HomeMy WebLinkAbout07-378
RESOLUTION NO. 07-378
A RESOLUTION OF THE BOARD OF COUNTY
COMMISSIONERS OF ST. LUCIE COUNTY, FLORIDA
APPROVING FOR THE PURPOSES OF SECTION 147(f) OF
THE INTERNAL REVENUE CODE OF 1986, AS AMENDED,
THE ISSUANCE OF NOT TO EXCEED $37,500,000 OF
INDUSTRIAL DEVELOPMENT REVENUE BONDS BY THE
FLORIDA DEVELOPMENT FINANCE CORPORATION TO
FINANCE AN AIRPORT FACILITY LOCATED IN ST.
LUCIE COUNTY ON BEHALF OF YOLO HOLDINGS FORT
PIERCE LLC; AND PROVIDING AN EFFECTIVE DATE
BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS (THE
"BOARD") OF ST. LUCIE COUNTY, FLORIDA:
Section 1.
declared:
Findings and Recitals. It is hereby found, ascertained, determined and
A. The Florida Development Finance Corporation (the "Issuer") was created by the
Florida Development Finance Corporation Act, Chapter 288, Part IX, Florida Statutes (the
"Act"), which provides, in part, that the Issuer may issue revenue bonds to finance projects in St.
Lucie County, Florida (the "County"), for the benefit of approved Florida businesses to enhance
the economic development of the State of Florida (the "State"), provided that the Issuer has
entered into an interlocal agreement with the local governmental agency in which the project will
be located; and
B. Pursuant to this Resolution, the Issuer and the County will enter into an interlocal
agreement, in substantially the form attached hereto as Exhibit A, dated as of the date hereof,
pursuant to the Act and the Florida Interlocal Cooperation Act of 1969, as amended (to the extent
that the exercise of such powers is consistent with the purposes of the Act), which agreement is
in full force and effect, to permit the Issuer to issue revenue bonds to finance projects located
within the jurisdictional limits of the County; and
C. The Issuer intends to issue revenue bonds in an amount not to exceed $37,500,000
to finance or refinance the cost of acquiring, constructing, renovating, rehabilitating and
improving leasehold improvements to certain airport facilities, including but not limited to an
approximate 222,300 square foot airport facility leased by Volo Holdings Fort Pierce LLC (the
"Company") from the County and located at 2982 Curtis King Boulevard, Fort Pierce, Florida
(the "Project"); and; and
D. The Internal Revenue Code of 1986, as amended (the "Code"), requires that the
Board as the highest elected body of the County, approve the issuance of the bonds by the Issuer
after a public hearing has been conducted; and
E. Notice of a public hearing at this meeting, as evidenced by the attached Exhibit B,
was given in the form and manner required by law, as published in The Port St. Lucie News, a
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newspaper of general circulation in St. Lucie County, Florida on November 13,2007, affording
interested individuals a reasonable opportunity to express their views both orally and in writing,
on all matters pertaining to the proposed Project and the proposed issue of bonds; and
F. The Issuer has represented to the County that it is desirable and in the best interest
of the County that the Board approve the proposed bonds.
Section 2. Approval of Bonds. Solely for the purposes of Section 147(f) of the
Code, the Board hereby approves the issuance of the proposed bonds by the Issuer and the use of
the proceeds to finance the proposed Project to be located within the County. The Board makes
no representation as to the creditworthiness of the Company or the feasibility ofthe Project.
Section 3. Limitation. The bonds approved hereunder and the interest thereon shall
not constitute an indebtedness or pledge of the general credit or taxing power of the County, the
State or any political subdivision or agency thereof but shall be payable solely from the revenue
pledged therefor pursuant to a loan agreement and/or other financing agreement entered into by
the Issuer prior to or contemporaneously with the issuance of the bonds. The approval given
herein is solely for the purposes of Section 147(f) of the code and shall not be construed as an
approval of any zoning application or any regulatory permit required in connection with such
Project nor creating any vested rights with respect to any land use regulations, and this Board
shall not be construed by virtue of its adoption of this Resolution to have waived, or be estopped
from asserting, any authority or responsibilities it may have in that regard.
Section 4. Repealing Clause. All restrictions or resolutions or portions thereof in
conflict herewith are, to the extent of such conflict, hereby superseded and repealed.
