Item I03 I3
BOARD OF COUNTY COMMISSIONERS
COUNTY of MONROE �� i Mayor Holly Merrill Raschein,District 5
The Florida Keys Mayor Pro Tern James K.Scholl,District 3
Craig Cates,District 1
Michelle Lincoln,District 2
' David Rice,District 4
Board of County Commissioners Meeting
February 21, 2024
Agenda Item Number: I3
2023-2112
BULK ITEM: Yes DEPARTMENT: Airports
TIME APPROXIMATE: STAFF CONTACT: Richard Strickland
N/A
AGENDA ITEM WORDING:
Approval to advertise a public hearing for April 17, 2024 for the purpose of receiving comments and
hearing discussion concerning the Countys proposed additional draws of not to exceed $1,340,000, in
aggregate principal amount against its Tax-Exempt Master Airport Revenue Note (PNC Bank, National
Association Line of Credit), Series 2024.
ITEM BACKGROUND:
On August 17, 2022, the Board of County Commissioners (the "Board") of Monroe County, Florida
(the "County") held a duly noticed and called public hearing and approved the issuance of up to
$50,000,000 in tax-exempt indebtedness to finance and refinance various costs related to the Key West
International Airport Project(the "Prior Approval"). In connection with the Prior Approval, the County
has issued its $41,340,000 aggregate principal amount of Monroe County, Florida Airport Revenue
Bonds (Key West International Airport), Series 2022 and has executed and delivered a Line of Credit
Agreement with PNC Bank,National Association, as amended, allowing the County to borrow up to
$10,000,000 of tax-exempt indebtedness to finance and refinance various costs of the Project, subject to
the terms and provisions of such Agreement. In order to comply with federal tax rules, the County
desires to approve additional draws of not to exceed $1,340,000 in aggregate principal amount against
its Tax-Exempt Master Airport Revenue Note (PNC Bank,National Association Line of Credit), Series
2024 (AMT) (the "Master Note") to finance and refinance the costs of certain capital improvements to
the Key West International Airport.
The public hearing is required by Section 147(f) of the Internal Revenue Code of 1986, as amended.
PREVIOUS RELEVANT BOCC ACTION:
N/A
2325
INSURANCE REQUIRED:
No
CONTRACT/AGREEMENT CHANGES:
N/A
STAFF RECOMMENDATION: Approval.
DOCUMENTATION:
083-0003 LRI Notice of Public Hearing.pdf
FINANCIAL IMPACT:
Approximately $500.00 to publish notice; to be paid from Airport Operating Fund 404.
2326
NOTICE OF PUBLIC HEARING
Notice is hereby given of a public hearing to be held by the Board of County
Commissioners (the "Board") of Monroe County, Florida (the "County") on April
17, 2024, at 9:00 a.m. or as soon thereafter as the matter can be heard, in the Board
meeting room of the Marathon Government Center - BOCC, 2798 Overseas
Highway, 2nd Floor, Marathon, Florida, for the purpose of receiving comments and
hearing discussion concerning the County's proposed additional draws of not to
exceed $1,340,000 in aggregate principal amount against the Monroe County,
Florida Tax-Exempt Master Airport Revenue Note (PNC Bank, National
Association Line of Credit), Series 2024 (AMT) (the "Master Note"), pursuant to a
resolution to be considered for adoption by the Board on April 17, 2024, as
supplemented.
Draws against the Master Note will be applied to: finance and refinance the
costs of certain capital improvements to the Key West International Airport (the
"Airport"), including the development, construction and equipping of a new second-
level concourse of approximately 48,805 square feet("Concourse A") consisting of:
(1) seven gates all fitted with passenger boarding bridges, holdroom areas,
passenger circulation space, concession areas,restrooms, a nursing room, a pet relief
area, building support areas, including mechanical rooms, IT/Communication
rooms, an electrical room, elevator, storage,janitors closet, and stair areas and (2) a
ground (apron) level below Concourse A to support a new baggage make-up area
and device(s), tug lanes, airline ramp space, ramp equipment storage and circulation
space (collectively the "Project").
The Project will be located at Key West International Airport, 3491 South
Roosevelt Boulevard, Key West, Florida. The County will own and operate the
Project which will be part of the Airport.
All interested persons are invited to attend said hearing and to, either
personally or through their representatives, present oral or written comments and
discussion concerning the proposed plan of finance. Written comments may also
be submitted prior to the hearing at the Office of the County Attorney, I I 1112th
Street, Suite 408, Key West, Florida 33040, Attention: County Attorney. In
accordance with the Americans with Disabilities Act, persons needing a special
accommodation in order to participate in this proceeding should contact the County
Administrator's Office, by phoning (305) 292-4441, between the hours of 8:30 a.m.
— 5:00 p.m., no later than five (5) calendar days prior to the scheduled meeting; if
you are hearing or voice-impaired, call "711". Live Closed Captioning is available
at our web portal @ http://monroecountyfl.igm2.com/Citizens/Default.aspx for
meetings of the Monroe County Board of County Commissioners. Any person
deciding to appeal any decision made by the County after the hearing will need to
2327
ensure that a verbatim record of the proceeding is made, which record includes the
testimony and evidence upon which the appeal is to be based.
The public hearing is required by Section 147(f) of the Internal Revenue
Code of 1986, as amended (the "Code"). Subsequent to the public hearing, the
Board will consider whether to approve the issuance of the Master Note as required
by Section 147(f) of the Code. Any person interested in the issuance of the Master
Note or the location or nature of the Project may appear and be heard.
By order of the Board of County Commissioners of Monroe County, Florida.
MONROE COUNTY, FLORIDA
Is/Holly Merrill Raschein
Holly Merrill Raschein, Mayor
Board of County Commissioners
2328