SUBJECT
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Adopt resolution approving plan of finance concerning the issuance by the Polk County Industrial Development Authority (the “Authority”) of its revenue bonds for Berkley Accelerated Middle School Project, in a maximum stated principal amount not exceeding $22,500,000 for the purpose of providing funds to make a loan for the financing or refinancing of the acquisition, renovation, expansion, design, construction, equipping, and/or furnishing of educational facilities to be operated by Berkley Accelerated Middle School, Inc.
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DESCRIPTION
The Polk County Industrial Development Authority (the "Authority") previously adopted on May 14, 2026, its Resolution approving the issuance of the Authority's Industrial Development Revenue Bonds (Berkley Accelerated Middle School Project) in a maximum stated principal amount not to exceed $22,500,000 (the "Bonds"), to provide funds, as part of a plan of finance, to make a loan to Berkley Accelerated Middle School, Inc., a Florida not-for-profit corporation, (the "Borrower") to (i) in a maximum principal amount not to exceed $1,500,000 to refinance an existing loan from SouthState Bank, N.A. ("SouthState"), which financed the acquisition of properties located at (a) 0 Berkley Rd., Auburndale, Florida 33823, (b) 1932 CR 655 Auburndale, Florida 33823, (c) 4690 Berkley Rd., Auburndale, Florida 33823, (d) 5020 Berkley Rd., Auburndale, Florida 33823, (e) Classic View Dr., Auburndale, Florida 33823, and (f) Berkley Rd., Auburndale, Florida 33823, all of which are located east of the intersection of Berkley Road and Pace Road, (ii) in a maximum principal amount not to exceed $6,000,000 to refinance an existing loan from SouthState, which refinanced various obligations of the Borrower which were used to finance or refinance the acquisition, construction, renovation, expansion, design, equipping and/or furnishing of certain educational facilities of the Borrower located at 5316 Berkley Rd., Auburndale, Florida 33823, (iii) in a maximum principal amount not to exceed $15,000,000 to finance or refinance the acquisition, renovation, expansion, design, construction, equipping, and/or furnishing of certain educational facilities of the Borrower located at 0 Bolender Road (north of the intersection of Bolender Rd. and Lake Alfred Rd.) in Auburndale, Florida 33823; (iv) fund necessary reserves, (v) pay capitalized interest on the Bonds, if deemed necessary or desirable, and (vi) pay costs of issuance (collectively, the "Project"), the principal user of all of such facilities will be the Borrower; to be financed as qualified 501(c)(3) bonds under Section 145 of Internal Revenue Code of 1986, as amended (the "Code").
The Authority has requested 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 $22,500,000, to finance the Project.
Notice of a public hearing to be held by the Authority at 330 West Church Street, Bartow, Florida, inviting comments and discussions concerning the plan of finance for issuance of the Bonds by the Authority to finance the Project was published in The Ledger, a newspaper of general circulation in Polk County, Florida, at least seven (7) days prior to the Authority's meeting on May 14, 2026.
The Project and the issuance of the Bonds to finance the Project will have a substantial public benefit. 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 Borrower.
RECOMMENDATION
Recommend Board approve Resolution.
FISCAL IMPACT
None.
CONTACT INFORMATION
Randy Mink
County Attorney
863-510-6803