F L O R I D
. CONSENT AGENDA
July 7, 2005
Richard T. Crotty, Orange County Mayor
Board of County Commissioners
Fred Winterkamp, Manager, Fiscal and Business Services
Fred Winterkamp, Manager, Fiscal arm Business Services
Approval of the Winter Park Community Redevelopment Agency Note, Series 2005, in an
amount not to exceed $4,307,000.
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.
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
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