06-05-2017 - Regular * 104 N.Riverside Drive
City of Edgewater Edgewater, FL 32132
ILE'DGEIAATERj Meeting Minutes
City Council
Michael Ignasiak,Mayor
Christine Power,District I
Amy Vogt,District 2
Dan Blazi,District 3
Gary T Conroy,District 4
Monday,June 5,2017 6:00 PM Council Chambers
1. CALL TO ORDER, ROLL CALL, PLEDGE OF ALLEGIANCE,INVOCATION
Present: 5- Mayor Mike Ignasiak,Councilwoman Christine Power,Councilwoman Amy Vogt,
Councilman Dan Blazi.and Councilman Gary Conroy
Also Present: 3- City Manager Tracey Barlow,City Clerk/Paralegal Robin Matusick,and City Attorney Aaron
Wolfe
2. APPROVAL OF MINUTES
a. AR-2017-2594 Regular Meeting - May 1, 2017
A motion was made by Councilman Blazi, second by Councilwoman Power, to approve the
Minutes from the previous Council meeting. The MOTION was APPROVED by the following
vote:
Yes: 5- Mayor Ignasiak,Councilwoman Power.Councilwoman Vogt,Councilman Blazi and
Councilman Conroy
b. AR-2017-2628 Special Meeting- Budget Workshop- May 22, 2017
A motion was made by Councilman Blazi, second by Councilwoman Power, to approve the
Budget Workshop for May 22nd.The MOTION was APPROVED by the following vote:
Yes: 5- Mayor Ignasiak,Councilwoman Power.Councilwoman Vogt.Councilman Blazi and
Councilman Conroy
3. PRESENTATIONS/PROCLAMATIONS/PLAQUES/CERTIFICATES/DONATIONS
a. AR-2017-2611 Proclamation Designating June 6,2017 as Zoe Adams day.
This Presentation was received and filed.
b. AR-2017-2612 Ken Parker, former City Manager of Port Orange presenting a Certificate of
Recognition on behalf of the International City/County Management Association
(ICMA) and the Florida City & County Management Association (FCCMA)
recognizing the City of Edgewater for our operation under the Council-Manager
form of government for 25 years
This presentation was received and filed
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3.a. Proclamations Presented Outside Chambers-None at this time
4. CITIZEN COMMENTS
Pamela Carroll, 3003 Yule Tree Dr: Wants to clean up Florida Shores and make her neighborhood a
better place to live.
Michael Visconti, 316 Pine Breeze Dr: Commened the City on Pearl Harbor Survivor Support.
Susan Hanley, 3429 Umbrella Tree Dr: Concerned about land clearing development and endangered
species in Florida Shores.
5. APPROVAL OR CHANGES/MODIFICATIONS TO THE AGENDA
Move Item #10C prior to#8a
6. CITY COUNCIL REPORTS
Councilwoman Vogt reported: Attending the Volusia County first quarter at Daytona Beach Airport
briefing to review local economic trends; Day on the river; Edgewater Biz- lunch at Florida Roadhouse;
Luncheon at Yaht Club, Terry Jackson spoke about how to our change mindset; Budget workshop;
Hospital state address for Florida Hospital; Boys and Girls Club benefit, raising over $100,000;
Edgewater public to judge environmental projects; YMCA pool party.
Councilmen Conroy reported:Attending the Boys and Girls club Benefit.
Mayor Ignasiak reported:Attending the Day on the river; County round table, on local option sales tax;
League of cities dinner; Burt Fish presentation;Spoke at Veterans Day service.
Coucilwoman Powers reported: Attending the Team Volusia meeting; TPO meeting, no extra spending
was brought up; State of the hospital; The City of Edgewater was the successful bidder for 107 New
Hampshire, demolition will begin June 12th due to fire delay
7. CONSENT AGENDA
Motion was made by Councilwoman Power, second by Councilman Conroy that we adopt the
Consent Agenda. The MOTION was APPROVED by the following vote:motion that we adopt
the Consent Agenda.
Yes: 5 - Mayor Ignasiak,Councilwoman Power,Councilwoman Vogt.Councilman Blazi and
Councilman Conroy
e. AR-2017-2606 Request for Change Order to Quentin L. Hampton Associates for Additional
Services Related to Lamont and Hubbell Area Stormwater Improvements
Mayor pulled Item #7e from Consent as had questions. Item #7e was heard prior to Consent
Agenda.
Motion was made by Councilman Blazi,second by Councilwoman Power, to approve
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- Request for Change Order to Quentin L. Hampton Associates for Additional
AR-2017-2606qp
Services Related to Lamont and Hubbell Area Stormwater Improvements. The MOTION was
APPROVED by the following vote:
Yes: 5- Mayor Ignasiak,Councilwoman Power,Councilwoman Vogt,Councilman Blazi and
Councilman Conroy
a. AR-2017-2595 Professional Surveying Services Agreement - Addendum No. 1 - with Daniel W.
