Subject:
Title
Resolution and Second Amendment of Joinder to Interlocal Agreement approving the issuance of not-to-exceed $5,100,000.00 for projects located in Pinellas County, of Industrial Development Revenue Bonds by Florida Development Finance Corporation.
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Recommended Action:
Recommended Action
Adopt a resolution and approve a Second Amendment of Joinder to Interlocal Agreement approving the issuance by the Florida Development Finance Corporation (FDFC) of not-to-exceed $5,100,000.00 for projects located in Pinellas County, of Industrial Development Revenue Bonds to finance the cost of acquiring, constructing, renovating, and improving certain solid waste disposal facilities for Waste Pro USA, Inc.
• 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.
• Waste Pro USA, Inc. (Borrower) has requested the issuance of the FDFC’s Solid Waste Disposal Revenue Bonds (Waste Pro USA, Inc. Project), Series 2023 (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 $210,000,000.00.
• The Borrower anticipates that some of the total bond proceeds in an amount not-to-exceed $5,100,000.00 will be utilized to finance or refinance improvements to their facilities in Pinellas County at 5170 126th Avenue North, Clearwater.
• The Second Amendment to the Joinder to Interlocal Agreement approves the issuance of the proposed Bonds by the FDFC and the use of a portion of the proceeds in an aggregate principal amount not to exceed $5,100,000.00 for the purposes of financing the portion of the project in Pinellas County.
• The Second Amendment to the Joinder also allows the FDFC to issue additional bonds in the future for the purposed of refinancing the Bonds, at such time as FDFC may determine in its discretion, throughout the period the Bonds remain outstanding.
• No County funds are used. The funds are issued by the Florida Development Finance Corporation, which have to be approved by the county. This does not increase the financial liability of the County.
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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
Waste Pro USA, Inc. (Borrower) has requested the issuance of FDFC’s Solid Waste Disposal Revenue Bonds (Waste Pro USA, Inc. Project), Series 2023, 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 $5,100,000.00 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 5170 126th Avenue N, Clearwater, Florida 33760 The improvements include, but are not limited to, the purchase of new collection vehicles and/or repairs to existing collection vehicles, solid waste collection 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).
The Second Amendment to the Joinder also allows the FDFC to issue additional bonds in the future for the purposed of refinancing the Bonds, at such time as FDFC may determine in its discretion, throughout the period the Bonds remain outstanding.
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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 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, and further that the Board reserves the right to approve the issuance of bonds by FDFC in the County. The Second 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 $5,100,000.00 for the purposes of financing the Pinellas County Project.
Waste Pro USA, Inc. (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 (Waste Pro USA, Inc. Project), Series 2023 (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 $210,000,000.00. The Borrower anticipates that some of the total Bond proceeds in an amount not-to-exceed $5,100,000.00 will be utilized to finance or refinance improvements to the Pinellas County facilities at 5170 126th Avenue N, Clearwater, Florida 33760 which improvements include, but are not limited to, purchase of new collection vehicles and/or repairs to existing collection vehicles, solid waste collection 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