Item R2
Revised 2/95
BOARD OF COUNTY COMMISSIONERS
AGENDA ITEM SUMMARY
Meeting Date: April 19. 2000
Division: Industrial Development Authority
Bulk Item: Yes
No -X-
Department: Industrial Development Authority
AGENDA ITEM WORDING:
Approval of: I) A public hearing to be held on May 17, 2000 at 5:0 I p.m. at the Key Largo Library as
required by Federal law for the purpose of providing the public an opportunity to discuss issues
concerning the Wesley House financing. 2) Approval of a request by Wesley House for the waiving of
County fees in reference to the proposed fmancing. X
ITEM BACKGROUND:
Wesley House is requesting the Industrial Development Authority to act as the conduit for financing
for its physical expansion. A review by the County's financial advisor has found no apparent problem
with the County's participation. In order for the financing to proceed, the next County
Commission/ln'dustrial Development Authority meeting will need to include a TEFRA federally
mandated hearing, the passage of a resolution approving the issuance of the bonds and the project, and
the passing of a bond resolution approving the issuance of the actual bonds and various documents.
PREVIOUS REVELANT BOCC ACTION:
IDA has supported other fmancing and has adopted a fee schedule which includes a $5,000
nonrefundable application fee plus a fee equal to one-half of one percent of the face value of the
industrial revenue bonds. For this project, the total would be approximately $10,000.
ST AFF RECOMMENDATIONS:
Approval.
TOT AL COST:
-0-
BUDGETED: Yes
No
COST TO COUNTY: -0-
REVENUE PRODUCING: Yes
No
AMOUNT PER MONTH
Year
APPROVED BY: County Atty _
OMB/Purchasing _Risk Management _
DIVISION DIRECTOR APPROVAL:
-J.!-~
James L. Roberts
DOCUMENTATION:
Included lL
To Follow
Not Required
DISPOSITION:
AGENDA ITEM #~2..
Sent By: WESLEY HOUSE;
305 292 7156;
Apr-18-00 11:45AM;
Page 2/2
WESLEY HOUSE
PrOfJidilfg Etuly ChilllJaood IInd Fomil, Sm1ic~s t"mllglt(JlIll~ FloridJJ ~s
'P.Q Box 1033
Key West.FL 3304I-J033
'I!} (30S) 292-71.S0
. OOS) 292-7J 56
Toll-free J-R77-59S-S437
April 18, 2000
Moawe County
Board of Coumy Commissioners
5100 College Road
Key West, FL 33040
~ar Commissioners:
l appreciate ,your consideration of our request fUT the Monroe County Industrial Developmc:ol
Authority to SPOnsoT the issuance of tn-exempt boads for the Wesley House Ley Memorial
Project. 'Ibese bonds and your involvement a... the conduit will greatly assiSt Wesley House and
OUT future preseuce in Monroe COUllty.
J am aware that there are fees related to this process, and , am requesting your consideration of a
waiver, The two Monroe County fees rebted to this bond conduit are:
1. A OIle time nOD-refundable S.sOOO application fee; and
2. A titc:e vahae of the bond fee for ~ of 1% of the $1,000,000 ora $5.000 rice value
fee.
'lbese two fees represczt a SIO,OOO cost to Wesley House for the project. Your consideration of
a waiver would Dot only be a sUbstantial savings fOI Wesley House, but it will give us these
addilional fimds for the Ley ~l Project.
I am always available for your queuions or ooncerns.
Sincerely>
~~
Executive Director
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