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Item P03 County f � .�� ��� BOARD OF COUNTY COMMISSIONERS Mayor David Rice,District 4 Mayor Pro Tem Craig Cates,District 1 The Florida Keys ' Y � �F' Michelle Coldiron,District 2 Vacant,District 3 --' Holly Merrill Raschein,District 5 County Commission Meeting January 21, 2022 Agenda Item Number: P.3 Agenda Item Summary #10129 ADDED 10:00 A.M. TIME APPROXIMATE r TE BULK ITEM: No DEPARTMENT: County Administrator TIME APPROXIMATE: STAFF CONTACT: Roman Gastesi (305) 292-4441 10:00 A.M. AGENDA ITEM WORDING: Approval of an Interlocal Agreement with the City of Marathon as documented in Marathon Resolution 2021-119, under which the County will loan the City up to $1.5 million to help the City finance the purchase and rehabilitation of a parcel of real estate that will support operations at Pigeon Key. The loan will be funded by the one cent infrastructure sales surtax. ITEM BACKGROUND: The City of Marathon is in the process of purchasing two (2)parcels (RE: 00101780-000100 & 00101780-000200; street addresses of 1090 and 1098 Overseas Highway, Marathon) of property known colloquially as "Sparky's". The combined parcel is strategically located near the Old Seven Mile Bridge and will be used for parking, as well as trolley and ferry terminal servicing locals and tourists wishing to visit the County owned facility on Pigeon Key. Under the proposed ILA, the County will loan the City up to $1.5 million in three (3) annual installments starting February 1, 2022 and continuing until February 1, 2024. The City will seek grants to offset the acquisition and facility rehabilitation costs, which, if successful, will reduce the City's draws under the loan. The City will pay the County back in ten annual installments of $150,000 - less any offsets from any grant funds received—beginning on February 1, 2025 and ending on February 1, 2034. The City Council approved the ILA when it adopted City of Marathon, Florida Resolution 2021-119. That resolution will serve as the instrument documenting the ILA. PREVIOUS RELEVANT BOCC ACTION: At the 12/8/21 BOCC meeting, the Board expressed support for the agreement and directed staff to bring back an agreement to approve. CONTRACT/AGREEMENT CHANGES: n/a STAFF RECOMMENDATION: Approval. DOCUMENTATION: ILA with City of Marathon as documented by Marathon Resolution 2021-119 FINANCIAL IMPACT: Effective Date: 1/21/2022 Expiration Date: 2/1/2034 Total Dollar Value of Contract: $1.5 million loan Total Cost to County: net zero cost upon repayment Current Year Portion: $500,000 loan to the City of Marathon Budgeted: Source of Funds: 304-22008-530310-SC_00036 CPI: n/a Indirect Costs: n/a Estimated Ongoing Costs Not Included in above dollar amounts: n/a Revenue Producing: n/a If yes, amount: Grant: n/a County Match: n/a Insurance Required: n/a Additional Details: This is a zero interest loan to the City for up to $1.5 million, repayable by 2/1/2034. To be filled in by CAD's office or OMB. Also need to correct source of funds and amount information 01/21/22 NEW COST CENTER ADDED $1,500,000.00 REVIEWED BY: Lindsey Ballard Completed 01/04/2022 9:21 AM Bob Shillinger Completed 01/04/2022 9:41 AM Roman Gastesi Skipped 01/04/2022 12:07 PM Purchasing Completed 01/04/2022 2:19 PM Budget and Finance Completed 01/04/2022 2:22 PM Maria Slavik Completed 01/04/2022 2:23 PM Liz Yongue Completed 01/04/2022 2:54 PM Board of County Commissioners Pending 01/21/2022 9:00 AM LO M p- a 4.1 CL CZ 1� CZ SU— N bA y� N cUj N s— R3 v� ,Ui 63 4.1 CG -u77 U o r U cri 4 i bA 00 O SU. [—i v O U cd CJ `z4.1CJ 4.1 O U4.1o ° oo W ° U O "" C3 > Z U S— N cr3 D r — O •— U '� N p �r S� sU— �. 41. 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