if the only insurance they could obtain on the private market was 15% more expensive than what they would pay Citizens. Citizens rates would freeze through 2008. On Jan 1, 2009, Citizens would again be allowed to raise rates.

Homes valued at over $750,000 and located in high-risk zones will be required to install opening protections as of July 1, 2008 if they seek a building permit for work estimated at $50,000 or more. By 1/1/2009, all homes valued at over $750,000 in high-risk zones must be fitted wit opening protections to remain eligible for Citizens coverage. This is to help reduce some of the risk in the event of a devastating storm. Free inspections of 400,000 single-family homes is called for and grants and loan are provided to certain homeowners to make improvements to strengthen their home against storms.

Home inspectors, mold remediators and mold assessors will be required to be licensed by the Dept. of Business and Professional Regulation as of July 1, 2010 IF SIGNED BY THE GOVERNOR.

Landlords are limited to a financial penalty when a tenant breaks a lease of two months of rent for leases of less than a year. Effective at once IF THE GOVERNOR SIGNS IT.

Mortgage brokers and lenders will now have many disclosure and education requirements to help protect consumers during the mortgage loan application process. This bill includes additional enforcement and investigative tools for prosecuting mortgage fraud. The definition of “primary title services” and “related title services” will be amended and a civil court case codified that permits a portion of a title insurance premium to be rebated IF SIGNED BY THE GOVERNOR.

SPEEDING FINES INCREASED IN “Enhanced Penalty Zones”

The Florida DOT has designated 3 parts of highway as enhanced penalty zones. One is a 6-mile stretch on I-95. Signs are now up and the fines will be an additional $50, starting May 1^st. Lawmakers wanted to create a pilot program through FDOT for enhanced penalty zones on state roads in areas with higher than average crash rates related to speeding. Fifty percent of the additional $50 fine will be allocated to the Health Care Administration to provide an enhanced Medicaid payment to nursing homes for brain and spinal cord injury among Medicaid patients. The other 50 percent of the fine will be given for financial support to certified trauma centers in the counties where enhanced penalty zones are established.

RECORD PROFITS IN 2006 FOR NATION’S PROPERTY/CASUALTY INSURERS
Industry net income rose to $63.7-BB in 2006 from $44.2-BB in 2005, according to the Property Casualty Insurers Assn. Most of the improvement, they said, was because of fewer catastrophic storms in 2006 than in 2005. Profits were also boosted by stronger underwriting gains, which are premiums minus losses and admin expenses. While a highly active hurricane season was predicted for 2006, it gave insurers much-needed time to recover from the six 2005 catastrophic hurricanes. Chief Economist, of the PCIAA, Genio Staranczak, said that insurers need to worry about future storms. Increased property values, growing population and a threat of more frequent and severe storms in high risk areas of the US create a financial problem the nation must deal with. Colorado State U experts predict that the 2007 Atlantic hurricane season will be very active with 9 hurricanes.