8.B.
FPRA Regular Meeting Agenda
- Meeting Date:
- 04/21/2014
- Re
- FPRA Resolution Authorizing TCRPC Loan No. 2
- Submitted For:
- Robert Schwerer
Information
SUBJECT:
Approval of Resolution No. 14-02, Authorizing and Approving a Loan of $300,000 from the Treasure Coast Regional Planning Council (TCRPC) for Cleanup Costs Associated with the King Power Plant Site - City Attorney
SUMMARY:
The Resolution is a required document for the loan. The Loan Documents are a continuing work in progress and will be subject to minor additions and deletions as we approach the closing date.
While many of these Loan Documents are similar to those from the first loan, attention is drawn to Exhibits F and G to the Loan and Project Agreement. They contain additional and more extensive provisions which this office has reviewed in detail with FPRA Staff. These provisions also impact delivery of services from Cardno TBE in connection with their cleanup and associated activities.
The Resolution and the draft Loan Documents are submitted as an agenda item for the April 21, 2014 meeting of the FPRA Board so that we may stay on timeline for the Loan Closing.
While many of these Loan Documents are similar to those from the first loan, attention is drawn to Exhibits F and G to the Loan and Project Agreement. They contain additional and more extensive provisions which this office has reviewed in detail with FPRA Staff. These provisions also impact delivery of services from Cardno TBE in connection with their cleanup and associated activities.
The Resolution and the draft Loan Documents are submitted as an agenda item for the April 21, 2014 meeting of the FPRA Board so that we may stay on timeline for the Loan Closing.
RECOMMENDATION:
Approval of Resolution No. 14-02 and attached draft Loan Documents.
ALTERNATIVES:
Staff will proceed as directed by the City Commission.
RESPONSIBLE STAFF:
Robert V. Schwerer, City Attorney
COORDINATED WITH:
Greg Vaday, Treasure Coast Regional Planning Council
Fiscal Impact
- Budgeted Y/N:
- Fiscal Year:
- Account:
- Amount:
OTHER INFORMATION:
$300,000 loan to the Fort Pierce Redevelopment Agency ("FPRA") from the Treasure Coast Regional Planning Council's Revolving Loan Fund for cleanup costs associated with the King Power Plant property.
Attachments
- FPRA Resolution No. 14-02
- Loan & Project Agreement
- Exhibit A
- Exhibit B
- Exhibits C, D & E
- Exhibit F
- Exhibit G
- Exhibit H
- Exhibit I
- Promissory Note
- Title Certification
- Opinion of Bank's Counsel
- Opinion of Borrower's Counsel
Form Review
| Inbox | Reviewed By | Date |
|---|---|---|
| City Manager | rbradshaw | 04/16/2014 11:58 AM |
- Form Started By:
- Jennifer Robinson
- Started On:
- 04/10/2014 04:34 PM
- Final Approval Date:
- 04/16/2014