Section 5.
adoption.
Effective Date. This Resolution shall take effect immediately upon its
PASSED AND ADOPTED this 27th day of November, 2007.
ATTEST:
BOARD OF COUNTY COMMISSIONERS
. T. LUCIE COUNTY, FLORIDA
BY: 4a)~~
VI c.t: - CHAI .
APPROVED AS TO LEGAL FÔR.J.'J AND
CORRECTNESS:
~~
A-st\- COUN TTORNEY
2
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EXHmIT A
FORM OF INTERLOCAL AGREEMENT
[Attached]
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3975310002
This instrument was prepared by or under the
supervision of (and after recording should be returned to):
Joseph B. Stanton, Esq.
Broad and Cassel
390 N. Orange Ave.
Suite 1400
Orlando, Florida 32801
(Space reserved for Clerk of Court)
INTERLOCAL AGREEMENT
THIS INTERLOCAL AGREEMENT ("Agreement") dated this 27th day of November,
2007, is made by and between ST. LUCIE COUNTY, FLORIDA (the "County") and the
FLORIDA DEVELOPMENT FINANCE CORPORATION (the "FDFC").
WHEREAS, the Legislature of the State of Florida (the "Legislature") adopted the Florida
Development Finance Corporation Act of 1993 (the "Act"); and
WHEREAS, the Legislature determined that it was necessary, in order to achieve the
purposes of the Act, as amended, to create a special development finance authority to cooperate and
act in conjunction with public agencies of Florida's state and local governments through interlocal
agreements pursuant to the Florida Interlocal Cooperation Act of 1969, as amended (the "Interlocal
AcC), in the promotion and advancement of projects related to economic development throughout
the State of Florida (the "State"); and
WHEREAS, the County and the FDFC wish to achieve the purposes set forth in Section
288.9602, Florida Statutes; and
WHEREAS, pursuant to the Act the FDFC was created, with the power to function for any
purposes of the Act within the corporate limits of any public agency once it has entered into an
interlocal agreement with that public agency; and
WHEREAS, the County desires to enter into an interlocal agreement with the FDFC to
allow the FDFC to act within the corporate limits of the County.
NOW, THEREFORE, the County and the FDFC agree as follows:
Section 1.
Authorization to Act
The County and the FDFC agree that the FDFC will have the full right, power and authority
to exercise all powers set forth in the Act within the County's corporate limits; provided, however,
that the Board of County Commissioners of St. Lucie County reserves the right to consent to each
project to be fmanced within the jurisdictional limits of the County, and to adopt and amend policies
applicable to obtaining the consent required herein. The County hereby consents to the issuance by
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FDFC of its Enterprise Bond Program Industrial Development Revenue Bonds (the "Bonds")
pursuant to this Interlocal Agreement for the purpose of financing or refinancing the cost of
acquiring, constructing, renovating, rehabilitating and improving leasehold improvements to certain
airport facilities, including but not limited to such facilities leased by Volo Holdings Fort Pierce
LLC from the County and located at 2982 Curtis King Boulevard, Fort Pierce, Florida.
Section 2.
Costs and Indebtedness
The FDFC will be solely responsible for all indebtedness, liabilities, costs or expenses of the
FDFC as permitted pursuant to the Act. The County will not be responsible for any indebtedness,
liabilities, costs or expenses of the FDFC.
Bonds, notes or other indebtedness issued by FDFC:
a. will not constitute and will not be construed as a debt, liability, or obligation of
the County, the State or any subdivision thereof;
b. will not constitute and will not be construed as a pledge of the faith and credit or
any taxing power of the County or the State or any subdivision thereof; and
c. will be limited obligations of the FDFC payable solely from and secured by a
pledge of payments made by the FDFC and other funds provided therefore;
d. will not reference in any context, except for geographic purposes, the political
subdivision of the State known as St. Lucie County on or within said bond, note
or other form of indebtedness.
Section 3.
Notification to Countv
The FDFC shall notify the County Administrator and the County Economic Development
Council within twenty (20) days of receipt of an application for financing pursuant to the Act for
projects located in the County.
Section 4.
FDFC Operations
The FDFC will be responsible for administering its own affairs pursuant to the Act and
this Agreement and will not be required to obtain any further approval, consent or authorization
from the County, except as the Act or any other provision of applicable law or this Agreement
may provide.
