HomeMy WebLinkAbout10-15-13 Agenda Item - Resolution allowing the Capital Trust Agency to use teh City TEFRA ocoee
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AGENDA ITEM COVER SHEET
Meeting Date: October 15, 2013
Item #
Reviewed By:
Contact Name: Craig Shadrix, Department Director:
Assistant City Manager
Contact Number: (407)905-3111 City Manager:
Subject: Resolution allowing the Capital Trust Agency to use the City's TEFRA hearing in
lending of funds for the All Sports Memory Care project(Windermere Senior Living, LLC)
Background Summary:
On June 18, 2013, the City Commission held a public hearing pursuant to the Tax Equity and Fiscal
Responsibility Act (also called a TEFRA hearing) for the purpose of allowing public comments relating to the
issuance of bonds by the City of Ocoee, Florida, for the benefit of Windermere Senior Living, LLC(applicant)for
the construction of a project in Ocoee known as All Sports Memory Care. Following the public hearing, the City
Commission adopted the TEFRA resolution and moved forward to secure a private activity bond allocation from
the Division of Bond Finance.
Subsequent to the adoption of the TEFRA resolution, the applicant and the City proceeded forward in good faith
with the original intention of having the City of Ocoee act as the issuer of the proposed conduit bonds; however,
certain terms related to the bond issue could not be reached and the applicant has decided to pursue the
issuance of bonds through another issuer, the Capital Trust Agency. The Capital Trust Agency is a public entity
created under the provisions of Chapter 163, Part I and 617 of the Florida Statutes. The proposed resolution
allows the TEFRA hearing held by the City of Ocoee to be used in connection with the issuance of the bonds by
the Capital Trust Agency for the benefit of the applicant to finance All Sports Memory Care.
Issue:
Should the Honorable Mayor and City Commission adopt the proposed resolution which allows for use of the
City's TEFRA hearing held on June 18, 2013 by Capital Trust Agency in connection with the conduit financing
for the benefit of Windermere Senior Living, LLC to finance All Sports Memory Care?
Recommendations
Staff recommends that the Honorable Mayor and City Commission adopt the proposed resolution allowing for
use of the City's TEFRA hearing held on June 18, 2013 by Capital Trust Agency in connection with the conduit
financing for the benefit of Windermere Senior Living, LLC to finance All Sports Memory Care.
Attachments:
Proposed Resolution
Financial Impact:
{25136/010/00816149.DOCv7}
None
Type of Item: (please mark with an'k)
Public Hearing For Clerk's Dept Use:
Ordinance First Reading Consent Agenda
Ordinance Second Reading Public Hearing
Resolution Regular Agenda
Commission Approval
Discussion&Direction
Original Document/Contract Attached for Execution by City Clerk
Original Document/Contract Held by Department for Execution
Reviewed by City Attorney N/A
Reviewed by Finance Dept. N/A
Reviewed by 0 N/A
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