SUBJECT
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Approve First Amendment to the Interlocal Agreement with the City of Auburndale for Tourist Development Tax Funding for Development/Construction of the Lake Myrtle Sports Park Multipurpose Stadium, Phase 3. ($622,000 one-time payment)
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DESCRIPTION
On March 17, 2020, the Board of County Commissioners (BoCC) approved an interlocal agreement with the City of Auburndale to fund the engineering, design and permitting phase for the construction of Lake Myrtle Sports Park Multipurpose Stadium at a cost of $112,355.00 On August 17, 2021 the BoCC approved an interlocal agreement with the City of Auburndale pledging financial support and creating debt service obligations to be paid by a portion of the Tourist Development Tax, for City Bonds or other conventional financing to fund Phase 3 improvements. The proposed stadium will include 3,500 seats, locker rooms, and related support facilities which will allow the County to host additional competitive events which are estimated to generate over $10 million dollars in economic benefit for Polk County each year. PCTSM is amending this agreement to allow for additional funding of the debt service of $4 million over 10 years. The additional one-time payment of $622,000 is needed due to increased costs relative to code changes for restrooms and increase wind load requirements as well as to offset the rapid rise in the cost of construction due to inflation. The Tourist Development Council unanimously approved this item at their meeting August 18, 2022.
RECOMMENDATION
Request Board approve the First Amendment to the Interlocal Agreement for Tourist Development Tax Funding for Development/Construction of the Lake Myrtle Sports Park Multipurpose Stadium.
FISCAL IMPACT
Funding is available in the Fifth Penny of the Tourist Development Tax Fund.
CONTACT INFORMATION
Marc Zimmerman 551-4726