SUBJECT
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Approve the second amendment to the Interlocal Agreement with the City of Winter Haven for Tourist Development Tax Funding for improvements to the Chain of Lakes Complex. ($2,861,688.74 additional expense over 20 years)
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DESCRIPTION
On October 17, 2023, the Board of County Commissioners unanimously approved the expenditure of Tourist Development Tax funds (as authorized by Section 125.0104, Florida Statutes) to partner with the City of Winter Haven (City) for improvements, financed by bonds or other conventional financing issued or procured by the City, to the Chain of Lakes Complex. Improvements to the Complex include demolition of the remaining spring training facility and construction of four artificial turf collegiate-size baseball fields that are needed to retain the RussMatt Baseball Spring Classic, Perfect Game, Prospectwire and other large scale baseball events which generate more than $60 million dollars in economic benefit for Polk County annually.
The Interlocal Agreement approved by the Board of County Commissioners on October 17, 2023 called for funds to be provided from the Fourth (4th) and Fifth (5th) Pennies of the Tourist Development Tax to make a one-time payment to the City of $5,000,000 within 30 days of execution; and thereafter to service the debt on City Bonds or conventional financing, issued in the approximate amount of $5,000,000, amortized over a 20-year term, at a maximum interest rate of 5%, to finance the improvements to the Chain of Lakes Complex. Subsequent to this agreement the estimated costs to construct the Chain of Lakes Complex have risen due to increased costs of materials, electrical work, water mitigation, and significant increases in earthwork and muck removal. After extensive evaluation by the City and County staff, it was determined that the project would cost an additional $4,000,000. On August 22, 2024, the Tourist Development Council unanimously recommended amending the original agreement to provi...
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