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Colony Beach & Tennis Resort unit owners may have an issue renovating what's currently on the Longboat Key property because of a town flood-control ordinance that has ties to Federal Emergency Management Agency (FEMA) guidelines.
Planning, Zoning and Building Director Monica Simpson told the Longboat Key Planning and Zoning Board April 19 that the town's flood-control ordinance states that a property owner whose property is not up to current FEMA building regulations is only allowed to make improvements and renovations to an existing property up to 50% of the appraised value.
If the town were to allow the unit owners to rebuild more than 50% of the appraised value, it could jeopardize the town's flood insurance.
Town attorney David Persson says the flood-control ordinance stems from federal flood requirements and is also based upon the state's flood ordinance.
“Improvements to a FEMA nonconforming structure are limited to 50% of the value of the structure as determined prior to construction,” Persson said. “The Colony structures are FEMA nonconforming.”
Persson, however, told the Longboat Observer that the drop in assessed value is not the issue. The main issue is the continued deterioration of the Colony buildings.
“The drop in valuations isn't as much of a problem because it's the value of the structure that makes the determination,” Persson said. “The valuation of the units, for example, takes into account many more things, such as what's happening in the real estate market. However, the valuation of the structure will decline as the structure continues to deteriorate.”
—reporting by Kurt Schultheis, correspondent
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