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Cfc-lV UUNTl GOVERNMENT F   L   O   R   I   D A I .  CONSENT AGENDA COUNTY   ADMINISTRATOR 1 July 7, 2005 TO: FROM: Richard T. Crotty, Orange County Mayor Board of County   Commissioners Fred Winterkamp,  Manager,  Fiscal and Business  Services CONTACT PERSON: PHONE NUMBER: Fred Winterkamp, Manager, Fiscal arm Business Services (407)  836-5442 SUBJECT: Approval of the Winter  Park Community  Redevelopment Agency Note, Series 2005, in an amount not to exceed $4,307,000. I n   1993, Orange County (the County) entered  into an agreement  with  the  City of Winter  Park (the City) that  established  a Community  Redevelopment  Agency  (CRA)  and  provides  tax  increment  funding  until 2027.  That CRA agreement requires the City to obtain County approval  for debt issues to be repaid from the   CRA  revenues. The   City   is  now  seeking   approval   of   a   $4,307,000   twenty-year   Community Redevelopment  Note (the Note) maturing in 2025.  The Note will be repaid from CRA revenues. The  attached  resolution   authorizes   the  loan  and  projects   by  meeting   the  requirement   in  the  CRA agreement that the Board of County Commissioners approve  of the projects, the principal amount of the Note, the Interest Rale, and the Maturity  Schedule.   This  resolution  was prepared by the counsel  to the City and was reviewed by the County Attorney's Office. The  City  intends to finance  a variety  of projects involving  a Cultural  and  Education  Component  of the Winter Park Welcome Center, North  Park Avenue Parking,  East New England Avenue Parking,  Garfield- Pennsylvania  Business  Center  and the  Lake  lsla~nd Stage.    In 2003,  the  County  approved similar  CRA loans for $860,000, $3,537,210 and $1,756,500 under a former  loan  agreement. This Note will be held by Bank of America under a new loan agreement.  The City has represented to the County that (i) the Note will bear a fixed rate of interest based on the following formula:   63.7% of 10 year U.S. Dollar Swap Rate + 1.20% (the "Interest  Rate"); and (ii) the Note will mature no later than January 1, 2025  and  will  have  substantially  level  debt  service  payments  (the  "Maturity  Schedule").     Fiscal  and Business Services has reviewed the terms of the Note and finds it reasonable to expect such rates given the repayment pledge, duration, and the relatively small size of the Note, which can limit the interest and structuring options for the debt. Action Requested: Approval and execution of the Resolution of the Orange  County  Board  of County  Commissioners regarding the Community Redevelopment   Agency for the City of  Winter  Park, Florida  approving  the  issuance by the Winter Park   Community  Redevelopment   Agency   of   its   $4,307.000  Community Redevelopment Note.  District 5. C:   Eric Gassman, Director of Fiscal Management Lila McHenry, County Attorney's Office 13

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