Item R11 R11
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
July 17, 2024
Agenda Item Number: R11
2023-2696
BULK ITEM: No DEPARTMENT: Airports
TIME APPROXIMATE: STAFF CONTACT: Richard Strickland
PUBLIC HEARING Time Approx. 9:00
a.m.
AGENDA ITEM WORDING: A Public Hearing for the purpose of receiving comments and hearing
discussion concerning the proposed issuance of NTE $40,000,000.00 in aggregate principal amount by
the Public Finance Authority, a joint powers commission created under Sections 66.0301, 66.0303 and
66.0304 of the Wisconsin Statutes (the "Authority"), of its Special Facilities Revenue Bonds (Million
Air Three LLC General Aviation Facilities Project), Series 2024 in one or more series, to be used to
finance facilities at the Florida Keys Marathon International Airport.
ITEM BACKGROUND:
The MTH FBO Bonds are expected to be issued as exempt facility bonds for airports pursuant to
section 142(a)(1) of the Internal Revenue Code of 1986, as amended and Section 66.0304 of the
Wisconsin Statutes, as amended. The proceeds from the sale of the MTH FBO Bonds will be loaned to
Marathon Aviation Associates LLC , a Florida limited liability company (the`Borrower"), and will be
used to (a) finance the acquisition, construction and/or equipping of certain fixed base operator airport
facilities (the "Facilities;"), (b)pay the portion of the issuance costs of the Bonds which is allocable to
the MTH FBO Bonds, (d)pay capitalized interest with respect to the MTH FBO Bonds and (d) fund the
portion of the debt service reserve fund for the Bonds which is allocable to the MTH FBO Bonds
(collectively, the"Project'). The Facilities will be owned by the County and will be used and operated
by the Borrower in its business of providing services to general aviation aircraft operators. The
Facilities will be located in part on a 5.75-acre site with a street address of 8800 Overseas Highway (US
Route 1), Marathon, Florida and in remaining part on a 8.61-acre site with a street address of 9850
Overseas Highway, Marathon, Florida. All of Facilities will be located at the Airport, which has street
address of 9400 Overseas Highway in the City of Marathon, Monroe County, Florida and which
occupies a 197 acre site along Overseas Highway between 72nd Street and 106th Street.
The public hearing is required by the Internal Revenue Code of 1986, as amended.
5329
PREVIOUS RELEVANT BOCC ACTION:
N/A
INSURANCE REQUIRED:
No
CONTRACT/AGREEMENT CHANGES:
N/A
STAFF RECOMMENDATION: Approval
DOCUMENTATION:
Million Air FBO TEFRA Public Hearing Notice.pdf
FK MAP - Million Air PFA Series 2024 Monroe County TEFRA Final.pdf
FINANCIAL IMPACT:
N/A
5330
MONROE COUNTY, FLORIDA
NOTICE OF PUBLIC HEARING
WITH RESPECT TO
NOT TO EXCEED $40,000,000 OF
PUBLIC FINANCE AUTHORITY
SPECIAL FACILITIES REVENUE BONDS (MILLION AIR THREE LLC
GENERAL AVIATION FACILITIES PROJECT), SERIES 2024
ISSUED TO FINANCE FACILITIES
AT FLORIDA KEYS MARATHON INTERNATIONAL AIRPORT
On July 17, 2024, a public hearing, as required by Section 147(f) of the Internal Revenue
Code of 1986, as amended (the "Code"), will be held by the Monroe County, Florida (the
"Coun ")with respect to the portion of the proposed issuance by the Public Finance Authority, a
joint powers commission created under Sections 66.0301, 66.0303 and 66.0304 of the Wisconsin
Statutes (the "Authority"), of its Special Facilities Revenue Bonds (Million Air Three LLC
General Aviation Facilities Project), Series 2024 in one or more series (the "Bonds")to be used to
finance the facilities described below at the Florida Keys Marathon International Airport (the
"Airport"). Such portion of the Bonds (the "MTH FBO Bonds") are expected to be issued in an
aggregate principal amount not to exceed $40,000,000. The hearing will commence at 9:00 a.m.,
or as soon thereafter as the matter can be heard, and will be held at the Marathon Government
Center, 2798 Overseas Highway, Marathon, Florida 33050 .
