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Board directs staff to pursue phase 1 undergrounding plan, to hire consultants for assessment options
Summary
The Golden Isle board unanimously directed staff to pursue phase 1 of an undergrounding plan and to hire consultants (methodology, financial advisor, assessment attorney) to develop funding models; staff presented high‑level costs ranging from about $7.9 million (electric undergrounding only) to $39.6 million (full scope).
The Golden Isle Safe Neighborhood District board on Wednesday voted 5–0 to direct staff to pursue phase 1 of an undergrounding and capital improvement program and to hire outside consultants to develop assessment methodology and financing options.
Finance Director Gio Nesti presented a high‑level funding strategy and three scope options. He told the board the district includes roughly 531 folios (279 single‑family homes and 214 condo units) and presented an engineers' opinion of probable cost for undergrounding alone of about $7.9 million. Adding finger‑street improvements raised the modeled total to about $30.3 million, and a full build that would include Lane Boulevard was shown in staff materials at roughly $39.6 million (staff noted the figure came from an October 2025 engineer’s opinion and described the presentation as preliminary).
Nesti said a special assessment remains staff’s recommended financing tool because it is flexible, would not require a referendum and can be structured so those who benefit pay. Staff modeled an example 20‑year assessment that would translate to roughly $1,100–$1,500 per unit per year for the undergrounding‑only scope; carving out Lane Boulevard or expanding scope raises the modeled annual per‑folio charge (staff showed ranges up to about $6,500 per year depending on scope and term). He cautioned that the undergrounding estimate is the only phase with a firm cost at present and that the board would need a methodology consultant, financial advisor and assessment attorney to finalize structures and equitable apportionment.
Director Butler warned that applying a single uniform assessment across condos and single‑family properties may be inequitable and urged a tailored approach. "Applying the same methodology for the cost is not going to fly," she said, urging staff to develop fairer apportionment options. After discussion, the board moved to proceed with phase 1 and to hire consultants; the motion passed 5–0.
Next steps: staff will return with engagement plans and consultant recommendations to develop assessment methodology, equity considerations and a final financing recommendation. Staff also noted a related unfunded Golden Isle water main replacement project estimated at $13.3 million in the materials.
