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 he...
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