PSO EYW-2022-4 08/23/2022 PURCHASE/SERVICE ORDER
FOR
MONROE COUNTY, FLORIDA
Effective Date: August 1,2022 Purchase/Service Order No. EYW-2022-4
Client Project No.: 404-630203-G1Q04
Project Name: Key West International Airport—Grant Anticipation Note
Description of Services: Frasca & Associates ("Frasca") will assist the Airport and County advance
efforts to secure a Grant Anticipation Note ("GAN") for $10 million to provide additional financing
for the Airport's concourse expansion project. Frasca will provide the following services:
• Solicit interest from PNC Bank,the provider of the existing revolving facility to provide
interim financing for the concourse expansion project;
• Develop a structure of pledged grant funds, including AIP entitlement and BIL grants not
already included in the plan of finance for the concourse expansion project, and a
subordinate pledge of net revenues and passenger facility charges for the GAN;
• Assist the Airport and County review PNC's proposed term sheet; request clarifications;and
quantify the fees and costs of the proposal;
• Support Bond Counsel's efforts to develop documents for the GAN;
• Support the Airport, County and Bond Counsel in negotiations with PNC Bank;
• Review draft documents, and
• Support drafting of documents for BOCC approval of GAN agreement.
Days to Complete: 365 days Lump Sum Fee: $20,000
Witness: Consultant:
Ole
m.. „
Name: Marvin Sun Name: Ken Cushine
Date: Au ust 1 2022 Date: Au ust 1 2022
Accepted by: Approved by:
00,
L . ..w
Director of Airports A st/County Administrator
ministrator
Date: 8.22.2022 Date: 8/23/2022
NROE COuNTY ATTonNEY "
A11YE FOFVA
PEDF10 ill,
ASEIETA NTY ATTORNEY
Date 8/22/22