M E M O R A N D U M
To: Honorable Mayor and Town Council
From: Rafael G. Casals, Town Manager
Date: November 20, 2013
Re: Alachua County Health Facilities Authority Revenue Bonds to Finance and Refinance Certain Capital Improvements for East Ridge Retirement Village Inc.
(Application No.: SP-2013-023)
REQUESTtitle
A RESOLUTION PROVIDING LIMITED APPROVAL TO THE ISSUANCE BY THE ALACHUA COUNTY HEALTH FACILITIES AUTHORITY (THE "AUTHORITY") OF ITS HEALTH FACILITIES REVENUE BONDS (EAST RIDGE RETIREMENT VILLAGE, INC. PROJECT) IN ONE OR MORE SERIES AND IN AN AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED $79,500,000, WHICH WILL BE USED PRINCIPALLY TO FINANCE AND REFINANCE CERTAIN CAPITAL IMPROVEMENTS FOR EAST RIDGE RETIREMENT VILLAGE, INC. LOCATED IN THE TOWN OF CUTLER BAY, FLORIDA; AND PROVIDING AN EFFECTIVE DATE.
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APPLICANT
East Ridge Retirement Village, Inc.
LOCATION
Address: 19301 SW 87th Avenue
Folio Numbers: 36-6003-001-0240
Legal Description: 3 56 40 66.14 AC Perrine Grant Sub PB 4-10 Lots 13 & 14 IN NW1/4 & Lots 3 thru 6 IN NW 1/4 of SW 1/4 & PT Lot 7 in SW 1/4 Beg NW COR E280 Ft. S 516 Ft. E385 Ft SWLY ALG WLY R/W/L
BACKGROUND AND ANALYSIS
On August 21, 2013, the Town Council adopted Resolution #13-67 approving the issuance of tax exempt Health Facilities Revenue Bonds in an amount not to exceed $69,000,000 by the Alachua County Health Facilities Authority (the "Authority") to finance the proposed improvement at East Ridge Retirement Village. Following the August 21st meeting, there was a re-evaluation of the project construction cost estimates and it was determined that the original estimated $69,000,000 was not sufficient to finance the entire project (Attachment "A"). On October 29, 2013, the Authority held a public hearing and adopted a new resolution (2013-3) to increase the approved issue from $69,000,000 to $79,500,000. The new estimates will not modify the improvements approved by the Tow...
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