8.D.
FPRA Regular Meeting - 4:00 p.m.
- Meeting Date:
- 01/28/2020
- Re
- Ulta Salon Agreement for Sale & Assignment
- Submitted For:
- Nick Mimms
SUBJECT:
Approval to enter into an Agreement of Sale and Assignment of Florida Voluntary Cleanup Tax Credits with Ulta Salon, Cosmetics & Fragrance, Inc. as the Purchaser of Voluntary Cleanup Tax Credit Certificate Number 1005 for the amount of $455,000.
SUMMARY:
At the October 21, 2019 meeting, the FPRA Board directed staff to proceed with the sale of the final bonus Voluntary Cleanup Tax Credit Certificate Number 1005 in the amount of $500,000 from the Florida Department of Environmental Protection for the remediation of the former H.D. King Plant site.
FPRA Resolution 19-03, which was approved by the FPRA Board at the November 12, 2019 meeting, authorized staff to proceed with the sale of Voluntary Cleanup Tax Credit Certificate Number 1005 utilizing Fallbrook Credit Finance as the placement agent.
FPRA Resolution 19-03, which was approved by the FPRA Board at the November 12, 2019 meeting, authorized staff to proceed with the sale of Voluntary Cleanup Tax Credit Certificate Number 1005 utilizing Fallbrook Credit Finance as the placement agent.
RECOMMENDATION:
Staff recommends approval of the agreement, which is approved as to Form and Correctness by the City Attorney.
ALTERNATIVES:
Staff will proceed as directed by the FPRA Board.
RESPONSIBLE STAFF:
Nicholas C. Mimms, City Manager
COORDINATED WITH:
Peter J. Sweeney, City Attorney
Fiscal Impact
OTHER INFORMATION:
The sale of Florida Voluntary Cleanup Tax Credit Certificate Number 1005 will generate revenue which will be determined upon sale.