Cory Surveyor, Inc, DRMP and Honeycutt and Associates
b. AR-2017-2597 Addendum No. 1 to the Arborist Services Agreement with Zev Cohen &
Associates, Inc.
c. AR-2017-2600 Approve the Agreement for Services of City of Edgewater Citizen Code
Enforcement Board Attorney and Special Magistrate with William F. Hathaway,
P.A. and Spencer S. Hathaway, PLLC
d. AR-2017-2603 Requesting approval of proposal from Dredging & Marine Consultants (DMC) for
the Design and Permitting of Kennedy Park Boat Ramp and Accessory Dock
Replacement
f. AR-2017-2613 Memorandum of Understanding (MOU) for Training and Response Procedures for
Massey Ranch Airpark
g. AR-2017-2614 Concession Stand Agreement - Addendum No. 1 - Edgewater Fire/Rescue
Association, Inc.
h. AR-2017-2615 Independence Day Celebration -Parking Agreement-July 1, 2017
i. AR-2017-2617 SunGard Public Sector Inc.Agreement Renewal
j. AR-2017-2627 Renewal of CDBG Cooperation Agreement with Volusia County
8. PUBLIC HEARINGS,ORDINANCES AND RESOLUTIONS
a. 2017-0-03 2nd Reading - Ordinance No. 2017-0-03: Annexing 48.5± acres of land located at
100 Whaler Way and approval of the associated Annexation Agreement
City Attorney Wolfe read Ordinance No. 2017-0-03 into the record.
City Manager Barlow made a staff presentation.
Mayor Ignasiak opened and closed the public hearing.
A motion was made by Councilman Blazi, second by Councilwoman Power, to approve
Ordinance No. 2017-0-03.The MOTION was APPROVED by the following vote:
Yes: 5- Mayor Ignasiak,Councilwoman Power,Councilwoman Vogt.Councilman Blazi and
Councilman Conroy
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b. 2017-0-04 2nd Reading - Ordinance No. 2017-0-04: Amending the Comprehensive Plan
Future Land Use map to include 48.5± acres of land located at 100 Whaler Way as
Industrial.
City Attorney Wolfe read Ordinance No. 2017-0-04 into the record.
City Manager Barlow made a staff presentation.
A motion was made by Councilwoman Power, second by Councilwoman Vogt, to approve
Ordinance No. 2017-0-04.The MOTION was APPROVED by the following vote:
Yes: 5 - Mayor Ignasiak,Councilwoman Power,Councilwoman Vogt,Councilman Blazi and
Councilman Conroy
c. 2017-0-05 2nd Reading - Ordinance No. 2017-0-05: Amending the Official Zoning Map to
include 110.7± acres of land located at 4115 S. Ridgewood Avenue and 100 Whaler
Way as MUPUD (Mixed Use Planned Unit Development) and approval of the
associated MUPUD Agreement.
City Attorney Wolfe read Ordinance No. 2017-0-5 into the record.
City Manager Barlow made a staff presentation.
A motion was made by Councilwoman Power, second by Councilman Blazi, to approve
Ordinance No. 2017-0-05 and authorize the Mayor to sign the MUPUD Agreement. The
MOTION was APPROVED by the following vote:
Yes: 5- Mayor Ignasiak,Councilwoman Power,Councilwoman Vogt,Councilman Blazi and
Councilman Conroy
d. 2017-0-18 2nd Reading - Ordinance No. 2017-0-18: An amendment to the Future Land Use
Map to change .34± acres of property located at 2129 Umbrella Tree Drive from
Low Density Residential to Recreation.
City Attorney Wolfe read Ordinance No. 2017-0-18 into the record.
City Manager Barlow made a staff presentation.
Discussion was made by Councilwoman Power and Councilman Blazi.
Mayor Ignasiak opened and closed the public hearing.
A motion was made by Councilwoman Power, second by Councilman Conroy, to approve
Ordinance No. 2017-0-18. The MOTION was APPROVED by the following vote:
Yes: 5- Mayor Ignasiak,Councilwoman Power,Councilwoman Vogt,Councilman Blazi and
Councilman Conroy
e. 2017-0-19 2nd Reading - Ordinance No. 2017-0-19: An amendment to the Official Zoning
Map to change .34± acres of property located at 2129 Umbrella Tree Drive from
R-2 (Single Family Residential)to R (Recreation).
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City Attorney Wolfe read Ordinance No. 2017-0-19 into the record.
City Manager Barlow made a staff presentation.
Mayor Ignasiak opened and closed the public hearing
A motion was made by Councilman Blazi, second by Councilwoman Power, to approved
Ordinance No.2017-0-19. The MOTION was APPROVED by the following vote:
Yes: 5 - Mayor Ignasiak,Councilwoman Power,Councilwoman Vogt,Councilman Blazi and
Councilman Conroy
f. 2017-0-16 2nd Reading - Ordinance No. 2017-0-16: Amending the Land Development Code;
Articles II, III, V and VI
City Attorney Wolfe read Ordinance No. 2017-0-16 into the record.
City Manager Barlow made a staff presentation.
Mayor Ignasiak opened and closed the public hearing.
A motion was made by Councilwoman Power, second by Councilman Blazi, to approve
Ordinance No. 2017-0-16.The MOTION was APPROVED by the following vote:
Yes: 5- Mayor Ignasiak,Councilwoman Power,Councilwoman Vogt,Councilman Blazi and
Councilman Conroy
g. 2017-0-21(2) Second Reading/Public Hearing- Ordinance No. - 2017-0-21 - Police Pension Plan
Amendment- Line-of-Duty Injury Insurance Benefit
City Attorney Wolfe read Ordinance No. 2017-0-21(2) into the record.
City Manager Barlow made a staff presentation.
Mayor Ignasiak opened and closed the public hearing.