The MTH FBO Bonds are expected to be issued as exempt facility bonds for airports pur-
suant to section 142(a)(1) of the Internal Revenue Code of 1986, as amended and Section 66.0304
of the Wisconsin Statutes, as amended. The proceeds from the sale of the MTH FBO Bonds will
be loaned to Marathon Aviation Associates LLC , a Florida limited liability company (the "Bor-
rower"), and will be used to (a) finance the acquisition, construction and/or equipping of certain
fixed base operator airport facilities (the "Facilities;"), (b)pay the portion of the issuance costs of
the Bonds which is allocable to the MTH FBO Bonds, (d)pay capitalized interest with respect to
the MTH FBO Bonds and(d)fund the portion of the debt service reserve fund for the Bonds which
is allocable to the MTH FBO Bonds (collectively, the "Project"). The Facilities will be owned by
the County and will be used and operated by the Borrower in its business of providing services to
general aviation aircraft operators. The Facilities will be located in part on a 5.75-acre site with a
street address of 8800 Overseas Highway (US Route 1), Marathon, Florida and in remaining part
on a 8.61-acre site with a street address of 9850 Overseas Highway, Marathon, Florida. All of
Facilities will be located at the Airport,which has street address of 9400 Overseas Highway in the
City of Marathon, Monroe County, Florida and which occupies a 197 acre site along Overseas
Highway between 72nd Street and 1061h Street.
5331
The Bonds will be special limited obligations of the Authority payable solely from the loan
repayments to be made by the Borrower(and by the borrower of the proceeds of the portion of the
Bonds other than the MTH FBO Bonds) to the Authority, and certain funds and accounts estab-
lished by the trust indenture for the Bonds. The Bonds will not be obligations of the County.
The hearing will provide a reasonable opportunity to be heard for persons wishing to ex-
press their views on the merits of the Project,the nature and location of the Facilities,the issuance
of the MTH FBO Bonds or related matters. Oral comments will be limited to 3 minutes per
speaker. A person wishing to speak at the hearing will be asked to provide his or her name, address
and the person(s) or entity(ies) he or she represents, if any, prior to speaking. Written comments
will be accepted by the Monroe County, Department of Airports, 3491 South Roosevelt Street,
Key West, Florida 33040, Attention: Richard Strickland, but must be received by the close of the
hearing. Any persons needing special accommodations under the Americans With Disabilities Act
should call the County Administrator's Office by phoning 305-292-4441 not later than 24 hours
prior to the time and date of the hearing.
Publication Dates:
Keys Citizen: Sat., 06-22-24
Keys Weekly: Wed., 06-27-24
News Barometer: Fri., 06-28-24
5332
Monroe County Board of County Commissioners
RESOLUTION NO.
WHEREAS, the Public Finance Authority, a joint powers commission
created under Sections 66.0301, 66.0303 and 66.0304 of the Wisconsin Statutes (the
"Issuer"), has adopted a resolution authorizing the issuance of its Special Facility
Revenue Bonds (Million Air Three LLC General Aviation Facilities Project), Series
2024 (the "2024 Bonds") in one or more series for various purposes, including bonds
(the "MTH FBO Bonds") to be issued in an aggregate principal amount not to exceed
$40,000,000 for the purpose of making a loan to Marathon Aviation Associates LLC,
a Florida limited liability company (the "Borrower") to (a) finance the acquisition,
construction and/or equipping of certain fixed base operator airport facilities (the
"Facilities") for an airport under section 142(a)(1) of the Internal Revenue Code of
1986, as amended, (b) pay the portion of the issuance costs of the 2024 Bonds which
is allocable to the MTH FBO Bonds, (c) pay capitalized interest with respect to the
portion of the MTH FBO Bonds issued to finance the construction and/or equipping
of the Facilities and (d) fund the portion of the debt service reserve fund for the 2024
Bonds which is allocable to the MTH FBO Bonds (collectively, the "Project"); and
WHEREAS, the Facilities will be located in part on a 5.75-acre site with a
street address of 8800 Overseas Highway (US Route 1), Marathon, Florida and in
remaining part on a 8.61-acre site with a street address of 9850 Overseas Highway,
