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File #: 25-083    Version: 1 Name:
Type: Resolution Status: Passed
File created: 12/17/2024 In control: County Administrator
On agenda: 1/7/2025 Final action: 1/7/2025
Title: Approval and execution of 1) A Resolution2025-B-01 approving the issuance by the Capital Projects Finance Authority (the "Authority") of its Senior Living Revenue Bonds in an aggregate principal amount not to exceed $150,000,000, the proceeds from the sale of which will be used principally to finance and refinance the cost of construction and installation of certain senior living facilities located within Orange County, Florida and owned and operated by Millenia Orlando 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 Senior Living Revenue Bonds in an aggregate principal amount not to exceed $150,000,000. (Capital Projects Finance Authority)
Attachments: 1. CAPFA Agenda Packet, 2. 2025-01-07 County Administrator Consent Item-11, 3. Resolution 2025-B-01
Interoffice Memorandum

DATE: December 16, 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:
title
Approval and execution of 1) A Resolution2025-B-01 approving the issuance by the Capital Projects Finance Authority (the "Authority") of its Senior Living Revenue Bonds in an aggregate principal amount not to exceed $150,000,000, the proceeds from the sale of which will be used principally to finance and refinance the cost of construction and installation of certain senior living facilities located within Orange County, Florida and owned and operated by Millenia Orlando 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 Senior Living Revenue Bonds in an aggregate principal amount not to exceed $150,000,000. (Capital Projects Finance Authority)
body

PROJECT: Millenia Senior Living Community

PURPOSE: (1) Financing and refinancing, including through reimbursement, the construction, installation and equipping of a senior living community with approximately 261 senior living apartments consisting of approximately 151 independent living units, 78 assisted living units, and 32 memory care units in facilities to be located at the northwest corner of Conroy and Vineland Roads, Orlando, Florida (District 6) and capital improvements related thereto (collectively, the "Facilities"); (2) funding capitalized interest on the Bonds; (3) funding a debt service reserve fund for the Bonds and certain additional reserves; (4) funding initial working capital and start-up expenses for the Borrower and the Facilities...

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