Placement: First Reading of Ordinances
Action Requested: Motion / Vote
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Ordinance 25-77, Authorizing the Issuance of Not to Exceed $7,200,000 in Aggregate Principal Amount of a City of Port St. Lucie Community Redevelopment Agency Redevelopment Trust Fund Revenue Bond; Authorizing the Pledging of Funds; Authorizing Certain Rights of the Bond Holder; and Providing an Effective Date.
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Submitted By: Stephen Okiye, Finance Director/City Treasurer, Finance Department.
Strategic Plan Link: The City's Mission to utilize fiscal responsibility.
Executive Summary (General Business): Staff recommends the City of Port St. Lucie Community Redevelopment Agency ("CRA") issue CRA Redevelopment Bond, Series 2025, for the principal purpose of the renovation and enhancement to buildings located in Walton & One.
Presentation Information: Staff will be available for questions.
Staff Recommendation: Move that the Council adopt Ordinance 25-77 Authorizing the Issuance of Not to Exceed $7,200,000 in Aggregate Principal Amount of a City of Port St. Lucie Community Redevelopment Agency Redevelopment Trust Fund Revenue Bond.
Alternate Recommendations:
1. Move that the Council amend the recommendation and adopt Ordinance 25-77 Authorizing the Issuance of Not to Exceed $7,200,000 in Aggregate Principal Amount of a City of Port St. Lucie Community Redevelopment Agency Redevelopment Trust Fund Revenue Bond.
2. Move that the Council provide staff direction.
Background: N/A
Issues/Analysis: N/A
Financial Information: The City will utilize Community Redevelopment Agency (CRA) tax increment financing (TIF) revenues to repay the CRA Redevelopment Bond, Series 2025. In the first year, the revised original estimate for CRA TIF revenue is approximately $6,800,000. The annual debt service payment for the Series 2025 Bond is estimated to be $1,610,000 over five years. No General Fund revenues will be used for the repayment of this bond. The pledged CRA TIF revenues are expected ...
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