Marathon, at the Florida Keys Marathon International Airport (the "Airport"); and
WHEREAS, the Facilities will be owned by Monroe County, Florida (the
"County") and will be used and operated by the Borrower in its business of providing
services to general aviation aircraft operators at the Airport; and
WHEREAS, the 2024 Bonds, including the MTH FBO Bonds, will be special
limited obligations of the Issuer payable solely from the loan repayments payable
jointly and severally to the Issuer by the Borrower and the borrower of the proceeds
of the portion of the 2024 Bonds other than the MTH FBO Bonds, and certain funds
and accounts established by the trust indenture for the 2024 Bonds; and
5333
WHEREAS, Section 147(f) of the United States Internal Revenue Code of
1986, as amended, requires the Issuer to obtain the approval of the County as the local
jurisdiction where the Facilities are situated before the Marathon FBO Bonds can be
issued; and
WHEREAS, the Board of County Commissioners of the County is informed that
the required public hearing regarding the issuance of the MTH FBO Bonds was
properly noticed and then held on July 17, 2024 at 9:00 a.m. (or as soon thereafter as
the matter could be heard) at the Marathon Government Center, 2798 Overseas
Highway, Marathon, Florida 33050;
NOW THEREFORE; BE IT RESOLVED BY THE BOARD OF COUNTY
COMMISSIONERS OF MONROE COUNTY:
Section 1. The Board of County Commissioners approves the issuance of
the MTH FBO Bonds in an amount not to exceed$40,000,000. It is the intent of this
Board of County Commissioners that this Resolution constitutes approval of the
financing for the sole purpose of compliance with Section 147(f) of the Code and
with any state law applicable to the Issuer and the MTH FBO Bonds. The proceeds
of the MTH FBO Bonds will be used solely for the purposes described in this
Resolution.
Section 2. The County Administrator and the County Attorney are
authorized and directed to take any action and to execute and deliver any documents
that are necessary or advisable to comply with the terms and intent of this Resolution
and to facilitate the financing transaction.
Section 3. Nothing in this Resolution shall be construed to create any
obligation whatsoever of the County with respect to the issuance or repayment of the
2024 Bonds, including the MTH FBO Bonds, or the Project. The 2024 Bonds,
including the MTH FBO Bonds, shall never constitute an indebtedness, obligation or
pledge of the County within the meaning of any constitutional or statutory provision,
and the 2024 Bonds, including the MTH FBO Bonds, shall never be paid in whole or
in part out of any funds raised or to be raised by taxation or any other revenues of the
County.
5334
Section 4. This Resolution is adopted solely to approve the issuance of the
MTH FBO Bonds and the financing of the Project. This Resolution does not
constitute an approval by the County of any other aspect of the Project. In particular,
but without limitation, the Resolution does not constitute zoning approval, approval of
any building permit, or any other approval. required by the County in regard to the
Project other than approval of the MTH FBO Bonds.
Section 5. This Resolution shall take effect immediately upon its adoption.
PASSED AND ADOPTED by the Board of County Commissioners of Monroe
County, Florida, at a regular meeting of said Board held on the 17 day of July 2024.
Mayor Holly Merrill Raschein
Mayor Pro Tem Jim Scholl
Commissioner Craig Cates
Commissioner Michelle Coldiron
Commissioner David Rice
BOARD OF COUNTY COMMISSIONERS
(Seal) OF MONROE COUNTY, FLORIDA
Attest: Kevin Madok, Clerk
By: By:
As Deputy Clerk Mayor
5335
Liz Yongue
From: Gomez-Krystal <Gomez-Krystal@MonroeCounty-FL.Gov>
Sent: Thursday, July 11, 2024 11:08 AM
To: Ballard-Lindsey; County Commissioners and Aides; Kevin Madok; Pamela G. Hancock;
Senior Management Team and Aides; Liz Yongue; InternalAudit
Cc: Gastesi-Roman; Shillinger-Bob; Williams-Jethon; Cioffari-Cheryl; Livengood-Kristen;
Rubio-Suzanne; Pam Radloff; County-Attorney; Allen-John; Danise Henriquez; Hurley-
Christine; Rosch-Mark; Gambuzza-Dina; Beyers-John; InternalAudit; Kevin Madok;
Valcheva-Svilena
Subject: Item R11 BOCC 07/17/2024 REVISED AGENDA ITEM WORDING
Attachments: AIS 2696 R11.pdf
Follow Up Flag: Follow up
Flag Status: Flagged
Good morning,
Please be advised, the agenda item wording has been revised for item Rll.
