The City Council is asked to review and authorize Resolution No. 2025-14, which authorizes the following:

• Issuance of Tax-Exempt Non-Ad Valorem Revenue Note, Series 2025A, in the amount not to exceed $3,350,000, to finance the costs of various capital improvements and Taxable Non-Ad Valorem Revenue Note, Series 2025B, in the amount not to exceed $5,650,000 to finance the acquisition of real property.

• Approval of the form and execution of the Amended and Restated Debt Service Reimbursement Interlocal Agreement between the City of New Port Richey, FL and the City of New Port Richey, FL Community Redevelopment Agency. 

As previously presented at the City Council meeting on April 1, 2025, city staff has identified an opportunity to finance the costs related to certain capital improvement projects, specifically identified as Phase 1 of the redevelopment of Railroad Square and the acquisition of real property located at 7631 US Hwy 19, New Port Richey.

Will Reed, of Ford & Associates, Inc., the City’s Financial Advisor, will present to the City Council the terms and conditions of the Tax-Exempt and Taxable Non-Ad Valorem Revenue Notes.  Duane Draper, of Bryant Miller Olive, City’s Bond Counsel, will present to the City Council the details of Resolution No. 2025-14 and the Amended and Restated Interlocal Agreement to be entered into by the City and the Community Redevelopment Agency.

The Interlocal Agreement attached to this memorandum amends and restates a previous interlocal agreement between the CRA and the City.  The Amended and Restated Debt Service Reimbursement Interlocal Agreement re-establishes the CRA’s obligation to repay the City for all costs (present and future) incurred by the City on behalf of the CRA, in connection with the issuance of the Tax-Exempt and Taxable Non-Ad Valorem Revenue Note, Series 2025A and Series 2025B, respectively, in the event tax increment revenues are insufficient.