8.a.
FPRA Regular Meeting Agenda
- Meeting Date:
- 01/17/2017
- Re
- Fallbrook Agreement Voluntary Cleanup Tax Credit (VCTC) Certificate
- Submitted For:
- Rebecca Grohall
SUBJECT:
Consideration of Agreement to Faciliate the Sale of Voluntary Cleanup Tax Credit (VCTC) Certificate by Fallbrook Credit Finance.
SUMMARY:
Consideration of Agreement to Faciliate the Sale of Voluntary Cleanup Tax Credit (VCTC) Certificate by Fallbrook Credit Finance the recent Tax Certfiicate issued by the Floirda Department of Environmental Protection Certificate #610 in the amount of $500,000.
Fallbrook is an experienced placement agent who will provide the FPRA with one or more prospective purchasers of the tax credit. The price will be no less than eighty-eight centers ($0.88) per dollar ($1.00) of tax credits. The agreement is for a period of one (1) year. The anticipated $440,000 in revenue will be utilized for reducing the cost of the revolving loan and other expenses associated with the costs of property remediation. The Tax Certificate was authorized for sale at the FPRA Meeting of October 17, 2016 via FPRA Resoluation 16-05.
Fallbrook is an experienced placement agent who will provide the FPRA with one or more prospective purchasers of the tax credit. The price will be no less than eighty-eight centers ($0.88) per dollar ($1.00) of tax credits. The agreement is for a period of one (1) year. The anticipated $440,000 in revenue will be utilized for reducing the cost of the revolving loan and other expenses associated with the costs of property remediation. The Tax Certificate was authorized for sale at the FPRA Meeting of October 17, 2016 via FPRA Resoluation 16-05.
RECOMMENDATION:
Approval
ALTERNATIVES:
Advertise and search for other placement agents
RESPONSIBLE STAFF:
Rebecca Grohall, AICP
COORDINATED WITH:
Iola Mosely, Assistant City Attorney
Jim Messer, City Attorney
Nick Mimms, City Manager
Jim Messer, City Attorney
Nick Mimms, City Manager
Fiscal Impact
- Budgeted Y/N:
- N
- Fiscal Year:
- 2017
OTHER INFORMATION:
Projected $440,000 to offset loans for remediation work