AGENDA MEMORANDUM

 

Meeting Date:           November 10, 2008

 

From:                          Jerry Boop, CPA, CGFO, Finance Director   

 

Subject:                      Resolution designating the Finance Team to work with the City in connection with the issuance of debt by The Community Redevelopment Agency for the Carver/Montclair Area to finance various redevelopment projects and related costs

 

 

Staff Recommendation:

Staff recommends authorizing of finance team to assist with the issuance of debt by The Community Redevelopment Agency for the Carver/Montclair Area (CRA).

 

Analysis:

The Community Redevelopment Agency for the Carver/Montclair Area wishes to finance various redevelopment projects within the Community Redevelopment Area.  The City has been working with and wishes to designate the Finance Team as D.A. Davidson & Co. as Financial Advisor, Holland & Knight, LLP as Disclosure Counsel, and Akerman Senterfit as Bond Counsel.  The City Manager is hereby authorized to execute and deliver to the various members of the Finance Team supplemental or amended engagement letters in customary form, as needed.  The City Manager is also authorized to work with the Finance Team to retain other professional firms, as needed, to assist in the process of tax exempt financing. 

 

Options:

1.  Approval of staff recommendations, or

2.  Such alternative action as the Commission may deem appropriate

 

Fiscal Impact: 

All costs associated with the financing and acquisition, construction, improvement and repair of various capital improvements will be reimbursed to the CRA from the proceeds.

 

 

Submission Date and Time:    11/6/2008 5:08 PM____

 

 

Department: ______________________

Prepared by:  ______________________                     

Attachments:         Yes____   No ______

Advertised:   ____Not Required ______                     

Dates:   __________________________                     

Attorney Review :       Yes___  No ____

                                                

_________________________________           

Revised 6/10/04

 

Reviewed by: Dept. Head ________

 

Finance  Dept. ____________JB_____                                     

                              

Deputy C.M. ______EFS__________                                                                         

Submitted by:

City Manager ___________________

 

Account No. _________________

 

Project No. ___________________

 

WF No. ______________________

 

Budget  ______________________

 

Available _____________________

RESOLUTION NO. _________

 

 

A RESOLUTION OF THE CITY OF LEESBURG, FLORIDA DESIGNATING THE FINANCE TEAM TO WORK WITH THE CITY IN CONNECTION WITH THE ISSUANCE OF DEBT BY THE COMMUNITY REDEVELOPMENT AGENCY FOR THE CARVER/MONTCLAIR AREA TO FINANCE VARIOUS REDEVELOPMENT PROJECTS AND RELATED COSTS; AUTHORIZING THE CITY MANAGER TO EXECUTE THE ENGAGEMENT LETTERS; AUTHORIZING THE CITY MANAGER TO RETAIN OTHER PROFESSIONAL FIRMS AS NEEDED; AND PROVIDING AN EFFECTIVE DATE.

 

 

WHEREAS, The Community Redevelopment Agency for the Carver/Montclair Area (the “Agency”) a dependent district of the City of Leesburg, Florida (the “City”) desires to finance various “redevelopment projects” within the “community redevelopment area” of the Agency (the “Project”); and

 

WHEREAS, to finance all or a portion of the Project it has been proposed that the Agency issue revenue bonds, notes or other obligations (the “Tax Exempt Financing”); and

 

WHEREAS, the City has been working with D.A. Davidson & Co. (the “Financial Advisor”), and Akerman Senterfitt, and Holland & Knight, LLP  (collectively, the “Finance Team”) in connection with the proposed issuance of the Tax Exempt Financing; and

 

WHEREAS, the Financial Advisor has recommended that the City support the Tax Exempt Financing by agreeing to fund the Reserve Account with legally available moneys of the City to the extent the Agency does not have sufficient money to cure such deficiency; and

 

WHEREAS, the City Commission now desires, pursuant hereto, to formally designate the Finance Team.

 

NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF LEESBURG, FLORIDA, THAT:

 

AUTHORITY. This Resolution is adopted pursuant to Chapter 166, Florida Statutes and other applicable provisions of law (collectively, the “Act”).

DESIGNATION OF FINANCE TEAM AND APPROVAL OF TERMS OF ENGAGEMENT. The Finance Team with respect to the issuance of the Tax Exempt Financing shall consist of D.A. Davidson & Co. as Financial Advisor, Holland & Knight, LLP as Disclosure Counsel and Akerman Senterfitt as Bond Counsel.   The City Manager is hereby authorized to execute and deliver to the various members of the Finance Team supplemental or amended engagement letters in customary form, as needed. The City Manager is also authorized to work with the Finance Team to retain other professional firms, as needed, to assist in the process of the Tax Exempt Financing.

EFFECTIVE DATE. This Resolution shall take effect immediately upon its adoption.

            PASSED AND ADOPTED at the regular meeting of the City Commission of the City of Leesburg, Florida on the 10th  day of November, 2008.

 

THE CITY OF LEESBURG, FLORIDA

                                                                               

 

 

By:_________________________________

       Mayor-Commissioner

ATTEST:

 

 

                                                                       

City Clerk

 

APPROVED AS TO FORM AND CORRECTNESS.

 

 

                                                                       

City Attorney