The City Council is asked to review and authorize Resolution No. 2016-06, which authorizes the issuance of a Non-Ad Valorem Refunding Revenue Note, Series 2016, in the amount not to exceed $11,500,000 to refund the CRA Redevelopment Refunding Revenue Note, Series 2005A, and Redevelopment Revenue Note, Series 2005B, and approves the form of and execution of two amended and restated interlocal agreements with the Community Redevelopment Agency of the City of New Port Richey, FL.   

The City Council is also asked to review and authorize Resolution No. 2016-07, which establishes the City’s intent to be reimbursed for certain capital expenditures incurred in connection with various capital projects with proceeds of a future tax-exempt financing.

As previously presented at the City Council meeting on January 5, 2016 and prior, the City’s staff, Financial Advisor, and Bond Counsel, have identified an opportunity for refinancing the two outstanding Revenue Notes of the CRA. 

Jerry Ford, of Ford & Associates, Inc. (City’s Financial Advisor), will present to the City Council the terms and conditions of the Refunding Revenue Note.  Duane Draper, of Bryant Miller Olive (City’s Bond Counsel), will present to the City Council the details of Resolution No. 2016-06 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 –

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.