DEPARTMENT MAKING REQUEST
Economic Development
Title
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Resolution for Issuance of Revenue Bonds by the Charlotte County Industrial Development Authority for Town & Country Utility, Inc. (Babcock Ranch Phase III)
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REQUESTED MOTION/ACTION
recommendation
Recommended Action:
a) Approve Resolution approving the issuance by the Charlotte County Industrial Development Authority (CCIDA) of private activity revenue bonds for Town & Country Utility, Inc. (Babcock Ranch Phase III); and
b) Authorize the Chairman to sign the Resolution.
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budget
Budgeted Action:
No action needed. The Revenue Bonds and associated debt service are not a legal obligation or liability of Charlotte County.
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BACKGROUND (Why is this Action Necessary, and What Action will be accomplished)
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Background:
The CCIDA held a public hearing and approved an inducement resolution relating to this matter. The next step is for the Board of County Commissioners to consider limited approval of the project. Adoption of the resolution by the Board would provide the Board’s limited approval to the issuance by the CCIDA of a not-to-exceed $80,000,000 Utility System Revenue Bond Series 2025, to be issued for the benefit of Town & Country Utility, LLC, to finance costs related to the construction, acquisition, and equipping of a utility system, and paying costs associated with the issuance of the Series 2025 Bonds.
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