A motion was made by Councilman Conroy, second by Councilman Blazi, to approve the
Police Pension Plan Amendment - Line-of-Duty Injury Insurance Benefit referencing
Ordinance No. 2017-0-21.The MOTION was APPROVED by the following vote:
Yes: 5 - Mayor Ignasiak,Councilwoman Power.Councilwoman Vogt,Councilman Blazi and
Councilman Conroy
h. 2017-0-20(2) Second Reading/Public Hearing - Ordinance No. - 2017-0-20 - Firefighters
Pension Plan Amendment- Line-of-Duty Injury Insurance Benefit
City Attorney Wolfe read Ordinance No. 2017-0-20(2) into the record.
City Manager Barlow made a staff presentation.
Mayor Ignasiak opened and closed the public hearing.
A motion was made by Councilman Conroy,second by Councilman Blazi, to approve the
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City Council Meeting Minutes June 5, 2017
Firefighters Pension Plan Amendment - Line-of-Duty Injury Insurance Benefit referencing
Ordinance No. 2017-0-20.The MOTION was APPROVED by the following vote:
Yes: 5 - Mayor Ignasiak,Councilwoman Power,Councilwoman Vogt,Councilman Blazi and
Councilman Conroy
2017-0-23 2nd Reading - Ordinance No. 2017-0-23: Amending Chapter 10 (Health,
Sanitation, Property Maintenance and Code Enforcement) of the Code of
Ordinances.
City Attorney Wolfe read Ordinance No. 2017-0-23 into the record.
City Manager Barlow made a staff presentation.
Mayor Ignasiak opened and closed the public hearing.
A motion was made by Councilman Conroy, second by Councilwoman Power, to adopt the
Amending Chapter 10 (Health, Sanitation, Property Maintenance and Code Enforcement) of
the Code of Ordinances referencing Ordinance No. 2017-0-23. The MOTION was
APPROVED by the following vote:
Yes: 5- Mayor lgnasiak,Councilwoman Power,Councilwoman Vogt,Councilman Blazi and
Councilman Conroy
j. 2017-0-22 First Reading - Ordinance 2017-0-22 Benchmark Idaho, LLC D.B.A Northwest
Lineman College Tax Abatement.
City Attorney Wolfe read Ordinance No. 2017-0-12 into the record.
City Manager Barlow made a staff presentation.
Mayor Ignasiak opened and closed the public hearing.
A motion was made by Councilman Conroy, second by Councilwoman Vogt, to approve
Benchmark Idaho, LLC D.B.A Northwest Lineman College Tax Abatement that we approve
that tax abatement referencing Ordinance No. 2017-0-22. The MOTION was APPROVED by
the following vote:
Yes: 5 - Mayor Ignasiak,Councilwoman Power,Councilwoman Vogt,Councilman Blazi and
Councilman Conroy
k. 2017-R-20 Resolution No. 2017-R-20;Amended Budget for Fiscal Year 2016-2017
City Attorney Wolfe read Ordinance No. 2017-R-20 into the record.
City Manager Barlow made a staff presentation.
Assistant City Manager/Finance Director John McKinney made a staff presentation.
Mayor Ignasiak opened and closed the public hearing.
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A motion was made by Councilwoman Power, second by Councilman Conroy, to approve
Resolution No. 2017-R-20 the Amended Budget for Fiscal Year 2016-2017. The MOTION was
APPROVED by the following vote:
Yes: 5- Mayor Ignasiak,Councilwoman Power,Councilwoman Vogt,Councilman Blazi and
Councilman Conroy
1. 2017-R-19 Resolution No. 2017-R-19 Agreement with the Florida Department of
Transportation and the City of Edgewater for State Highway Lighting. Maintenance
and Compensation for FY 17/18
City Attorney Wolfe read Ordinance No. 2017-R-19 into the record.
City Manager Barlow made a staff presentation.
Mayor Ignasiak opened and closed the public hearing.
A motion was made by Councilman Blazi, second by Councilwoman Power, to approve
Resolution No. 2017-R-19 Agreement with the Florida Department of Transportation and the
City of Edgewater for State Highway Lighting, Maintenance and Compensation for FY 17/18.
The MOTION was APPROVED by the following vote:
Yes: 5- Mayor Ignasiak,Councilwoman Power,Councilwoman Vogt,Councilman Blazi and
Councilman Conroy
9. BOARD APPOINTMENTS
a. AR-2017-2572 Firefighters Pension Board recommendation for ratification of fifth Trustee seat,
David Blair, on the Edgewater Firefighters' Pension Board.
A motion was made by Councilman Conroy, second by Councilman Blazi, to affirm the
Firefighters Pension Board recommendation for ratification of fifth Trustee seat, David Blair,
on the Edgewater Firefighters' Pension Board. The MOTION was APPROVED by the
following vote:
Yes: 5 - Mayor Ignasiak,Councilwoman Power,Councilwoman Vogt.Councilman Blazi and
Councilman Conroy
b. AR-2017-2607 Recreation & Cultural Services Board - Councilwoman Vogt's appointment due to
the term expiration of Kadie Mullins.
A motion was made by Councilwoman Vogt, second by Councilman Conroy, to Approve the
reappointment of Kadie Mullins.The MOTION was APPROVED by the following vote:
Yes: 5 - Mayor Ignasiak.Councilwoman Power.Councilwoman Vogt,Councilman Blazi and
Councilman Conroy
c. AR-2017-2608 Recreation & Cultural Services Board - Councilman Blazi's appointment due to the
term expiration of Walt Zakaluzny.
