Subject:
Title
Tax Equity Fiscal Responsibility Act Resolution for the issuance by the Illinois Finance Authority of its Revenue Bonds in an aggregate principal amount not to exceed $5,000,000.00 on behalf of National University of Health Sciences, an Illinois not-for-profit corporation for a project to be located in Oldsmar, Florida.
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Recommended Action:
Recommended Action
Conduct a public hearing and consider the adoption of a Tax Equity Fiscal Responsibility (TEFRA) Resolution authorizing TEFRA approval of the Illinois Finance Authority Revenue Bonds (National University of Health Sciences Project) in one or more series of tax-exempt qualified 501(c)(3) bonds (Bonds) in an aggregate principal amount not to exceed $5,000,000.00 on behalf of National University of Health Sciences (Borrower), an Illinois not-for-profit corporation for a project to be located in Oldsmar, Florida.
• The Borrower is requesting the issuance of the Bonds for the purpose of:
a.) Financing, refinancing, and reimbursing costs of certain capital expenditures related to educational facilities of the Borrower and
b.) Paying certain costs of issuance of the Bonds.
• The Borrower is responsible for payments of all fees and expenses. Issuance of the Bonds will have no fiscal impact on Pinellas County, Florida.
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Strategic Plan:
Foster Continual Economic Growth and Vitality
4.1 Proactively attract and retain businesses with targeted jobs to the County and region
Deliver First Class Services to the Public and Our Customers
5.1 Maximize partner relationships and public outreach
5.2 Be responsible stewards of the public’s resources
Summary:
Summary
The Borrower has requested the issuance of a not-to-exceed $5,000,000 Illinois Finance Authority Revenue Bonds (National University of Health Sciences Project) for the purpose of the financing and refinancing, including through reimbursement, of the Borrower's facilities which include the (i) acquisition, construction, development, renovation, improvement and equipping of educational facilities, consisting of two parcels of land, one with a building and one with an attached parking garage, for a total academic space of approximately 39,150 square feet, to be located at 3984-86 Tampa Road, Oldsmar, Pinellas County, Florida (the “Facilities”), to house additional health sciences programs, and (ii) to pay certain expenses incurred in connection with the issuance of the Bonds, all as permitted under the IFA Act (collectively, the "Project").
The Borrower's purchase of the Facilities is expected to close in September 2024. Construction and equipping of the Facilities is expected to begin in October 2024 and be ready for use in January 2026 for the spring academic trimester. The Borrower expects the Facilities to be able to accommodate 340 students, faculty and staff.
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Background Information:
Providing for this financing will allow IFA to issue the debt on behalf of the Borrower to finance the Project.
Fiscal Impact:
No fiscal impact on the County. The Borrower is responsible for payments of all fees and expenses.
Staff Member Responsible:
Chris Rose, Director, Office of Management & Budget
Jim Abernathy, Budget and Financial Management Analyst, Office of Management & Budget
Partners:
National University of Health Sciences
Illinois Finance Authority (IFA)
Attachments:
Resolution-24-XX
Exhibit A - Certificate of Posting of Notice of Public Hearing with Notice Attached
Exhibit B - Indemnification Certificate of the Borrower