I received a letter from Pasco County, dated January 26, 2022,  requesting that the Board of Directors of the City's CRA waive the penalty fees that have been assessed per Florida Statutes as a result of the delayed payement of FY 2022 CRA funds.  The Statute states that a 5% penalty fee is required with an additional 1% interest fee for every month that the payment is late.  The total penalty fee, per the attached letter, is in the amount of $121,334.47.  The Statutes allow for CRA districts to waive the fees if they so choose.  Pasco County has assured the City that the delayed payment was simply an oversight and has respectfully asked that the CRA Board agree to waive the penalty fees.  The letter received from Pasco County is attached for the Board of Director's review and approval. Also attached is a response letter to Pasco County should the Board approve to waive the fees. 

It should be noted that a similar circumstance occurred back in 2017 and the Board of Directors approved a waiver of fees at that time in the amount of $40,864.81.