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HomeMy WebLinkAboutBOCC Workshop Packet 06-22-2009 ~ • MONDAY, JUNE 22, 2009 2:00 P.M. WORKSHOP ON LPGA GOLF TOURNAMENT OPPORTUNITY 1. CALL TO ORDER -COMMISSIONER PAULA. A. LEWIS, CHAIR, BOARD OF COUNTY COMMISSIONERS 2. LPGA EVENT PRESENTATION, HUGH MORROW, SNYDER MANAGEMENT SERVICES 3. BOARD DISCUSSION 4. QUESTIONS AND COMMENTS 5. ADJOURNMENT ST. LUCIE COUNTY COMMISSION CHAMBERS 2300 VIRGINIA AVENUE, FORT PIERCE FLORIDA 34982 NOTICE: All Proceedings before this Board are electronically recorded. Any person who decides to appeal any action taken by the Board at these meetings will need a record of the proceedings and for such purpose may need to ensure that a verbatim record of the proceedings is made. Upon the request of any party to the proceedings, individuals testifying during a hearing will be sworn in. Any party to the proceedings will be granted the opportunity to cross~xamine any individual testifying during a hearing upon request Anyone with a disability requiring accommodation to attend this meeting should contact the St. Lucie County Community Services Manager at (772) 462-1777 or TDD (772) 462-1428 at least forty-eight (48) hours prior to the meeting. Br ant Y M 1 lle r Attorneys at Lavv ~ 135 West Central Boulevard Ullve suite 700 Orlando, FL 32801 Tel 407.426.7001 Fax 407,426.7262 • wvF~v.bmolaw.com MEMORANDUM TO: Faye W. Outlaw, County Administrator FROM: Bryant Miller Olive P A Randy Clement ~j Robert Freeman CC. Daniel McIntyre, County Attorney DATE: June 19, 2009 RE: Debt Financing Considerations regarding LPGA Tournament Proposal At the request of the County, we have reviewed (1) the provisions of Florida Statutes providing for the lawful uses of the Tourist Development Tax revenues (each of the 5 cents currently imposed by the County) {collectively, referred to as "TDT Revenues"), (2) the provisions of the County's home rule ordinance authorizing and providing for the issuance of debt by the County, and (c) information, limited ixt nature, regarding the proposed County support of holding a LPGA golf tournament in the County (the "LPGA Project"). The purpose of our review was to provide preliminary advice to County staff regarding the questions (i) whether the TDT Revenues could be pledged as security for, or used as a source of repayment of, debt obligations issued by the County to provide funding for the LPGA Project; and {ii) whether the County could issue debt obligations secured by or payable from other unspecified sources of revenues to provide funding for the LPGA Project. Our preliminary conclusions are as follows: 1} TDT Revenues aze not available to be either pledged to secure, or used to pay debt service on, debt obligations to finance the LPGA Project. 2) If the LPGA Project falls within the scope of the County's Tourist Development Plan (or is incorporated in the Plan by an amending ordinance approved by a super majority of Atlanta jacksanvillc Miami Orlando Tallahassee Tampa Washington, D.C, the Board), TDT Revenues may be used on apay-as-you-go basis to fund the LPGA Project, if the Board finds such participation by the County is primarily for the promotion of tourism. 3) Other County revenues may be available for the purpose of securing and paying debt service on debt obligations issued to finance the LPGA Project, provided that (a} the County amends its home rule ordinance in order to provide for financing of other than capital {"bricks and mortar") projects, and (b) subject to the concurrence of the County Attorney, the proposed financing, based on the amended home rule ordinance, is validated in proceedings pursuant to Chapter 75, Florida Statutes. We have not addressed the questions {i) whether the LPGA Project is within the scope of the County's Tourist Development Plan, {ii) whether any specific source of County revenues is available for funding the LPGA Project on apay-as-you-go basis, or for securing and/or paying debt service on obligations issued to finance the LPGA Project, or (iii) the adequacy of any specific revenue source for the foregoing purposes. Randy Clement, of our Firm, will be in attendance at the scheduled workshop at 2 PM on Monday, June 22, to answer any further questions that County staff or the Commissioners may have. the Board), TDT Revenues may be used on apay-as-you-go basis to fund the LPGA Project, if the Boazd finds such participation by the County is primarily for the promotion of tourism. 3) Other County revenues may be available for the purpose of securing and paying debt service on debt obligations issued to finance the LPGA Project, provided that (a) the County amends its home rule ordinance in order to provide for financaing of other than capital ("bricks and mortar") projects, and (b) subject to the concurrence of the County Attorney, the proposed financing, based on the amended home rule ordinance, is validated in proceedings pursuant to Chapter 75, Florida Statutes. We have not addressed the questions (i) whether the LPGA Project is within the scope of the County's Tourist Development Plan, (ii) whether any specific source of County revenues is available for funding the LPGA Project on a pay-as-you-go basis, or for securing and/or paying debt service on obligations issued to finance the LPGA project, or (iii} the adequacy of any specific revenue source for the foregoing purposes. , . Randy Clement, of our Firm, will be in attendance at the scheduled workshop at 2 PM on Monday, June 22, to answer any further questions that County staff or the Conwnissioners may have.