SUBJECT
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First Amendment to Interlocal Agreement with the City of Winter Haven for Tourist Development Tax Funding for Chain of Lakes Complex Renovation.
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DESCRIPTION
On October 31, 2023, Polk County and the City of Winter Haven entered into an Interlocal Agreement for Tourist Development Tax Funding for Renovation of the Chain of Lakes Complex. Exhibit “B” of the Interlocal Agreement set forth the estimated bonded debt amortization schedule, based on a maximum true interest cost of 5.0%. The Final Bonded Debt Amortization Schedule, attached as Addendum 1 to the proposed First Amendment, replaces the estimated schedule and reflects an overall reduction in the total debt service amount due from the County under the Interlocal Agreement ($8,023,000 original estimated debt service amount reduced to $7,147,857.36 by this First Amendment).
The City Commission will consider approval of the proposed First Amendment at its January 8, 2024 meeting.
RECOMMENDATION
Approve the First Amendment to Interlocal Agreement with the City of Winter Haven for Renovation of the Chain of Lakes Complex.
FISCAL IMPACT
None. The County’s payments under the Agreement are anticipated to begin in April, 2024, and the difference between the original estimated total debt service amount and the final actual amount is a reduction of $875,142.70.
CONTACT INFORMATION
Sandra Howard
Deputy County Attorney
Mark Jackson 551-4717
Marc Zimmerman 551-4726