Subject:
Title
Fifth Amendment of Joinder to Interlocal Agreement approving the issuance of not-to-exceed $40,000,000.00 of Solid Waste Disposal Revenue Bonds by the Florida Development Finance Corporation for projects located in Pinellas County.
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Recommended Action:
Recommended Action
Approval and execution by the County Administrator of a Fifth 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 $40,000,000.00 to finance the cost of acquiring, constructing, renovating, and improving certain solid waste disposal facilities for Waste Pro USA, Inc (Borrower) for projects located in Pinellas County.
• The FDFC and the County previously entered into a Joinder to an Interlocal Agreement to permit the 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 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 $300,000,000.00.
• The Fifth 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 $40,000,000.00 for the purposes of financing the portion of the project in Pinellas County.
• No County funds are used. The bonds are issued by the Florida Development Finance Corporation.
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Strategic Priorities:
Prosperity and Opportunity
3.5 Foster business growth.
Summary:
The Borrower has requested the issuance of FDFC’s Solid Waste Disposal Revenue Bonds for the purpose of financing 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 $40,000,000.00 Pinellas County portion of the proceeds will be utilized for financing or refinancing 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 5170 126th Avenue North, Clearwater, 4451 112th Terrace North, Clearwater, 11880 34th Street North, Clearwater and 765 Wesley Avenue, Tarpon Springs.
The proceeds will be utilized to finance or refinance improvements to the Borrower’s Pinellas County facilities which improvements include, but are not limited to, the purchase of new (and/or repairs or improvements to existing) collection vehicles, solid waste collection containers and compactors, and other related machinery, equipment, land, buildings, and property used for the collection, storage, treatment, utilization, processing, or final disposal of solid waste.
Background/Explanation:
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 the Issuer 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.
The Borrower is a multi-state waste collection, recycling, processing, and disposal company serving more than two million residential and 40,000 commercial customers. The Borrower has requested the issuance of FDFC’s Solid Waste Disposal Revenue 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 $300,000,000.00. The Borrower anticipates that some of the total Bond proceeds in an amount not-to-exceed $40,000,000.00 will be utilized to finance or refinance improvements in Pinellas County.
The Fifth 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 FDFC may determine in its discretion, throughout the period the bonds remain outstanding.
Four previous Amendments to the Joinder to Interlocal Agreement by FDFC have been approved by the Board. The First Amendment (Legistar File #21-210A) adopted Resolution #21-18, the Second Amendment (Legistar File #23-0273A) adopted Resolution 23-17, the Third Amendment (Legistar File #24-1649A) adopted Resolution 24-72, and the Fourth Amendment (Legistar File #25-1405A) adopted Resolution 25-127. The first two and fourth were on behalf of Waste Pro USA, Inc. and the third was on behalf of GFL Solid Waste Southeast LLC.
Fiscal Impact:
There is no fiscal impact to the County
Delegated Authority:
Delegated authority was given to the County Administrator to execute all future amendments to the Joinder to Interlocal Agreement with the FDFC by the Board of County Commissioners at its October 7, 2025, meeting (Legistar File #25-1405A).
Staff Member Responsible:
Dr. Cynthia Johnson, Director, Economic Development Department
Partners:
Florida Development Finance Corporation
Attachments:
Fifth Amendment of Joinder to Interlocal Agreement
Joinder to Interlocal Agreement (with 1st through 4th Amendments)
Minutes 10-7-25 BOCC Item #22 Delegation of Authority