Agenda Item Name:
title
Interfund loan of up to $2,600,000 to the 2021 TDT (Tourist Development Tax) Rev (Revenue) Bonds Fund for the construction of the Alachua County Sports Event Center
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Presenter:
Ramon Gavarrete, Public Works Director 548-1214
Description:
Approve an interfund loan to Fund 333 (2021 TDT (Tourist Development Tax) Rev (Revenue) Bonds Fund) for the construction of the Alachua County Sports Event Center
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Recommended Action:
recommended action
Approve the interfund loan, Finance and Accounting will determine the source of the loan from a legally available, fiscally appropriate fund to cover cash needs in the fund until the final construction invoice is paid for the project and the County is reimbursed for the track, per the grant agreement.
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Prior Board Motions:
recommended action
April 13, 2021, Board of County Commissioners (BoCC) moved to adopt the two resolutions and authorize bond counsel to initiate the bond validation process for $30 million.
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Fiscal Consideration:
fiscal consideration
Approve interfund loan until final payment is made to the contractor and the county receives the reimbursement grant funding, per the grant agreement.
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Strategic Guide:
strategic guide
Infrastructure
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Background:
The project was approved, and bonds were issued for the construction of the Alachua County Sports Event Center.
The construction project budget for the County consisted of the following sources listed below:
MMTM (Multi-Modal Transportation Mitigation) $ 248,000
Alachua County (Bonds) $30,000,000
County Requested Sustainability Items $ 98,640
Grant from State of Florida $ 2,320,000
Total for the County $32,666,640
The Grant reimbursement has been submitted for 90% completion of the track but a temporary interfund loan up to $2,600,000 is needed until this grant reimbursement comes in and the other county funding is moved into this fund.