SUBJECT
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Request Board adopt a Resolution Approving a Plan of Finance Concerning the Issuance by the Polk County Industrial 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 to the extent of its interests therein by Victory Ridge Academy, Inc. This Resolution repeals Resolution 2025-100 adopted on September 2, 2025.
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DESCRIPTION
The Polk County Industrial Development Authority (the "Authority") previously adopted on October 9, 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 (Davenport Property); for the acquisition of additional property adjacent to the Davenport Property; refinancing Borrowers' obligations with respect to the outstanding revenue bond; and refinancing Borrowers' obligations with respect to the Promissory note to SouthState Bank which financed the renovation, expansion, design, construction, equipping and /or furnishing of an educational facility located in Lake Wales (Lake Wales Property).
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 a...
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