The City Council is asked to conduct a first reading of Ordinance No. 2025-2325, which would authorize the issuance of the Non-Ad Valorem Revenue Notes, Series 2025.  These revenue notes will be used to finance the costs of various capital improvements and the acquisition of real property located at 7631 US Hwy 19, New Port Richey, Florida, further known as “River Side Inn”.

On October 1, 2024, the City entered into a purchase agreement with Sun Coast Motels, Inc. for the purchase of the real property located at 7631 US Hwy 19, New Port Richey, with a purchase price of $5,500,000. The subject property is located on the west side of US Highway 19 on the southwesterly bank of the Cotee River. As previously indicated, the Community Redevelopment Plan and associated planning efforts, including the “Downtown and Highway 19 Corridor Master Plan,” identify the subject property and greater “North Gateway Area” as one of the community’s most important opportunities for redevelopment and authorize the Community Redevelopment Agency (the “Agency”) to pursue the assemblage of property in the area. 

Additional financing of $3,500,000 will be used for costs related to various capital improvement projects.  The largest of those projects are the improvements to Railroad Road Square Phase 1, as laid out and set forth in the FY 2024-2029 Capital Improvement Plan, in the amount of $3,240,000.

Obligations of the Issuer to be designated as the "City of New Port Richey, Florida Non-Ad Valorem Revenue Note, Series 2025", in the aggregate principal amount of not to exceed $9,000,000, are hereby authorized to be issued.  The Note shall be issued for the purposes of (a) financing the costs of the Projects, and (b) paying costs and expenses of issuing the Note.