Item Coversheet

5919 MAIN STREET .  NEW PORT RICHEY, FL 34652 . 727.853.1016


TO:Members of the Community Redevelopment Agency
FROM:Crystal S. Feast, Finance Director
DATE:11/4/2020
RE:Resolution No. 2021-09: Authorize Issuance of Taxable Non Advalorem Revenue Note 2020A and Tax Exempt Non Ad Valorem Revenue Note 2020B and Amended and Restated Interlocal Agreements - Page 5

REQUEST:

The Community Redevelopment Agency Board is asked to review and authorize Resolution No. 2021-09, which approves the form of and authorizes the execution of two amended and restated interlocal agreements with the City of New Port Richey, FL.




DISCUSSION:

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, which is included in the CRA's budget for FY2021.

  

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. 2021-09 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




RECOMMENDATION:

It is recommended that the Community Redevelopment Agency Board approves Resolution No. 2021-09 and accompanying Amended and Restated Interlocal Agreements with the City of New Port Richey, FL.




BUDGET / FISCAL IMPACT:

Any future costs pertaining to this transaction will be paid from the proceeds of the Revenue Notes. Future debt service payments will be budgeted for accordingly.

ATTACHMENTS:
DescriptionType
Resolution No. 2021-09: Authorize Issuance of Taxable Non Advalorem Revenue Note 2020A and Tax Exempt Non Ad Valorem Revenue Note 2020B and Amended and Restated Interlocal AgreementsBackup Material