HomeMy WebLinkAbout25-158 RESOLUTION NO. 25-158
A RESOLUTION OF THE BOARD OF COUNTY
COMMISSIONERS OF ST. LUCIE COUNTY, FLORIDA
PROVIDING CONSENT TO THE FLORIDA
DEVELOPMENT FINANCE CORPORATION TO THE
ISSUANCE OF REVENUE BONDS ON BEHALF OF
BRIGHTLINE HOLDINGS LLC AND/OR CERTAIN
AFFILIATES; AND PROVIDING AN EFFECTIVE DATE.
BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS (THE
"BOARD")OF ST. LUCIE COUNTY, FLORIDA:
WHEREAS, the Florida Development Finance Corporation (the "Issuer") was created
by the Florida Development Finance Corporation Act, Chapter 288, Part X, Florida Statutes (the
"Act"), which provides, in part, that the Issuer may issue bonds to finance and refinance projects
for the benefit of 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
WHEREAS, the Issuer and the Board of County Commissioners of St. Lucie County,
Florida(the "Board") have previously entered into a joinder to interlocal agreement, as amended
(the "Interlocal Agreement") pursuant to the Act and the Florida Interlocal Cooperation Act of
1969, as amended, which agreement remains in full force and effect, to permit the Issuer to issue
revenue bonds to finance and refinance projects located within the jurisdictional limits of St.
Lucie County, Florida (the "County"), subject to the Board's reserved right to consent to each
such project; and
WHEREAS, Brightline Holdings LLC, or one or more of its affiliates, subsidiaries or
related entities (collectively, the "Borrower") has requested the issuance of the Issuer's revenue
bonds in the amount of up to $400,000,000 (the "Bonds"), to directly or indirectly (i) finance or
refinance the cost of (or reimburse itself for prior expenditures for) the design, development,
acquisition, construction, renovation, improvement and equipping of its privately owned and
operated intercity passenger rail system extending approximately 320 miles from Miami to
Tampa, Florida, with passenger trains capable of operating thereon at top speeds in excess of 150
miles per hour, and with stations located or potentially located in Miami, Aventura, Fort
Lauderdale, Boca Raton, West Palm Beach, Brevard County, the Treasure Coast Region, Orange
County, and Tampa, Florida, and elsewhere along the rail corridor, including, without limitation,
supplemental safety improvements to the corridor within the County and improvements to the
rail bridge over the St. Lucie River, (ii) fund debt service reserves, if any; (iii) fund capitalized
interest on the Bonds, if any; and (iv) pay costs associated with the issuance of the Bonds
(collectively, the"Project"); and
WHEREAS, a portion of the infrastructure or design thereof to be financed with the
proceeds of the Bonds is or will be located in St. Lucie County (the "St. Lucie County
Facilities"); and
WHEREAS, the Borrower and the Issuer have requested that the Board consent to the
Issuer's issuance of the Bonds, a portion of which are expected to be used to finance or refinance
costs of the St. Lucie County Facilities, in compliance with the provisions of the Interlocal
Agreement; and
WHEREAS, as a result of the anticipated economic benefits associated with the St.
Lucie County Facilities, the issuance of the Bonds for the purposes of financing and refinancing
the St. Lucie County Facilities is deemed to be in the best interests of the citizens of the County.
NOW, THEREFORE, BE IT RESOLVED by the Board of County Commissioners of
St. Lucie County, Florida as follows:
Section 1. Recitals. The foregoing recitals are true and correct and are hereby
incorporated herein by reference.
Section 2. Consent to Issuance of the Bonds. Based upon the foregoing, and
pursuant to the terms of the Interlocal Agreement, the Board hereby consents to the issuance by
the Issuer of the Bonds for the purposes of financing or refinancing the St. Lucie County
Facilities.
Section 3. Limitation. The County shall have no responsibility with respect to the
repayment of the Bonds. The Bonds and the interest thereon shall not constitute an indebtedness
or pledge of the general credit or taxing power of the County but shall be payable solely from the
revenues pledged therefor pursuant to financing agreements entered into by and among the Issuer
and the Borrower and/or parties other than the County prior to or contemporaneously with the
issuance of the Bonds.
The approval given herein shall not be construed as (a) an endorsement of the
creditworthiness of the Borrower or the financial viability of the Project or the St. Lucie County
Facilities, (b) a recommendation to any prospective purchaser of the Bonds, (c) an evaluation of
the likelihood of the repayment of the debt service on the Bonds, or (d) an approval of any
necessary rezoning applications nor for any other regulatory permits relating to the St. Lucie
County Facilities or the Project and the County shall not be construed by reason of its adoption
of this resolution to have made any such endorsement, finding or recommendation or to have
waived any of the County's rights or estopping the County from asserting any rights 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. Effective Date. This resolution shall take effect immediately upon its
adoption.
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DONE, ORDERED, AND ADOPTED in Regular Session this 5th day of August , 2025.
GOMM/gs,O
ATTEST: p �� 3 BOARD OF COUNTY COMMISSIONERS
v 1 „ OF ST. LUCIE COUNTY, FLORIDA
(Gc�F coutro.°.o
By:Deputy Clerk Jamie Fowler, Chair
A ED AS TO FORM AND
CORRECTNESS:
By:
ASSI County Attorney