Subject:
Title
Tax Equity Fiscal Responsibility Act Resolution for issuance by the Pinellas County Educational Facilities Authority of its Revenue Bonds in an aggregate amount not to exceed $5,000,000.00 on behalf of Academie Da Vinci Charter School, Inc.
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Recommended Action:
Recommended Action
Conduct a public hearing to adopt a Tax Equity Fiscal Responsibility Act (TEFRA) Resolution granting TEFRA approval of the Pinellas County Educational Facilities Authority Revenue Bonds in an aggregate principal amount not to exceed $5,000,000.00 on behalf of Academie Da Vinci Charter School, Inc. (Borrower).
• Borrower is requesting the issuance of bonds for the refinancing of certain existing indebtedness of the Borrower and the acquisition, construction and equipping of improvements to the Borrower's playground and related facilities located at 1060 Keene Road, Dunedin, Florida 34698.
• Borrower is responsible for payments of all fees and expenses.
• Issuance of these bonds will have no fiscal impact on the County.
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Strategic Plan:
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
Borrower has requested the issuance of not to exceed $5,000,000.00 Pinellas County Educational Facilities Authority (EFA) Revenue Bonds (Academie Da Vinci Charter School for the Arts and Technology Project), Series 2022, for the purpose of (i) the refinancing of certain existing indebtedness of the Borrower, the proceeds of which were applied to the acquisition, construction, improving and equipping of the Borrower's existing facility which currently accommodates approximately 350 students, with a maximum capacity of 364 students, in grades kindergarten through eighth, located at 1060 Keene Road, Dunedin, Florida 34698, including related facilities, fixtures, real property, furnishings and equipment; (ii) the acquisition, construction and equipping of improvements to the Borrower's playground and related facilities; and (iii) the payment of certain costs of issuance of the Bonds (collectively, the Project).
The Borrower currently operates out of the property located at 1060 Keene Road, Dunedin, Florida 34698.
The Pinellas County Educational Facilities Authority (EFA) gave its preliminary approval of the issuance of the Bonds on April 21, 2022.
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Background Information:
Providing for this financing will allow the EFA to issue the debt on behalf of the Borrower to finance the Project.
Fiscal Impact:
No fiscal impact on the County. Borrower is responsible for the payment of all fees and expenses.
Staff Member Responsible:
Jim Abernathy, Budget & Financial Management Analyst, Office of Management & Budget
Partners:
Academie Da Vinci Charter School, Inc.
Pinellas County Educational Facilities Authority
Attachments:
TEFRA Resolution and Notice of Public Hearing
Affidavit of Website Posting
Inducement Resolution Adopted by the EFA on April 21, 2022
Borrower Request Letter to EFA