Subject:
Title
Extension and Amendment Letter dated August 8, 2024 (the "Extension and Amendment Letter") amending that certain Financing Agreement dated as of May 1, 2023 (the “Financing Agreement”), by and among Pinellas County Industrial Development Authority (d/b/a Pinellas County Economic Development Authority) (the “Issuer”), Racetrack 430, LLC (the “Borrower”), and Wells Fargo Bank, National Association (the “Purchaser”), as sole purchaser and owner of the Pinellas County Industrial Development Authority Industrial Development Revenue Bond (O.L. Products Project) Series 2023A (the "Bond"), and that certain Continuing Covenant Agreement dated May 4, 2023 (the “Continuing Covenant Agreement”), by and between the Borrower and the Purchaser, each relating to the above-referenced Bond.
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Recommended Action:
Recommended Action
Approval and execution by the Director of Economic Development of the Issuer of the Extension and Amendment Letter dated August 8, 2024, to amend certain defined terms to extend the project completion date in the Financing Agreement and the Continuing Covenant Agreement, each relating to the above-referenced Bond.
• The Borrower has requested to extend the project completion due to construction delays.
• The current expiration date was August 4, 2024.
• The amendments extend the project completion date to March 31, 2025.
Body
Strategic Plan:
Foster Continual Economic Growth and Vitality
4.1 Proactively attract, expand, and retain businesses with targeted jobs to the county and the region.
Summary:
In May 2023, the Issuer issued the Bond on behalf of the Borrower. The Borrower has requested to extend the completion date because the project has not been completed by the date in the Financing Agreement due to construction delays.
Background/Explanation:
The Borrower is using the bond proceeds primarily for the purpose of the financing and refinancing the acquisition, construction, renovation, improvement and equipping of manufacturing facilities, including the construction, and equipping of a new approximately 50,000 square foot building and the construction, renovation, improvement, expansion and equipping of an existing building. The Borrower intends to lease the complex located at 430 Racetrack Road in Oldsmar to O.L. Products, Inc. to be used as a manufacturing facility for its tanning and personal care products and related manufacturing purposes.
Fiscal Impact:
N/A
Delegated Authority:
The Executive Director is authorized to execute this Extension and Amendment Letter under Section 27 of Resolution 23-15, adopted by the Issuer's Board on February 28, 2024.
Staff Member Responsible:
Dr. Cynthia Johnson, Director, Economic Development
Partners:
N/A
Attachments:
Extension and Amendment Letter.