Interoffice Memorandum
DATE: August 3, 2026
TO: Mayor Jerry L. Demings and County Commissioners
THROUGH: N/A
FROM: Kenneth Artin on behalf of Capital Projects Finance Authority
CONTACT: Kenneth Artin, Bryant Miller Olive P.A.
PHONE: 407-426-7001
DIVISION: N/A
ACTION REQUESTED:
title
Approval and execution of Resolution and Interlocal Agreement between Orange County, Florida and the Capital Projects Finance Authority regarding the issuance of the Authority’s Student Housing Revenue Bonds in an aggregate principal amount not to exceed $160,000,000 by and between Capital Projects Finance Authority and Orange County. District 5. (Capital Projects Finance Authority and Fiscal and Business Services Division)
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PROJECT:
The Verge Orlando, an approximately 930-bed apartment student housing community consisting of 21 residential buildings located at 11841 Jefferson Commons Circle, Orlando, Florida 32826.
PURPOSE:
The proceeds from the sale of the Bonds will be loaned by the Authority to SFP - Knightro, LLC, a Florida limited liability company (the "Borrower"), the sole member of which is Strategic Facility Partners, Inc., an Ohio not for profit corporation and an organization described in Section 501(c)(3) of the Internal Revenue Code of 1986, as amended ("SFP") for the purposes of (i) financing the costs related to the acquisition, renovation, furnishing, construction, improvement and equipping of an approximately 930-bed apartment style student housing community, known as "The Verge Orlando," consisting of 21 residential buildings with a mix of studio through four-bedroom units and accompanying amenities, including fitness facilities, a resort-style pool, and recreational courts, all situated on an approximately 21.1 acre tract located at 11841 Jefferson Commons Circle, Orlando, Florida, (ii) funding of debt service reserves for the Bonds, if deemed necessary or desirable, (iii) funding of capitalized interest for the Bonds, if deemed necessary or desirable, (iv) funding of operating reserves, if deemed necessary or desirable, and (v) payment of costs of issuing the Bonds (collectively, the "Project"). The Capital Projects Finance Authority (the "Authority") was established by Ordinance No. 214 enacted on September 23, 1993 by the City of Moore Haven, Florida, as amended from time to time (the "Ordinance") to facilitate the financing of certain educational facilities which includes student housing facilities. Before the Authority may issue the Bonds to finance the acquisition of the Project by the Borrower it must enter into an Interlocal Agreement with Orange County, Florida (the "County"). In addition, pursuant to Section 147(f) of the Internal Revenue Code, before the Bonds can be issued by the Authority, they need to be approved by the applicable elected governmental body where the Project is located, which in this case is the Board of County Commissioners of Orange County, Florida. To this end, the Authority held a duly noticed public hearing on May 13, 2026. The affidavits of publication and report of hearing officer related to the public hearing have been provided to County staff following the public hearing. The Authority is seeking the approval to issue the Bonds for the limited purpose required by the Internal Revenue Code and the approval of the Interlocal Agreement.
BUDGET: N/A