Staff recommends authorizing of finance team to assist with the issuance of debt by The Community Redevelopment Agency for the Carver/Montclair Area (CRA).
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.
1. Approval of staff recommendations, or
2. Such alternative action as the Commission may deem appropriate
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.
Prepared by: ______________________
Attachments: Yes____ No ______
Advertised: ____Not Required ______
Attorney Review : Yes___ No ____
Reviewed by: Dept. Head ________
Finance Dept. ____________JB_____
Deputy C.M. ______EFS__________
City Manager ___________________
Account No. _________________
Project No. ___________________
WF No. ______________________
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:
THE CITY OF LEESBURG, FLORIDA
APPROVED AS TO FORM AND CORRECTNESS.