The City Council is asked to review and authorize Resolution No. 2021-08, which authorizes the following:

• Issuance of Taxable Non-Ad Valorem Revenue Note, Series 2020A, in the amount not to exceed $2,617,294 and a Tax Exempt Non-Ad Valorem Revenue Note, Series 2020B, in the amount not to exceed $8,355,207to finance the costs of construction, renovation, design and/or equipping of various capital improvements, including without limitation, a Parking Garage, Fire Station, and Public Library

• Approval of the form and execution of two amended and restated interlocal agreements with the Community Redevelopment Agency of the City of New Port Richey, FL

   

As previously presented at the City Council meeting on October 20, 2020 and November 4, 2020, city staff has identified an opportunity to finance the costs related to certain capital improvement projects, including the construction of a parking garage, construction of a fire station, and renovations to the Library. 

Will Reed, of Ford & Associates, Inc. (City’s Financial Advisor), will present to the City Council the terms and conditions of the Taxable and Non 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. 2021-08 and the Amended and Restated Interlocal Agreements to be entered into by the City and the Community Redevelopment Agency.

The Interlocal Agreements attached to this memorandum amends and restates previous interlocal agreements between the CRA and the City. 

• Amended and Restated Debt Service Interlocal Agreement –

  • re-establishes the CRA’s obligation to repay the City for all costs (past, present, and future) incurred by the City on behalf of the CRA, in connection with the issuance of the debt, in the event tax increment revenues are insufficient

     

• Amended and Restated Advances Interlocal Agreement –

  • re-establishes the CRA’s obligation to repay the City for past advances made by the City to the CRA