Subject:
Title
Resolution and Third Amendment of Joinder to Interlocal Agreement approving the issuance of Solid Waste Disposal Revenue Bonds by Florida Development Finance Corporation in an amount not to exceed $12,500,000.00 for projects in Pinellas County.
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Recommended Action:
Recommended Action
Adopt a resolution and approve a Third Amendment of Joinder to Interlocal Agreement approving the issuance of Solid Waste Disposal Revenue Bonds by the Florida Development Finance Corporation (FDFC) in an amount not to exceed $12,500,000.00 to finance the cost of acquiring, constructing, and equipping Solid Waste Disposal Facilities for GFL Solid Waste Southeast LLC (Borrower) for projects in Pinellas County.
• The FDFC and the County previously entered into a Joinder to an Interlocal Agreement to permit FDFC to issue revenue bonds in an amount not to exceed $1,200,000.00 to finance projects within the jurisdictional limits of Pinellas County.
• The Borrower has requested the issuance of FDFC’s Solid Waste Disposal Revenue Bonds (GFL Solid Waste Southeast LLC Project), Series 2024, to provide financing for the acquisition, construction, and equipping of Solid Waste Disposal Facilities located throughout the State of Florida in an amount not to exceed $250,000,000.00.
• The Borrower anticipates that some of the total bond proceeds in an amount not to exceed $12,500,000.00 will be utilized to finance or refinance improvements to the facilities in Pinellas County at 1755 20th Avenue Southeast, Largo.
• The Third Amendment to the Joinder to Interlocal Agreement approves the issuance of the proposed Bonds by FDFC and the use of a portion of the proceeds in an aggregate principal amount not to exceed $12,500,000.00 for the purposes of financing the portion of the project in Pinellas County.
• The Third Amendment to the Joinder also allows the FDFC to issue additional bonds in the future for the purpose of refinancing the bonds at such time as the FDFC may determine, in its discretion, throughout the period the bonds remain outstanding.
• Two Amendments with FDFC to the Joinder to Interlocal Agreement have previously been approved by the Board of County Commissioners.
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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 the region
Summary:
Summary
GFL Solid Waste Southeast LLC (Borrower) has requested the issuance of FDFC’s Solid Waste Disposal Revenue Bonds (Waste Pro USA, Inc. Project), Series 2024, to provide financing for the acquisition, construction and equipping of solid waste disposal facilities located throughout the State of Florida and used in connection with the disposal, conversion, or reclamation of solid waste. The not-to-exceed $12,500,000.00 will be utilized in Pinellas as part of an ongoing plan of financing for eligible capital projects to be used as solid waste facilities including, but not limited to, the Borrower’s facilities located in Pinellas County, Florida at 1755 20th Avenue Southeast, Largo. The improvements include, but are not limited to, acquisition of solid waste collection and recycling facilities, containers and compactors, and other related machinery, equipment, and property used for the collection, storage, treatment, utilization, processing, or final disposal of solid waste (Pinellas County Project).
Two previous Amendments to the Joinder to Interlocal Agreement by FDFC were approved by the Board. The First Amendment (Legistar File #21-210A) was executed March 9, 2021, and the Second Amendment (Legistar File #23-0273A) was executed on March 28, 2023. Both were on behalf of Waste Pro USA, Inc.
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Background Information:
Florida Development Finance Corporation (FDFC) was created by the Florida Development Finance Corporation Act, Chapter 288, Part IX, Florida Statutes (Act), to enhance the economic development of the State of Florida. The FDFC and the County previously entered into a Joinder to an Interlocal Agreement pursuant to the Act and the Florida Interlocal Cooperation Act of 1969 as amended to permit FDFC to issue revenue bonds to finance projects within the jurisdictional limits of Pinellas County. The Joinder provides that the authority of FDFC to issue such bonds shall be limited to bonds issued in an amount not to exceed $1,200,000.00, and further that the Board reserves the right to approve the issuance of bonds by FDFC in the County. The Third Amendment to the Joinder to Interlocal Agreement approves the issuance of the proposed Bonds by FDFC and the use of a portion of the proceeds in an aggregate principal amount not to exceed $12,500,000.00 for the purposes of financing the Pinellas County Project.
GFL Solid Waste Southeast LLC (Borrower) is an indirect subsidiary of GFL Environmental Inc., a corporation organized under the laws of the Province of Ontario. The Borrower has requested the issuance of FDFC’s Solid Waste Disposal Revenue Bonds (GFL Solid Waste Southeast LLC Project), Series 2024 (Bonds), to provide financing for the acquisition, construction and equipping of solid waste disposal facilities located throughout the State of Florida and used in connection with the disposal, conversion, or reclamation of solid waste, in an aggregate principal amount not to exceed $250,000,000.00. The Borrower anticipates that some of the total Bond proceeds in an amount not-to-exceed $12,500,000.00 will be utilized to finance or refinance improvements to the Pinellas County facilities at 1755 20th Avenue Southeast, Largo which improvements include, but are not limited to, acquisition of solid waste collection and recycling facilities, containers and compactors, and other related machinery, equipment, and property used for the collection, storage, treatment, utilization, processing, or final disposal of solid waste.
Fiscal Impact:
There is no fiscal impact to the County.
Staff Member Responsible:
Dr. Cynthia Johnson, Director, Economic Development Department
Partners:
Florida Development Finance Corporation
Attachments:
Resolution