As previously presented to the Community Redevelopment Agency Board, an opportunity for refinancing the two outstanding Revenue Notes of the CRA has been identified. 

Jerry Ford, of Ford & Associates, Inc. (City’s Financial Advisor) will present to the Board the terms and conditions of the Refunding Revenue Note.  Duane Draper, of Bryant Miller Olive (City’s Bond Counsel) will present to the Board the details of Resolution No. 2016-05 and the Amended and Restated Interlocal Agreements to be entered into by the Community Redevelopment Agency and the City of New Port Richey, FL.

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 –

o    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 Refunding Revenue Note, Series 2016, in the event tax increment revenues are insufficient.

-          Amended and Restated Advances Interlocal Agreement –

o    re-establishes the CRA’s obligation to repay the City for past advances made by the City to the CRA, including the payoff of an indebtedness to SunTrust Bank in FY14 and other expenditures paid by the City on behalf of the CRA during the recession.