SUBJECT
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Request Board adopt a Resolution Approving a Plan of Finance Concerning the Issuance by the Polk County Industrial Development Authority of the Authority’s Industrial Development Revenue Bonds for the Victory Ridge Academy Project in a principal amount not exceeding $40,000,000.00 to finance or refinance the costs of renovation, expansion, design, construction, equipping and/or furnishing of educational facilities to be located in Polk County, Florida, to be owned and operated by Victory Ridge Academy, Inc. (No fiscal impact)
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DESCRIPTION
The Polk County Industrial Development Authority (the "Authority") previously adopted on August 14, 2025, its Resolution approving the issuance of the Authority's Industrial Development Revenue Bonds (Victory Ridge Academy Project) in a principal amount not to exceed $40,000,000 (the "Bonds"), to provide funds to make a loan to Victory Ridge Academy, Inc. ("VRA") and Victory Ridge Charitable Fund, Inc., each a Florida not-for-profit corporation (together with VRA, the "Borrowers") to finance or refinance the renovation, expansion, design, construction, equipping and/or furnishing of educational facilities, serving grades PK-12.
The Authority has recommended that the Board of County Commissioners (the "Board") of Polk County, Florida (the "County") approve the issuance of the Bonds in a principal amount not to exceed $40,000,000, to finance the Project. The Borrowers have requested that the Board approve the issuance of the Bonds to finance the cost of the Project. The Board is the elected legislative body of the County, and the County has jurisdiction over the entire area in which the Project is located. This Resolution is adopted pursuant to the laws of the State of Florida, including, in particular, Chapter 69-1510, Laws of Florida, as amended, Parts II and III of Chapter 159, Florida Statutes, and other applicable provisions of law.
The Authority held the required public hearing on August 14, 2025. The hearing was noticed at least seven (7) days prior to the public hearing in The Ledger, as evidenced by the affidavit of publication attached to this resolution.
The Bonds shall not be deemed to constitute a debt, liability or obligation, or a pledge of the faith and credit or taxing power, of the Authority, of the County or of the State of Florida or of any political subdivision thereof, but the Bonds shall be payable solely from the revenues and proceeds to be derived from the sale, operating or leasing of the Project, including payments received under the financing agreements entered into between the Authority and the Borrowers.
RECOMMENDATION
Recommend Board approval of the attached resolution approving the plan of finance concerning the issuance of the Bonds by the Authority, in an aggregate principal amount not exceeding $40,000,000.00, in one or more series, to finance the cost of the Project. The Project and the issuance of the Bonds to finance the Project will have a substantial public benefit.
FISCAL IMPACT
None.
CONTACT INFORMATION
Randy Mink
County Attorney
863-564-6730