"A Public Hearing for the purpose of receiving comments and hearing discussion concerning the proposed
issuance of NTE$40,000,000.00 in aggregate principal amount by the Public Finance Authority, a joint powers
commission created under Sections 66.0301, 66.0303 and 66.0304 of the Wisconsin Statutes (the "Authority"),
of its Special Facilities Revenue Bonds (Million Air Three LLC General Aviation Facilities Project), Series 2024 in
one or more series, to be used to finance facilities at the Florida Keys Marathon International Airport and
approval of the Million Air PFA Series 2024 resolution.
Sincerely,
Executive Administrator
Monroe County Administrator's Office
1100 Simonton Street, Suite 2-205
Key West, FL 33040
(305)292-4441 (Office)
(305)850-8694(Cell)
Courier Stop#1
Notary Public
w.r o n r y e c_ u�n1y:�:V_e.gpy
PLEASE NOTE: FLORIDA HAS A VERY BROAD RECORDS LAW. MOST WRITTEN COMMUNICATIONS TO OR FROM THE COUNTY REGARDING COUNTY BUSINESS
ARE PUBLIC RECORDS AVAILABLE TO THE PUBLIC AND MEDIA UPON REQUEST. YOUR EMAIL COMMUNICATION MAY BE SUBJECT TO PUBLIC DISCLOSURE.
1
2
RI I
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
July 17, 2024
Agenda Item Number: R11
2023-2696
BULK ITEM: No DEPARTMENT: Airports
TIME APPROXIMATE: STAFF CONTACT: Richard Strickland
PUBLIC HEARING Time Approx. 9:00
a.m.
AGENDA ITEM WORDING:
A Public Hearing for the purpose of receiving comments and hearing discussion concerning the
proposed issuance of NTE $40,000,000.00 in aggregate principal amount by the Public Finance
Authority, a joint powers commission created under Sections 66.0301, 66.0303 and 66.0304 of the
Wisconsin Statutes (the "Authority"), of its Special Facilities Revenue Bonds (Million Air Three LLC
General Aviation Facilities Project), Series 2024 in one or more series, to be used to finance facilities at
the Florida Keys Marathon International Airport and approval of the Million Air PFA Series 2024
resolution.
ITEM BACKGROUND:
The MTH FBO Bonds are expected to be issued as exempt facility bonds for airports pursuant to
section 142(a)(1) of the Internal Revenue Code of 1986, as amended and Section 66.0304 of the
Wisconsin Statutes, as amended. The proceeds from the sale of the MTH FBO Bonds will be loaned to
Marathon Aviation Associates LLC , a Florida limited liability company (the`Borrower"), and will be
used to (a) finance the acquisition, construction and/or equipping of certain fixed base operator airport
facilities (the "Facilities;"), (b)pay the portion of the issuance costs of the Bonds which is allocable to
the MTH FBO Bonds, (d)pay capitalized interest with respect to the MTH FBO Bonds and (d) fund the
portion of the debt service reserve fund for the Bonds which is allocable to the MTH FBO Bonds
(collectively, the"Project'). The Facilities will be owned by the County and will be used and operated
by the Borrower in its business of providing services to general aviation aircraft operators. The
Facilities will be located in part on a 5.75-acre site with a street address of 8800 Overseas Highway (US
Route 1), Marathon, Florida and in remaining part on a 8.61-acre site with a street address of 9850
Overseas Highway, Marathon, Florida. All of Facilities will be located at the Airport, which has street
address of 9400 Overseas Highway in the City of Marathon, Monroe County, Florida and which
occupies a 197 acre site along Overseas Highway between 72nd Street and 106th Street.
1
The public hearing is required by the Internal Revenue Code of 1986, as amended.
PREVIOUS RELEVANT BOCC ACTION:
N/A
INSURANCE REQUIRED:
No
CONTRACT/AGREEMENT CHANGES:
N/A
STAFF RECOMMENDATION: Approval
DOCUMENTATION:
Million Air FBO TEFRA Public Hearing Notice.pdf
FK MAP - Million Air PFA Series 2024 Monroe County TEFRA Final.pdf
FINANCIAL IMPACT:
N/A
2
(Hearing commenced at [a.m)T.M.)),
Good mo ,ing.
