As previously presented, 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.

Jon Ford, of Ford & Associates, Inc. (City’s Financial Advisor) will present to the Board the terms and conditions of the Taxable Non-Ad Valorem Revenue Note.  Chris Roe, of Bryant Miller Olive (City’s Bond Counsel) will present to the Board the details of Resolution No. 2023-06 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 Taxable Non-Ad Valorem Revenue Note, Series 2022, in the event tax increment revenues are insufficient.