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P.H. 2025-49: (PUBLIC HEARING 1ST READING)
AN ORDINANCE OF THE CITY COMMISSION OF THE CITY OF POMPANO BEACH, FLORIDA APPROVING THE FORM OF A GROUND LEASE AGREEMENT, AND AUTHORIZING THE EXECUTION OF A GROUND LEASE AGREEMENT IN CONNECTION WITH EACH SERIES PROJECT, AS MORE FULLY DESCRIBED HEREIN; APPROVING THE FORM, AND AUTHORIZING THE EXECUTION, OF A MASTER TRUST AGREEMENT TO PROVIDE FOR THE ISSUANCE FROM TIME TO TIME THEREUNDER OF ONE OR MORE SERIES OF CERTIFICATES OF PARTICIPATION, AS MORE FULLY DESCRIBED HEREIN; APPROVING THE FORM OF A SUPPLEMENTAL TRUST AGREEMENT, SUPPLEMENTING THE MASTER TRUST AGREEMENT, AND AUTHORIZING THE EXECUTION OF A SUPPLEMENTAL TRUST AGREEMENT RELATING TO ONE OR MORE SERIES OF CERTIFICATES OF PARTICIPATION TO BE ISSUED PURSUANT TO THE MASTER TRUST AGREEMENT AND AUTHORIZED HEREIN; AUTHORIZING THE ISSUANCE, IN ONE OR MORE SERIES OF TAX EXEMPT AND/OR TAXABLE CERTIFICATES OF PARTICIPATION EVIDENCING AN UNDIVIDED PROPORTIONATE INTEREST OF THE OWNERS THEREOF IN BASIC RENT PAYMENTS TO BE MADE UNDER A MASTER LEASE-PURCHASE AGREEMENT (CIVIC FACILITIES MASTER LEASE PROGRAM) BY THE CITY OF POMPANO BEACH, FLORIDA, SUBJECT TO THE PARAMETERS SET FORTH HEREIN, INCLUDING THAT THE AGGREGATE PRINCIPAL AMOUNT OF SUCH CERTIFICATES SHALL NOT EXCEED$137,000,000, ALL AS MORE FULLY DESCRIBED HEREIN; PROVIDING FOR THE APPOINTMENT OF A TRUSTEE UNDER THE MASTER TRUST AGREEMENT, AS SUPPLEMENTED; APPROVING THE FORM, AND AUTHORIZING EXECUTION, OF A MASTER LEASE-PURCHASE AGREEMENT (CIVIC FACILITIES MASTER LEASE PROGRAM) RELATING TO THE SERIES PROJECTS; APPROVING THE FORM, AND AUTHORIZING EXECUTION, OF A LEASE SCHEDULE TO BE DELIVERED IN CONNECTION WITH EACH SERIES PROJECT; APPROVING THE FORM OF AN ASSIGNMENT OF LEASE AGREEMENT; APPROVING THE FORM OF AN ASSIGNMENT OF GROUND LEASE AGREEMENT TO BE DELIVERED IN CONNECTION WITH EACH GROUND LEASE; AUTHORIZING THE DELEGATED, NEGOTIATED SALE OF EACH SERIES OF THE CERTIFICATES OF PARTICIPATION (CIVIC FACILITIES MASTER LEASE PROGRAM) SPECIFICALLY AUTHORIZED HEREIN AND ESTABLISHING CERTAIN PARAMETERS OF SUCH SALE; APPROVING THE FORM, AND AUTHORIZING THE EXECUTION, OF A CERTIFICATE PURCHASE CONTRACT RELATING TO EACH SERIES OF THE CERTIFICATES OF PARTICIPATION (CIVIC FACILITIES MASTER LEASE PROGRAM) SPECIFICALLY AUTHORIZED HEREIN, SUBJECT TO THE PARAMETERS SET FORTH HEREIN; AUTHORIZING OBTAINING A COMMITMENT FOR A MUNICIPAL BOND INSURANCE POLICY AND/OR RESERVE ACCOUNT SURETY BOND SECURING A SERIES OF THE CERTIFICATES OF PARTICIPATION (CIVIC FACILITIES MASTER LEASE PROGRAM) SPECIFICALLY AUTHORIZED HEREIN AND THE EXECUTION OF RELATED AGREEMENTS WITH THE INSURER; APPROVING A FORM OF PRELIMINARY OFFERING STATEMENT AND AUTHORIZING EXECUTION AND DELIVERY OF A FINAL OFFERING STATEMENT AND RELATED MATTERS RELATING TO EACH SERIES OF THE CERTIFICATES OF PARTICIPATION (CIVIC FACILITIES MASTER LEASE PROGRAM) SPECIFICALLY AUTHORIZED HEREIN; APPROVING THE FORM, AND AUTHORIZING EXECUTION, OF A CONTINUING DISCLOSURE CERTIFICATE AND RELATED MATTERS RELATING TO EACH SERIES OF THE CERTIFICATES OF PARTICIPATION (CIVIC FACILITIES MASTER LEASE PROGRAM) SPECIFICALLY AUTHORIZED HEREIN; AUTHORIZING ALL REQUIRED ACTIONS IN CONNECTION WITH THE ISSUANCE OF THE SERIES OF CERTIFICATES OF PARTICIPATION (CIVIC FACILITIES MASTER LEASE PROGRAM) SPECIFICALLY AUTHORIZED HEREIN; PROVIDING FOR SEVERABILITY; PROVIDING AN EFFECTIVE DATE.
