Interoffice Memorandum
DATE: September 11, 2024
TO: Mayor Jerry L. Demings and County Commissioners
THROUGH: N/A
FROM: Ken Artin, Attorney for Capital Projects Finance Authority
CONTACT: Ken Artin (Bryant Miller Olive P.A.)
PHONE: 407-398-7781
DIVISION: N/A
ACTION REQUESTED:
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Approval and execution of 1) A Resolution 2024-B-05 approving the issuance by the Capital Projects Finance Authority (The “Authority”) of its Student Housing Revenue Bonds in an aggregate principal amount not to exceed $155,000,000, the proceeds from the sale of which will be used principally to finance and refinance the cost of acquisition of certain student housing facilities located within Orange County, Florida and owned and operated by PRG-UnionWest Properties LLC; approving the form of an Interlocal Agreement with the Authority; authorizing the Mayor to execute and deliver the interlocal agreement with the Authority; and providing an effective date and 2) 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 $155,000,000.
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PROJECT: UnionWest
PURPOSE: PRG-UnionWest Properties LLC, a Florida limited liability company (the “Borrower”) whose sole member is Provident Resources Group Inc., a Georgia not-for-profit corporation (“PRG”) exempt from federal income tax as an organization described in Section 501(c)(3) of the Internal Revenue Code of 1986 has requested the assistance of the Authority related to the issuance of one of more series of its Student Housing Revenue Bonds (the “Bonds”) for the purpose of (i) financing the acquisition of the 15-story mixed-use building, containing 10 floors of student containing, 5 floors of academic space, first floor retail and 602 spaces of structured parking known as "UnionWest," located at 601 W. Livingston Street, Orlando Florida, including related facilities, fixtures, furnishings and equipment, (ii) funding of debt service reserves for the Bonds, and (iii) payment of costs of issuing the Bonds (collectively, the "Project"). The Project provides student housing primarily to students attending Valencia Community College and the University of Central Florida. The Project also provides classroom space leased to the University. 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 the County. Additionally, approval by the Board of a bond issue involving a project located in Orange County is required by the Tax Code.
BUDGET: N/A