PASCO COUNTY, FLORIDA

INTEROFFICE MEMORANDUM

 

   

TO: Honorable Chairman and Members of the                   DATE: 4/15/02               FILE: OMB02-2259

        Board of County Commissioners

 

                                                                                 SUBJECT:  TEFRA Hearing YMCA Industrial Revenue Bonds Series 2002

 

 

FROM: Michael Nurrenbrock                                                REFERENCES:

              OMB Director

 

 

It is recommended the data herein presented be given formal consideration by the Board of County Commissioners.

 

DESCRIPTIONS AND CONDITIONS :

The Pinellas County Economic Development Authority has agreed to issue tax-exempt industrial revenue bonds requested by YMCA of the Suncoast, Inc. (YMCA) in the amount not to exceed $9,100,000. Of that bond issue, approximately $1,000,000 is to be used in Pasco County to finance the costs of renovating and equipping a social service facility including, but not limited to, the addition of an approximate 4,000 square foot before and after school program services facility on property located at 8411 Photonics Drive, New Port Richey, Florida. On March 27, 2002, the Pasco County Economic Development Council (PEDC) voted to support the project’s eligibility after reviewing the Project Eligibility Questionnaire submitted to the Pinellas County Economic Development Authority. PEDC’s letter dated March 27, 2002 including the questionnaire and YMCA financial statements is attached for your information.

 

The Pinellas County Economic Development Authority is asking that you hold a public hearing to comply with the TEFRA regulations, adopt the attached resolution approving the issuance of the bonds, and approve an interlocal agreement with the Pinellas County Economic Development Authority concerning this transaction.

 

Notice of the Public Hearing was published in the St. Petersburg Times on April 1, 2002.

 

Neither Pasco County, nor any agency thereof shall in any way be obligated to pay the principal, premium, if any, or interest on the Bonds as the same shall become due, and the issuance of the Bonds shall not directly, indirectly, or contingently obligate the Pasco County or agency thereof to levy or pledge any form of taxation whatsoever or to make any appropriation from ad valorem taxation revenues for their payment.

 

ALTERNATIVES AND ANALYSIS:

  1. Hold the public hearing in accordance with TEFRA, receive public comment, adopt the resolution, and adopt the interlocal agreement between Pasco County and the Pinellas County Economic Development Authority.
  2. Decline to participate in the YMCA bond issue.

 

RECOMMENDATION AND FUNDING:

OMB recommends the Board of County Commissioners approve alternative number one and authorize the Chairman’s signature on the resolution and interlocal agreement.

 

ATTACHMENTS:          
            Proof of Publication

            Resolution

            Interlocal Agreement

            Letter and Application from PEDC

           

 

 

 

 

 

 

APPROVED AGENDA ITEM FOR

 

DATE_______________________

 

 

 

BY_________________________