A motion was made by Councilman Conroy, second by Councilwoman Power, to approve the
reappointment of Walt Zakaluzny. The MOTION was APPROVED by the following
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City Council Meeting Minutes June 5, 2017
vote:
Yes: 5- Mayor Ignasiak,Councilwoman Power,Councilwoman Vogt,Councilman Blazi and
Councilman Conroy
10. OTHER BUSINESS
a. AR-2017-2626 Capital Improvement Revenue Note, Series 2015 Loan Pay Off
A motion was made by Councilman Conroy, second by Councilwoman Power, to approve the
Capital Improvement Revenue Note, Series 2015 Loan Pay Off. The MOTION was
APPROVED by the following vote:
Yes: 5- Mayor Ignasiak,Councilwoman Power,Councilwoman Vogt,Councilman Blazi and
Councilman Conroy
b. AR-2017-2625 RFP#17-FI-011 Sales Tax Revenue Note Series 2017 Bank Selection
A motion was made by Councilman Conroy, second by Councilman Blazi, to approve RFP
#17-FI-011 Sales Tax Revenue Note Series 2017 Bank Selection as BB&T. The MOTION was
APPROVED by the following vote:
Yes: 5- Mayor Ignasiak,Councilwoman Power,Councilwoman Vogt,Councilman Blazi and
Councilman Conroy
c. AR-2017-2619 Authorization to execute the Vacant Land Contract for purchase of approximately
27 acres of property owned by Boston Whaler and located just north of 4115 S.
Ridgewood Avenue
A motion was made by Councilwoman Power, second by Councilman Conroy, to Authorize
the Mayor to execute the Vacant Land Contract with Boston Whaler in the amount of 2
million dollars and all associated closing documents contingent upon the annexation and bank
loan.The MOTION was APPROVED by the following vote:
Yes: 5 - Mayor Ignasiak,Councilwoman Power,Councilwoman Vogt,Councilman Blazi and
Councilman Conroy
d. AR-2017-2616 Authorization for Public Resource Management Group, Inc. to perform a Solid
Waste Enterprise Fund Review
Consensus of Council is to "lay it by the wayside" or table until a later date
e. AR-2017-2604 Requesting approval to piggy back County of Volusia contract (16-P-154IF) with
IMS for Road& Sidewalk Evaluation Services Program Management
Consensus of Council was to approve piggy backing with the County of Volusia contract
(16-P-154IF)with IMS for Road & Sidewalk Evaluation Services Program Management
f. AR-2017-2618 Southeast Volusia Marketing Initiative Plan Draft
A motion was made by Councilman Blazi, second by Councilman Conroy, to approve the
Southeast Volusia Marketing Initiative Plan Draft referencing #AR-2017-2618. The MOTION
was APPROVED by the following vote:
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City Council Meeting Minutes June 5, 2017
Yes: 5 - Mayor Ignasiak,Councilwoman Power,Councilwoman Vogt,Councilman Blazi and
Councilman Conroy
g. AR-2017-2601 Presentation on decriminalization of marijuana
Consensus of Council was to go forward and bring back an ordinance relating to this matter
11. OFFICER REPORTS
a. City Clerk
City Clerk Robin Matusick reminded everyone of the updated handout for the City Clerks office; Budget
workshop; special meeting;July Council meeting.
b. City Attorney
Nothing at the time.
c. City Manager
City Manager Tracey Barlow discussed: Getting permission to wave the X50 alarm registration fee until
Jan 1, 2018 for Hacienda Del Rio residents. Council came to a consensus to wave fees until after Jan 1,
2018;A private organization is funding a survey on 1 or 1/2 cent slales tax to fund infrastructure projects
to be sent out to residents for vote; Recker service contract runs out with no more renewals on Sep 30,
2017. Coucil came to a consensus to keep recker service with local company for another 2 years.
12. CITIZEN COMMENTS
Charles Martin, 205 Cherrywood Ln discussed: Reducing spending on trash services, Green Day
Program.
Lea Bartos, 2831 Kumqat Drive discussed: Reducing the cannabis ordinance violation fee.
13. ADJOURN
Motion to adjourn by Councilman Blazi at 8:46 pm.
Minutes submitted by: -
Kelsey Arcieri. Records Clerk
A-1-1 EST: APPROVED.
