HomeMy WebLinkAboutCRA-R-14-0051 Submittal-SEOPW CRA-Cover MemoSEOPW Board of Commissioners Meeting
July 30, 2014
SOUTHEAST OVERTOWN/PARK WEST
COMMUNITY REDEVELOPMENT AGENCY
INTER -OFFICE MEMORANDUM
To: Board Chair Keon Hardemon
and Members of the CRA Board
From: Clarence E. Woods, III
Executive Director
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Date: July 18, 2014 File: 14-00711
Subject: Resolution Providing for the Issuance of
Tax Increment Revenue Bonds (Series
2014A Bonds)
References:
Enclosures: Series 2014A Bond to be issued by
the Southeast Overtown / Park West
Community development Agency
BACKGROUND:
The attached Resolution and supporting documents authorize the Executive Director of the
Southeast Overtown/Park West Community Redevelopment Agency (the "CRA") to enter into a Bond
Purchase Agreement with Wells Fargo Bank, National Association (the "Underwriter"), with respect to
the issuance of the Series 2014A Bonds the proceeds of which are to be utilized to fund various
projects previously approved by the Board of Commissioners of the CRA. The 2014A Series Bonds
are secured solely by the pledge of tax increment revenues, with no back stop by the CRA, the City or
the County.
The exact terms of the 2014A Series Bonds will not be known until the Underwriter markets
the Series 2014A Bonds through a private placement. The exact amount of the bonds and the
interest rate will be determined by the Executive Director upon the advice of the Public Finance
Management (the "Financial Advisor") retained by the CRA to advise the CRA in connection with the
2014A Series Bonds, subject to the following parameters:
1. The amount of the 2014A Series Bonds will not be now Tess than $43,500,000.00 and not
exceed $60,000,000.00 in aggregate principal amount.
2. The aggregate underwriting discount (including management fee and expenses) shall not
exceed .9% of the aggregate amount of the 2014A Series Bonds.
3. The aggregate interest rate with respect to the Series 2014A Bond will not be more than
6.5%.
4. The maturity date will be not later than March 31, 2030.
14 Oo11 $6opw CleA-Cow I1/I 0
Submitted into the public
record in connection with
Item Lon 7.30-14'
Todd B. Hannon
Clerk of the Board
The Series 2014A Bond will be issued consistent with the Bond Purchase Agreement and the
various resolutions previously adopted by the CRA Board of Commissioner. This Resolution
authorizes the Executive Director execute all documents required in connection with the issuance of
the 2014A Series Bonds including without limitation the following documents, in substantially the
attached form:
1. Bond Purchase Agreement.
2. Preliminary Limited Offering Memorandum.
3. Fiscal Agent Agreement.
4. Continuing Disclosure Agreement.
All of the foregoing documents have been extensively reviewed on behalf of the CRA by its
Financial Advisor, Holland & Knight LLP as special counsel to the CRA, and Folely & Lardner LLP as
Bond Counsel to the CRA.
It is recommended that the Board of Commissioners approve the attached Resolution and
authorize the Executive Director pursuant to the Resolution to execute all the documents required to
consummate the transaction contemplated by the attached documents subject to the sale of the
Bonds being consistent with the parameters outlined herein and in the attached Resolution.
Submitted into the public
record in connection with
Item Ion i.30.19-
Todd B. Hannon
Clerk of the Board