 |  | 5919 MAIN STREET . NEW PORT RICHEY, FL 34652 . 727.853.1016 |
| TO: | City of New Port Richey City Council | | FROM: | Crystal Dunn, Finance Director | | DATE: | 12/6/2022 | | RE: | First Reading, Ordinance No. 2022-2265: Authorizing the Issuance of a Taxable Non-Ad Valorem Revenue Note, Series 2022 RE: 6128 US Highway 19 |
REQUEST:
The City Council is asked to conduct a first reading of Ordinance No. 2022-2265, which would authorize the issuance of the Taxable Non-Ad Valorem Revenue Note, Series 2022. This note will be used for the purchase of real property located at 6128 US Hwy 19, New Port Richey, Florida, further know as “the former SunTrust building”.
DISCUSSION:
On October 19, 2022, the City entered into a purchase agreement with Lemonade MM New Port Richey LLC for the purchase of the real property located at 6128 US Hwy 19, New Port Richey, with a purchase price of $2,800,000. As previously indicated, it is in the continued best interest of the redevelopment of the southeast quadrant of U.S. Highway 19 and Main Street to purchase the former SunTrust building.
Obligations of the Issuer to be designated as the "City of New Port Richey, Florida Taxable Non-Ad Valorem Revenue Note, Series 2022", in the aggregate principal amount of not to exceed $3,000,000, are hereby authorized to be issued. The Note shall be issued for the purposes of (a) financing the costs of the Project, and (b) paying costs and expenses of issuing the Note.
Bryan Miller Olive, the City’s Bond Counsel, has drafted the Ordinance before you, which authorizes the issuance of a Taxable Non-Ad Valorem Revenue Note, Series 2022.
RECOMMENDATION:
It is recommended that the City Council conduct a first reading of and approve Ordinance No. 2022-2265, which would authorize the issuance of a Taxable Non-Ad Valorem Revenue Note, Series 2022.
BUDGET/FISCAL IMPACT:
Any costs pertaining to this transaction will be paid from the proceeds derived from the note. A budget amendment will be prepared once proceeds are received. | | | |