HomeMy WebLinkAbout10-034 RESOLUTION NO. 10-034
A RESOLUTION OF THE BOARD OF COUNTY
COMMISSIONERS OF ST. LUCIE COUNTY, FLORIDA,
ALLOCATING THE COUNTY'S RECOVERY ZONE FACILITY
BOND ALLOCATION TO THE CITY OF PORT ST. LUCIE;
AND PROVIDING FOR AN EFFECTIVE DATE
WHEREAS, the federal American Recovery and Reinvestment Tax Act of 2009 (the
"Stimulus Act") provides, among other things, federal income tax incentives for obligations
issued to finance the construction, reconstruction, renovation or acquisition of recovery zone
property to be used in a qualified business in the recovery zone ("Recovery Zone Facility
Bonds"); and
WHEREAS, pursuant to the Stimulus Act, the County has received an allocation of the
national Recovery Zane Facility Bond limitation in the amount of $8,202,000 (the
"Allocation"), which Allocation is based on the proportion that the County's employment
decline bears to the aggregate of the 208 employment declines for all the counties and.
certain large municipalities in the State; and
WHEREAS, the Stimulus Act provides that Recovery Zone Facility Bonds issued
pursuant to the Allocation must be issued before January 1, 2011; and
WHEREAS, this Board has designated the area within the limits of the County,
including the area within the corporate limits of the City of Port St. Lucie, Florida (the
"city"), which lies entirely within the County, as a recovery zone for purposes of the Stimulus
Act; and
WHEREAS, the Counci I of the City (the "Council") had, by Resolution 09-R130, adopted
on September 21, 2009, designated the corporate limits of the City as a Recovery Zone for
purposes of the Stimulus Act; and
WHEREAS, the County has received a formal allocation request from the Council to
enable the City to issue Recovery Zone Facility Bonds for a recovery zone facility project to
be leased to Wyndcrest DD Florida, Inc., for the purpose of locating its operations within the
corporate limits of the City to create jobs, training and other economic development within
the City (the "Wyndcrest Project"); now, therefore,
BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF ST. LUCIE
COUNTY, FLORIDA, THAT:
Section 1. Authority. This Resolution (hereinafter called the "Resolution") is
adopted pursuant to the provisions of the Florida Constitution and Chapter 125, Florida
Statutes, and other applicable provisions of law.
Section 2. Allocation to City. The Board hereby allocates $8,202,000 of the
County's allocation of the national Recovery Zone Facility Bond Allocation to the City to enable
the City to undertake and finance the Wyndcrest Project which will enable economic
development within the City, which lies entirely within the County.
Section 3. Authorization of Additional Action. The County Administrator is
hereby authorized (a) to make or effect any election, selection, designation, choice, consent,
or approval on behalf of the County with respect to the Recovery Zone and the Allocation as
the County is required to make or give under the Stimulus Act for the purpose of assuring,
enhancing or protecting favorable tax treatment or status of any Recovery Zone Facility
Bonds to be issued by the City pursuant to the aforesaid allocation from the County to the
City or activities to be financed by such Bonds or assisting in compliance with requirements
for that purpose, which action shall be in writing and signed by the County Administrator; and
(b) to take any and all other actions, corporate in every way with the City, and make or give
reports, covenants and certifications of and on behalf of the County, s may be appropriate
to assure the intended status of the Recovery Zone and any Recovery Zone Facility Bonds
issued by the City pursuant to the aforesaid allocation by the County.
Section 4. Severability. Tf any one or more of the provisions of this Resolution
shall for any reason be held illegal or invalid, such illegality or invalidity shall not affect any
other provision of this Resolution, but this Resolution shall be construed and enforced as if
such illegal or invalid provision had not been contained therein.
Section 5. Repealing Clause. All resolutions or orders and parts thereof in conflict
herewith to the extent of such conflicts, are hereby superseded and repealed.
Section 6. Effective Date. This resolution shall take effect immediately upon its
adoption.
Passed and Adopted this 12th day of January 2010, at a regular meeting duly called
and held.
d~ BOARD OF CO~JNTY ,COMMISSIONERS
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ATTEST: ~
e~~'r~, ST. LUCIF~-C NTY FLORIDA
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of th Circuit Cou ~L r, 9 Chairman, Boa d of County Commissioners
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-officio Clerk of the od~~d , , , 77
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APPROVE 5 TO FORM AND
CORR CTN 55:
BY:
County Attorne