Te
7/774,4
Robin Matusick, City Clerk/Paralegal Mike Ignasiak. Mayor
City of Edgewater Page 9 Printed on 6/30/2017
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EXHIBIT A
RESOLUTION 2017-R-20
AMENDED FY 2016 - 2017 BUDGET
CURRENT JUNE AMENDED
REVENUES AND EXPENSES FY 2016-2017 APPROVED REVENUE EXPENSES VARIANCE
001 -GENERAL FUND S 15,474,343 $ 15,621,186 $ 15,621,186 $ 146,843
113-LAW ENFORCEMENT BLOCK S 3,040 $ 3.040 $ 3.040 $ -
114-GRANTS FUND $ 257,000 $ 257.000 $ 257.000 $ -
115-SPECIAL LAW ENFORCEMENT TRUST FUND $ 24,000 5 24,000 $ 24.000 $ -
116-TRANSPORTATION IMPACT FEE $ 105,200 S 105,200 $ 105,200 $ -
117-POLICE IMPACT FEE FUND $ 72,504 S 72.504 $ 72,504 S -
118-FIRE IMPACT FEE FUND $ 85,015 S 85,015 $ 85.015 S -
119-RECREATION IMPACT FEE $ 125,146 $ 125.146 $ 125,146 S -
120-SCHOLARSHIP FUND $ 5,000 $ 5,000 $ 5,000 S -
125-EDGEWATER CRA $ 50,543 $ 50,543 5 50,543 $ -
205-I&S DEBT SERVICE FUND $ 179,217 $ 2,179,217 5 2,179,217 $ 2,000.000
331 -CAPITAL PROJECTS FUND $ 6,867.945 $ 8,892,945 S 8,892,945 S 2.025,000
440-WATER&SEWER $ 10,397.920 $ 10,397,920 $ 10,397,920 $ -
442-WATER DEVELOPMENT $ 315.500 $ 315,500 $ 315,500 $ -
443-SEWER DEVELOPMENT $ 426.500 $ 426,500 $ 426,500 $ -
444-RENEWAL&REPLACEMENT $ 2,826.316 $ 2,826,316 S 2,826,316 $ •
445-WATER&SEWER RATE STABILIZATION $ 1,144.914 $ 1,144,914 $ 1,144,914 $ -
447-REFUSE $ 3,567,596 $ 3,567,596 5 3.567,596 S -
448-STORMWATER OPERATING S 1,637,271 $ 1,637,271 S 1,637,271 $ -
450-PUBLIC WORKS COMPLEX $ 126,179 $ 495,927 $ 495,927 $ 369,748
501 -MIS S 627,070 $ 627,070 $ 627,070 $ -
502-FLEET S 872,880 $ 872,880 $ 872,880 $ -
503-LOSS FUND S 310,086 $ 310,086 $ 310,086 $ -
504-FULLY INSURED INSURANCE S 2,584,630 $ 2,584,630 $ 2,584,630 $ -
505-WORKERS COMPENSATION S 340,000 $ 340,000 $ 340,000 $ -
TOTAL ALL FUNDS $ 48,425,815 $ 52,967,406 $ 52.967,406 $ 4.541,591
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4r C
SUBJECT:
RFP##17-FI-011 Sales Tax Revenue Note Series 2017 Bank Selection
DEPARTMENT:
Finance
SUMMARY:
The purpose of this Request for Proposal (RFP) is to identify the institution that can provide the
City of Edgewater, Florida with a loan in a not to exceed amount of$2,000,000. The proceeds of
the Loan will be used to provide financing for the acquisition of 27 acres for a future City
recreational area to include facilities,walking trails,playgrounds, and boat launch.
The City will received five bids prior to the 10:00 am opening on June 1st with the following bids
received:
Bank Rate
1. Ameris Bank 2.84%
2. Brank Banking and Trust Company(BB&T) 2.47%
3. Capital One Public Funding, LLC 2.87%
4. Center State Bank 2.51%
5. TD Bank 2.56%
All submittals will be reviewed by Hilltop Securities Inc., our Financial advisors, to ensure that
the responsive bids meet the requirements of the RFP, and to ensure that the interest rate is
locked in for the full 15 years and that the selected bank is willing to hold the interest rates
through the anticipated closing date of June 16, 2017. They will review the proposals evaluating
the lowest interest rate, provided for the ability to prepay the loan at any time without penalty
and provided for level annual principal and interest payments. Based upon Hilltops review of the
proposals they recommend BB&T bank that had the overall lowest interest rate of 2.47%and the
most flexibility to the City. They have evaluated the proposals to ensure they meet the other
requirements and criteria as specified in the RFP. As part of this review process the
recommended proposal will also be reviewed by City Staff and its Bond Counsel (Broad and
Cassel).
BUDGETED ITEM: ❑ Yes ® No 0 Not Applicable
BUDGET AMENDMENT REQUIRED: ® Yes ❑ No 0 Not Applicable
Covered by Resolution 2017-R-20
RECOMMENDED ACTION:
Motion to approve BB&T Bank as the recommended bank for the proposed Sales Tax Revenue
Note Series 2017 as recommended by Hilltop Securities Inc.
Memorandum
FirstSouthwest fa?
- _ - 'mitt.3,c—rifles
N1ark P. Galvin
Director
Public Finance
Date: June 2,2017
To: John McKinney, Finance Director
Subject: City of Edgewater, Florida
Sales Tax Revenue Note, Series 2017—Bank Loan RFP
FirstSouthwest, a Division of Hilltop Securities Inc. ("FirstSouthwest") in our role as Financial Advisor,
assisted the City of Edgewater(the"City"),Florida in issuing a Request for Proposals("RFP") to financial
institutions in an amount of 52,000,000. The City, under purchasing guidelines, advertised and posted the
RFP on its website along with making it available to bidders on www.demandstar.com on May 19,2017.
The purpose of the RFP is to provide a bank qualified,tax-exempt loan to finance the purchase of 27 acres
of land within the City limits.The Series 2017 Note will be secured by the Half-Cent Sales Tax revenues.
The objective of the RFP was to obtain financing at the lowest overall interest cost while providing future
financing flexibility to the City. The RFP requested a 15 year loan with a preferred option to prepay the
loan at any time without a prepayment penalty.