(Fiscal Impact: Not to exceed $137 million (excludes premium or discount) to be financed over 30 years, anticipated maximum annual debt service of $9.1 million over 30 year financing term. Savings of $100 million over 30 year financing term as compared to private financing option approved June 20, 2024 in the Downtown Master Development Agreement.)
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(Staff Contact: Suzette Sibble)
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Summary Explanation/Background:
This agenda item approves the City self-financing of the civic facilities (and all form documents necessary) that the City is obligated to construct under its Master Development Agreement (MDA) for the new Downtown project, as well as additional project elements discussed below.
On June 20, 2024, the City Commission and CRA (the “Agency”) Board approved an MDA with RP Pompano LLC (an affiliate of RocaPoint Partners, LLC) to serve as the Master Developer for the new Downtown to manage and deliver a turn key project for the City and CRA. As part of the MDA, the City Commission/CRA Board approved and thereby committed to the construction of a new City Hall, Parking Garage and E. Pat Larkins Community Center ("civic facilities) and further approved the use of private financing with the master developer to fund these civic facilities. The MDA provided for an alternative option for the City to direct finance the civic facilities. Staff is recommending that the City Commission approve this option as it has been determined that it would save the City and our residents approximately $100 million over the 30 year term over which the civic facilities costs would be financed.
It should be noted that the City self-financing the civic facilities and the resulting savings allows the City to incorporate the following additional components (Additional Project Elements):
• A new vocational tech and college resource center to be constructed within the Downtown; and
• A project incentive amount of $2 million (cap) to incentivize the master developer and pad purchasers in the Downtown to utilize local businesses (with a Pompano Beach Business Tax Receipt) to participate in the Downtown project. If the master developer or purchasers of pads satisfy the LBE participation goal and at least thirty percent (30%) of the Contract Value for construction of an eligible project is performed by LBEs, the City will pay master developer or purchasers an incentive payment in the amount of one percent (1%) of the Contract Value for such project.
As there does not appear to be support for the construction of a new E. Pat Larkins Center somewhere within the Downtown on MLK Jr. Blvd., the existing E. Pat Larkins Center will instead have limited scope renovations which will be financed as part of the City's self-financing.
Origin of request for this action: Staff
Fiscal impact and source of funding: Not to exceed $137 million (excludes premium or discount) to be financed over 30 years, anticipated maximum annual debt service of $9.1 million over 30 year financing term. Savings of $100 million over 30 year financing term as compared to private financing option approved June 20, 2024 in the Downtown Master Development Agreement.)
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