8.B.
FPRA Special Meeting Agenda
- Meeting Date:
- 02/16/2016
- Re
- Consideration of Agreement for Sale of VCTC Certificates by Fallbrook Credit Finance
- Submitted For:
- Nick Mimms
SUBJECT:
Consideration of Agreement to Purchase Voluntary Cleanup Tax Credit (VCTC) Certificates by Fallbrook Credit Finance.
SUMMARY:
Consideration of Letter Agreement with Fallbrook Credit Finance for the sale of Voluntary Cleanup Tax Credit (VCTC) Certificates. As an experienced placement agent, Fallbrook will provide the FPRA Board with one or more prospective purchasers who will purchase the Tax Credits. The price will be no less than eighty-eight cents ($0.88) per dollar ($1.00) of Tax Credits. This sum will be paid upon transfer of the certificates to the purchaser after filing with the State of Florida. The agreement is for a period of one (1) year.
Once the agreement has been approved, the FPRA Board will be presented with a qualified purchaser at a later date. At that time there will be a separate agreement and other documents prepared by the City Attorney and Fallbrook for the actual purchase and sale of the Tax Credits.
Once the agreement has been approved, the FPRA Board will be presented with a qualified purchaser at a later date. At that time there will be a separate agreement and other documents prepared by the City Attorney and Fallbrook for the actual purchase and sale of the Tax Credits.
RECOMMENDATION:
Approval of the agreement with Fallbrook Credit Finance.
ALTERNATIVES:
Denial of agreement.
RESPONSIBLE STAFF:
Rebecca Grohall, Planning Director
COORDINATED WITH:
Robert V. Schwerer, City Attorney
Fiscal Impact
- Budgeted Y/N:
- N
- Fiscal Year:
- 2016
- Account:
- TBD
- Amount:
- 965,483.00
OTHER INFORMATION:
At a purchase price of $0.88 per $1.00, the sale of the credits would generate a total of $965,483.00.
Attachments
- Memo from R. Schwerer Re - Agreement for Sale of VCTC
- Agreement for the Sale of VCTC by Fallbrook Credit Finance