On June 1, 2017 the City received five (5) bids by the stated 10:00 am deadline. Proposals were received
from the entities listed below and are summarized in the attached table:
Responsive Bids:
• Ameris Bank
• Branch Banking and Trust Company(BB&T)
• Capital One Public Funding, LLC
• Center State Bank
• TD Bank
Recommendation
After reviewing the RFP responses and after discussions with City Staff, it is FirstSouthwest opinion that
the BB&T proposal is the best overall proposal. It has the lowest overall interest rate of 2.47% locked in
through July 14, 2017, the least restrictive loan requirements and the ability to be prepaid at any time
without a penalty. In finalizing our review, the BB&T proposal was also reviewed by the City's Bond
Counsel,Broad and Cassel for any potential legal issues.
This communication is fcr Information only,not an offer,solicitation or recommendaton,no'an official confirmation of any financial transaction It is not to be
considered research The information is considered to be reliable.but Hilltop Securities Inc does not warrant its completeness or accuracy.prices and availability arc
subject to change witheu:novice Clients should consult their own advisors regarding any accounting,legal or tax aspects Investors are instructed to read the entire
Official Statement to obtain information essential:o the making of an informed investment decision,
Hilltop Secunties Inc direct 407.426.961i
450 South Orange Ave fax 407.426.7835
Suite 460 mark galvtn@hdltopsecunties coin
Orlando,Florida 32801 HilltopSecurities.cotn
Therefore based on the above considerations,it's my recommendation that the City award the financing to
BB&T.
Attachment:
Proposal Response Summary Table
2
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Robin Matusick
From: John McKinney
Sent: Monday, June 05, 2017 7:49 AM
To: Robin Matusick
Cc: Tracey T. Barlow
Subject: FW: RFP 17-FI-011 - Sales Tax Revenue Note, Series 2017 - submittals
Attachments: AmerisBank.pdf; BB&T.pdf; Center State Bank.pdf;TD Bank.pdf; COPF_Edgewater FL
Proposal 6_1_17.pdf; Edgewater Sales Tax Revenue Note Series 2017 (Recommendation
Letter) Fin....pdf; Sales Tax Revenue Note Series 2017 Bank Selection.pdf
Robin,
Attached is the revised agenda, Hilltops recommendation and all of the required backup for tonights agenda.
Thanks
From: Pat Drosten
Sent: Thursday, June 01, 2017 10:30 AM
To: Mark Galvin; John McKinney
Subject: RFP 17-FI-011 - Sales Tax Revenue Note, Series 2017 - submittals
Attached please find the submittals from today RFP opening.
Thank you,
Pat Drosten
Purchasing Specialist
PO Box 100
City of Edgewater, FL 32132
386.424.2400 ext 1306
fax 386.424.2409
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1
2
SUBJECT:
RFP #17-FI-011 Sales Tax Revenue Note Series 2017 Bank Selection
DEPARTMENT:
Finance
SUMMARY:
The purpose of this Request for Proposal (RFP) is to identify the institution that can provide the
City of Edgewater, Florida with a loan in a not to exceed amount of$2,000,000. The proceeds of
the Loan will be used to provide financing for the acquisition of 27 acres for a future City
recreational area to include facilities,walking trails,playgrounds,and boat launch.
The City will received five bids prior to the 10:00 am opening on June 1st with the following bids
received:
Bank Rate
1. Ameris Bank 2.84%
2. Brank Banking and Trust Company(BB&T) 2.47%
3. Capital One Public Funding, LLC 2.87%
4. Center State Bank 2.51%
5. TD Bank 2.56%
All submittals will be reviewed by Hilltop Securities Inc., our Financial advisors, to ensure that
the responsive bids meet the requirements of the RFP, and to ensure that the interest rate is
locked in for the full 15 years and that the selected bank is willing to hold the interest rates
through the anticipated closing date of June 16, 2017. They will review the proposals evaluating
the lowest interest rate, provided for the ability to prepay the loan at any time without penalty
and provided for level annual principal and interest payments. Based upon Hilltops review of the
proposals they recommend BB&T bank that had the overall lowest interest rate of 2.47%and the
most flexibility to the City. They have evaluated the proposals to ensure they meet the other
requirements and criteria as specified in the RFP. As part of this review process the
recommended proposal will also be reviewed by City Staff and its Bond Counsel (Broad and
Cassel).
BUDGETED ITEM: 0 Yes ID No 0 Not Applicable
BUDGET AMENDMENT REQUIRED: ® Yes 0 No 0 Not Applicable
Covered by Resolution 2017-R-20
RECOMMENDED ACTION:
Motion to approve BB&T Bank as the recommended bank for the proposed Sales Tax Revenue
Note Series 2017 as recommended by Hilltop Securities Inc.
Memorandum
FirstSouthwest
A Division of Hilkop Securities
Mark P. Galvin
Director
Public Finance
Date: June 2,2017
To: John McKinney, Finance Director
Subject: City of Edgewater,Florida
Sales Tax Revenue Note,Series 2017—Bank Loan RFP
FirstSouthwest, a Division of Hilltop Securities Inc.("FirstSouthwest") in our role as Financial Advisor,
assisted the City of Edgewater(the"City"),Florida in issuing a Request for Proposals("RFP") to financial
institutions in an amount of$2,000,000.The City,under purchasing guidelines,advertised and posted the
RFP on its website along with making it available to bidders on www.demandstar.com on May 19,2017.
The purpose of the RFP is to provide a bank qualified,tax-exempt loan to finance the purchase of 27 acres
of land within the City limits.The Series 2017 Note will be secured by the Half-Cent Sales Tax revenues.