This hearing is conducted pursuant to a
Notice of Public Hearing published on June
22 in the Keys West Citizen, June 27 in the
Keys Weekly and June 28, 2024 in the News
Barometer.
It concerns the proposed issuance by
the Public Finance Authority, a joint powers
commission created under the laws of the
State of Wisconsin (the "Authority") of one
or more series of revenue bonds (the
" ") for various purposes, including
bonds (the "MTH FBO Bonds") to be issued
in an aggregate principal amount not to
exceed $40,000,000 for the purpose of
financing certain facilities at the Florida
Keys Marathon International Airport (the
US-301 i89918v2 384939-0000173,2024 9;58 AM
"Airport"). The proceeds of the MTH FBO
Bonds will be loaned to Marathon Aviation
Associates LLC, a Florida limited liability
company (the "Borrower"), and will be used
to (a) provide financing of the acquisition,
construction and/or equipping of certain
fixed base operator airport facilities (the
"Facilities") for an airport under section
142(a)(1) of the Internal Revenue Code of
1986, as amended (the "Code") (b) pay the
portion of the issuance costs of the Bonds
is is allocable to the MTH FBO Bonds,
(d) pay capitalized interest with respect to
the portion of the MTH FBO Bonds issued
to finance the construction and/or equipping
of the Facilities and (d) fund the portion of
the debt service reserve fund for the Bonds
US 30119991gv2 3849.19-0000173120249�58 AM
is is allocable tot MTH FBO Bonds
(collectively, the "Project,").
The Facilities are or will be located at
the Airport in part on a 5.75-acre site with a
street address of 8800 Overseas Highway
(US Route 1), Marathon, Florida and in
remaining part on a 8.61-acre site with a
street address of 9850 Overseas Highway,
Marathon, Florida.
The Facilities are and will be owned
by Monroe County, Florida (the 'County")
and will be used and operated by the
Borrower in its business of providing
services to general aviation aircraft
operators.
The purpose of the hearing is to fulfill
one oft requirements under the U.S.
income tax law with respect to the issuance
US 30118991[8v2 384939-0(WJ 1 '7 3/2024 U8 AM
of all or a portion of the MTH FBO Bonds
as tax-exempt obligations for the Project.
The Bonds will be special limited
obligations of the Authority payable solely
from the to repayments to be made by the
Borrower (and by the borrower of the
proceeds of the portion of the Bonds other
than the MTH FBO Bonds) to the County,
and certain funds and accounts established
by the trust indenture for the Bonds. The
Bonds, including the MTH FBO Bonds, will
not be obligations of the County.
In order to ensure that every person is
given a it opportunity to be heard I request
that you follow these instructions: No. 1,
please indicate your is to testify by filling
out and submitting a blue card; No. 2, when
your name is called please stand and state
US 301�89918v2 384939-00001 73/2024 9 58 AM
your name, address, and the person, entity or
organization you represent; and No. 3,
please keep your testimony concise, specific
and relevant to the subject matter under
consideration. Each speaker's testimony
will be limited to 3 minutes for individuals
and 5 minutes if you're speaking on behalf
of an entity or organization. Written
comments will be accepted by Monroe
County, Department of Airports, 3491 South
Roosevelt Street, Key West, Florida 330540
Attention: Richard Strickland, but must be
received by the close of this hearing.
With that introduction we are ready for
the first speaker.
[(No response.)]
Since no one signed up totestify this
morning, I would like to thank you.
US 301189918v2 384939-00001 7.312024 9 58 AM
There being no morepersons
have presentedthemselves here at this time
o express theirviews regarding
proposed issuance e bonds,
recommend is hearing be closed.
Thank you very much.
(The hearings �M
BobCERTIFICATE
'lliger, County Attorney forte Monroe County Boardof County
Commissioners do hereby certify that the foregoing transcript was read into the record prior to
the public hearing that was held on Wednesday, July 17, 2024, and is true and accurate tote best
of my knowledge, skill and ability.
STATE F FLORIDA
COUNTY OF MONROE
The foregoing instrument was acknowledged be ore me this 170,day of July, 2024 by
BobS illiger as County Attorney forte Monroe County Board of County Commissioners.
Si r of Note
Public t to oFlorida
:+= COMMISSION
EXPIRES:Wi15.202$
Print,Type, or Siamp CommissionedName of Notary
Public
Personally Known OR ProducedIdentification
Type of Identification Produced: