Placement: Resolutions
Action Requested: Motion / Vote
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Resolution 25-CRA-07, 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: Jennifer Davis, Director, Community Redevelopment Agency
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,) Florida issue CRA Redevelopment Trust Fund Revenue Bond, Series 2025, for the principal purpose of the renovation and enhancement of the Event Center located in Walton & One, which is part of the Revised Original CRA.
Presentation Information: Staff will be available for questions.
Staff Recommendation: Move that the Board adopt Resolution 25-CRA-07 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 Board amend the recommendation and adopt Resolution 25-CRA-07 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 Board provide staff direction.
Background: N/A
Issues/Analysis: N/A
Financial Information: The City of Port St. Lucie will utilize Community Redevelopment Agency (CRA) tax increment financing (TIF) revenues from the Revised Original CRA to repay the CRA Redevelopment Trust Fund Revenue Bond, Series 2025. In the first year, the estimated CRA TIF revenue for this area is approximately $6,800,000. The annual debt service payment for the Series 2025 Bond is projected to be approximately $1.6 mi...
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