The objective of the RFP was to obtain financing at the lowest overall interest cost while providing future
financing flexibility to the City. The RFP requested a 15 year loan with a preferred option to prepay the
loan at any time without a prepayment penalty.
On June 1,2017 the City received five(5) bids by the stated 10:00 am deadline. Proposals were received
from the entities listed below and are summarized in the attached table:
Responsive Bids:
• Ameris Bank
• Branch Banking and Trust Company(BB&T)
• Capital One Public Funding,LLC
▪ Center State Bank
• TD Bank
Recommendation
After reviewing the RFP responses and after discussions with City Staff, it is FirstSouthwest opinion that
the BB&T proposal is the best overall proposal. It has the lowest overall interest rate of 2.47%locked in
through July 14, 2017, the least restrictive loan requirements and the ability to be prepaid at any time
without a penalty. In finalizing our review, the BB&T proposal was also reviewed by the City's Bond
Counsel,Broad and Cassel for any potential legal issues.
This communication is for information only,not an offer,solicitation or recommendation,nor an official confirmation of any financial transaction.It is not to be
considered research.The information is considered to be reliable,but Hilltop Securities Inc.does not warrant its completeness or accuracy,prices and availability are
subject to change without notice.Clients should consul:their oven advisors regarding any accounting,legal or tan aspects Investors are instructed to read the entire
Official Statement to obtain information essential tc:he making of an informed investment decision
Hilltop Securities Inc. direct 407.426,961I
450 South Orange Ave fax 407.426 7835
Suite 460 mark.galvin.@hilltopsecuities.com
Orlando,Florida 32801 NilltopSecurities.com
Therefore based on the above considerations,it's my recommendation that the City award the financing to
BB&T.
Attachment:
Proposal Response Summary Table
2
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Pubic Fuditg
June 1,2017
Pat Drosten
City of Edgewater, FL 32132
pdrosten(d.c i tyofedgewate r.org
Subject: City of Edgewater.Florida Sales Tax Revenue Notes,Series 2017(the"Loan")
Dear Pat:
This Term Sheet is presented in response to that certain Request for Proposal dated May 19,2017 ("RFP")
that you have presented to Capital One Public Funding, LLC ("COPF"). All terms, provisions and
covenants set forth in the RFP are incorporated herein except as described below. We are very interested in
working with the City of Edgewater, Florida("Borrower") and are pleased to present the following
summary terms:
Structure Directly purchased Sales Tax Revenue Notes,Series 2017
Estimated Amount $2,000,000
Use of Proceeds Purchase land.
Security Provisions!Repayment Sources As described in the RFP.
Fixed Interest Rate 2.87%
Payment Assumptions Payments of principal annually and interest due semi-annually,average life of 8 55
years,final maturity 06/01/32 Loan will be payable in installments on the dates and
in the amounts set forth on a payment schedule identifying payment dates,principal.
interest and total payment due.which shall be attached to the bond.
Call Provisions No call until 06!01!24,then in whose par on any interest payment date Partial
prepayment at par at any time is permitted as noted below. *
Determination of Taxability By the IRS.
Event of Taxability• An increase in the interest rate in the event the tax-exempt status of the Loan is lost
due to a direct act or omission on the part of the borrower
Tax Treatment Tax-exempt
*Partial prepayment is allowed on any interest payment date throughout life of the Loan. (i) from proceeds other than refunding
sources;(ii)once per calendar year per transaction;(iii)in a minimum amount of$500,000:(iv)in a maximum amount of 51,000,000.
and(iv)provided that any such prepayment is applied to outstanding Loan principal in inverse order of maturity
Interest Rate Assumptions
The above-quoted interest rate is based upon the assumptions set forth above regarding average life and
final maturity. Any changes from the assumptions may require an adjustment to the quoted rate. The rate
may also be subject to change if the contemplated Loan is not closed by July 1,2017.
Documentation
Loan documentation shall be prepared by qualified bond counsel subject to review by COPF and its
counsel. Borrower shall provide, at its expense, an opinion of legal counsel (acceptable to COPF)attesting
to the legal, valid, and binding nature of the transaction and the tax-exempt nature of the interest
component of the Loan payments. Upon selection of COPF, the Borrower shall provide COPF the draft
authorizing document for its review and comment.
Costs of Issuance
The Borrower shall be responsible for normal borrower costs of issuance including a financial advisor,
placement agent,and bond counsel. No fees will be due to COPF,which shall be responsible for the costs
of its own legal review.
Direct Loan
The Loan shall be directly funded by (and registered in the name of) COPF as a single, fully registered
bond and delivered in physical, non-book-entry, certificated form. The Loan shall not be (i) assigned a
separate rating by any rating agency; (ii) registered with the Depository Trust Company or any other
securities depository;(iii)issued pursuant to any type of official statement,private placement memorandum
or other offering document;or(iv)assigned a CUSIP number.
Audited Financial Statements
Upon request,the Borrower shall send COPF a copy of its audited financial statements within 270 days of
the end of the fiscal year.
Municipal Advisor Rules
As noted,this Term Sheet is submitted in response to your Request for Proposals dated May 19,2017. The
contents of this Term Sheet and any subsequent discussions between us, including any and all information,
recommendations, opinions, indicative pricing, quotations and analysis with respect to the Loan, are
provided to you in reliance upon the exemption provided for responses to requests for proposals or
qualifications under the municipal advisor rules of the Securities and Exchange Commission(Rule 15Bal-1
et seq.).