Section 5.
Effective Date of A2reement
This Agreement is effective upon being filed with the Clerk of the Circuit Court of
St. Lucie County, as required by law.
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Section 6.
Duration of A2reement
The term of this Agreement will be for a one year period and shall automatically be
renewed each year for an additional one year period unless the County or the FDFC provide
written notice to the other party that the party wishes to terminate this Agreement. If that notice
has been provided, this Agreement will terminate on or before sixty (60) days from the receipt of
the notice. Such termination shall not affect any Bonds, notes or other indebtedness issued by
FDFC pursuant to this Agreement prior to the effective date of any termination of this
Agreement.
Section 7.
Severabilitv
If anyone or more of the sections of this Agreement are held to be contrary to any express
provision of law or contrary to any policy of express law, although not expressly prohibited,
contrary to any express provision or provision of public policy or for any reason held invalid, then
those sections will be null and void and will be deemed separate from any other sections of this
Agreement.
Section 8.
Counterparts
This Agreement may be executed in any number of counterparts, each of which, when so
executed and delivered, shall be an original; but such counterparts shall together constitute but one
and the same Agreement, and, in making proof of this Agreement, it shall not be necessary to
produce or account for more than one such counterpart.
IN WITNESS WHEREOF, the County and the FDFC have caused this Agreement to be
executed by their duly authorized representatives.
[Signatures continue next page]
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FLORIDA DEVELOPMENT FINANCE
CORPORATION
By:
Its:
STATE OF FLORIDA
COUNTY OF
SWORN TO AND SUBSCRIBED before me this _ day of
,20_
by
who is personally known to me or
who produced
as identification.
Signature of Notary Public
(Print Name of Notary Public)
Commission Expires:
Commission #
[Signatures continue next page]
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ST. LUCIE COUNTY, FLORIDA
By:
Its: Chairman
ATTEST:
Clerk of the Circuit Court
STATE OF FLORIDA
COUNTY OF
SWORN TO AND SUBSCRIBED before me this _ day of
,20_
by
who is personally known to me or
who produced
as identification.
Signature of Notary Public
(Print Name of Notary Public)
Commission Expires:
Commission #
5
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EXHmIT B
NOTICE OF PUBLIC HEARING
[Attached]
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3975310002
SCRIPPS TREASURE COAST
NEWSPAPERS
Fort Pierce Tribune
600 Edwards Road, Fort Pierce, FL 34982
AFFIDAVIT OF PUBLICATION
~:A:~
iii
SCRIPPS HOWARD
STATE OF FLORIDA
COUNTY OF ST. LUCIE
Before the undersigned authority per50nally appeared, S. Darlene Brceg, who on oath 5ays that she Is Cla55lfied Inside Sales
Manager of the Fort Pierce Tribune. a dally nllW5paper published at Fort Pierce In St. lucie County, Florida: that thø attached
copy 01 advertisement wa5 publshed in the Fort Piarce Tribune In the following IS5ue5 below. Affiant further saye that the said
Fort Piørcø TribuneJ5 a newspaper publl5hed in Fort Plerce,ln sald SI. Luclø County, Florida. and thet sald newspaper has
heretofore been continuou51y published In &aid 51. Lucie County, Florida. daUy and d1slrlbutad In 51. Lucie County. Floridø. for a
period 01 one yaar next preceding the flfllt publication of the attached copy of advertisement; and affiant furlher say& that she ha5
neither paid or pl'D/Tllsed any person. firm or corporation any discount, rebate. comml551on or refund for the purpose of securing
this adverti&ement for publication in the seld nsw&papar. The Fort Pierce Tribune has baen entered a5 Periodical Maller et the
P05t OfIIce5 In Fort Piarce, 5l Lucie County, Florida and has bøen lor a period of one year next preceding the first pubrlOÐtlon of
the attached copy 01 adverll5emenl.
Customer
&!
Number
Pub
Date
CODvline
fQ1!
"
ENTERPRISE, FL, INC
1740646
11/13/2007
NOTICE OF MEETING
l
.,
Subscribed and sworn to me before this date:
November 13, 2007
,$:~~~. Lj~
~ -rBr
Notary Publi ' .......
MA . YRNE
NoIa'Y Public - Stale of FIoIIdI
CommIssIon ex_ AU 2, 2010
CommIIIIon . DO 544327
Bonded By NIIIonI/ NotaIy Assn.
FLORIDA DEVELOPMENT
FINANCE CORPORATION
NOTICE OF
PUBLIC MEETING AND HEARING
To Whom It May Concern:
~r the purposes of Section 147(f) of the Internal
evanue Code of 1988, as amended notice "is'
~arabY ølvan that Florida Davelopment Finanliil
orporatlOn (the '/&Suar") will hold a public lÌ1iiilt"i.
log and hearing with respect to the proposad. .¡s;'
suanes and aale by tha Issuer of not to exèaecÏ
f7.6l!O,OOO of Its Enterprise Bond Program'-;lIi!
"ustfl~1 Development Ravenue Bonds . (the':
2BOO7ond& I at ~ meeting to be held Novamber 271
. , beginning at 8:00 a.m., or as aoon thareat-
tet as possible. et The Economic Develo"pmarif
Cou"!lll of St. Lucie County, Inc.. 1860 fiW Foun-
~~~~w Boulaverd, Suite 205, Port 51. Lucie,' A,
The pro~d& of the prO lDsed Bonds will ba ùSlÌð
for the purp!l~e of financing or raflnanclng t/íë
cost of acqulnng, con5tructing, renovating, reha,·
bllltatlng. a~ Improving lea&ahold improvements
flo Ice~am aIrport facUlties, Including bul not
F m tap' to such facilities leased by Volo HOldings
ort lerea LLC (tha "CompanY") (rom the CountY
and loeatad et 2982 Curtis KIng Boulavard Fait
Pierce. Florida. (the 'Project"). The Project wlll·bé
operated by the Compel)Y.
Tt~e ~roposa4 Bonds wlll be a limited obligation of .
e ssuer and wlfl ba payable solely from the .-
paymants ",ada by the Company. An agreemenï .
batween the fllluar and the COIDPany will nmvlde .'
for thapayments'by the Companysufflcíèiit. '.:
pay debt &arvice on suelt Bonds when due ". ;
propo&ed Bonds will be secured under an .... ,
mant whereby the Issuer will pledge the'· 1
ments by tha Company for tha baneflt of f ,~
. holdars of tha propoSlld Bonds. Tha proposeaï
Bondi will not be a general obligation of tha IS' '
Bl!er and wI!' not in any way constitqte e debt, lis:
blllty or obligation of tha State of Florida, St. Lu·
clle County, Rorlda or any othar political sUbdlvl'
s on· of the Stata of Florida. Tha proposed Bondi. I
will not ba payable from any tax or any other rëli' .
enU8$ of St. lucie County. . . ,
The public haarlng will be condUcted In a manner
that provides a reasonabla opportunity for per, I
~~ns wltofh dthifferBlngnðvlews to be heard on both I.. .
ance . e 0 sand tha location and naMs ¡
of tha ProJllct. Any person deSiring to be heard.
on this matter Is requastad to attend tha public
haarlng or send e represantetlve. Written coni'
mants to be presentad a~ tha heaiing may be sub-
mlttad to the Issuer at 800 North Magnolie Ave~
nue, Sulta 1100, Çlrlando, Florida 32803, directed ~
10 tne Exel:utlve DIrector.. Commants made at the'
hearing are for the consideration of the Issuer:
tha Board o! County Commissioners of 51. Lucié ,
County, FlOrida, and the Governor of the Stata of
Florida.
Parsons ~~e advi&ed that, If they decida to ap~
any deciSIOn made at this hearing they will naad·
a record of the proceading5, .and for such pur-
pD5a. they may need to Insure that a verbatim re-
cord of tha proceedings Is meda. which record In-
cludes tha. tastlmony end evidence upon which
tha appeal IS to be basad.
In accordanca with the American with Disabilltla5
A/j" parson~ neadlng a 5pacial' accommodation to· .
participate In this Rrocaedlng should contact tha
Issuer no latar than seven days prior to 1ha pr01
caadlng at the address given in this notice or tela~
. phone: (407) 956-5696. '
Dated: NDVSmber 13. 2007
Florida DeveloDment Finance Corporation
By: Peyton Woodard, Executive Director
Publish: Novamber 13, 2007 1740846