Role of Capital One Public Funding,LLC
The Borrower acknowledges and agrees that: (i) the information contained in this Term Sheet is for
discussion purposes only and sets forth certain proposed terms and conditions of an arm's-length
commercial transaction between the Borrower and COPF and does not constitute advice, an opinion or a
recommendation by COPF; (ii)the Borrower will make its own determination regarding whether to enter
into the proposed transaction and the terms thereof, and will consult with and rely on the advice of its own
financial, accounting, tax, legal and other advisors; (iii) COPF is acting solely for its own account in
connection with the proposed transaction,and is not acting as a municipal advisor, financial advisor,agent
or fiduciary to the Borrower or any other person or entity (including to any financial advisor or placement
agent engaged by the Borrower) and the Borrower, its financial advisor and placement agent are free to
retain the services of such advisors (including as it relates to structure, timing, terms and similar matters
and compliance with legal requirements applicable to such parties) as it deems necessary or appropriate;
(iv) COPF has no fiduciary duty pursuant to Section 15B of the Securities Exchange Act of 1934 to the
Borrower with respect to the transaction contemplated hereby and the discussions, undertakings and
procedures leading thereto; (v) neither COPF nor any of its affiliates is acting as a broker, dealer,
underwriter or placement agent with respect the transactions contemplated hereby;(vi)the only obligations
COPF has to the Borrower with respect to the transaction contemplated hereby expressly are set forth in
this Term Sheet;and (vii)COPF is not recommending that the Borrower take an action with respect to the
transaction contemplated by this Term Sheet. Before taking any action with respect to the Loan, the
Borrower should discuss the information contained herein with the Borrower's own legal, accounting, tax,
financial and other advisors,as it deems appropriate. If the Borrower would like a municipal advisor in this
transaction that has legal fiduciary duties to it, Borrower is free to engage a municipal advisor to serve in
that capacity.
Other Information
To the extent that updated financial and other credit materials have not already been provided to COPF or
are not available through public resources, COPF may require and request the following: audited and
unaudited financial statements; budgets; calculations of historical and projected debt service coverage;
information on outstanding bond issues, lease transactions. and contingent/material liabilities; tax base
City of Edgewater,Florida Page 2
Sales Tax Revenue Notes,Series 2017 June 1,2017
wor..w
details; and other reasonable and customary information relevant to the Borrower's credit quality and the
source of repayment.
Confidentiality
The information contained herein is strictly confidential and is intended for review by the parties, their
advisors and legal counsel only and may not be disclosed to any other person or entity, except as required
by law or otherwise consented to by COPF.
Closing
Closing is anticipated to take place on June 19,2017. The funding of the Loan will occur only after,among
other things, COPF, the Borrower, and their respective counsels are fully satisfied with the terms of the
Loan documents and all of the terms and conditions contained herein and in the Loan documents have been
met.
Term Sheet Expiration
This Term Sheet shall expire if not accepted by the Borrower by June 8, 2017. Once accepted, this Term
Sheet shall expire if the transaction has not closed by July 1, 2017, unless extended by COPF at its sole
discretion.
Subject to Final Credit Approval
Specifically, but without limitation, this Term Sheet has not yet received all necessary internal and
committee approvals of COPF. Any obligation of COPF to provide financing or otherwise shall arise only
upon the execution of final Loan documents signed by authorized signatories of COPE and not from
statements(oral or written)made during the course of discussions among the parties(whether or not prior
to or after the date hereof).
Should the above-stated terms be acceptable to you, a formal decision through COPF's internal credit
process will be pursued as quickly as possible.
Thank you for the opportunity to offer this Term Sheet. Should you have any questions, please do not
hesitate to contact me at jaci.bretz@capitalone.com or 631-457-9582.
Sincerely,
Jacqueline Bretz
Vice President
Capital One Public Funding,LLC
ACCEPTED BY: CITY OF EDGEWATER,FLORIDA
By
Name
Title
City of Edgewater,Florida Page 3
Sales Tax Revenue Notes,Series 2017 June 1,2017
Pat Drosten
From: Weite,James E <jim.weite@td.com>
Sent: Wednesday,May 31,2017 3:36 PM
To: Robin Matusick
Subject: RFP 17-FI-011-TD Bank Term Sheet
Attachments: TD Bank-Term Sheet-06-01-2017.pdf
Please see attached. I am delivering this electronically and do not plan to deliver a copy in person. Can you please
confirm receipt of this term sheet?
Thanks for your assistance.
Jim Weite I Vice President Senior Relationship Manager
TD Bank,America's Most Convenient Bank
1060 V/.International Speedway Blvd.2nd Floor Daytona Beach. FL 32114
T:386.253.2991/F:386 239 8457/C:386.679 9004
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1
TD Bank, N.A,
1060 West International Speedway Blvd.
To Bank Daytona Beach,FL 32114
Tel: 386-253-2991
America's Most Conven,ent Rank' Fax: 386-239-8457
jim.weite@td.com
June 1, 2017
City of Edgewater
Pat Drosten, Purchasing Specialist
104 North Riverside Drive
Edgewater Florida 32132
RE: RFP 17-FI-011
Dear Ms. Drosten:
You have provided us with certain information and have discussed with us the current and future needs for the financing
of City of Edgewater, Florida (the "City"). In connection therewith. we are pleased to submit our proposal to provide the
credit accommodations (the `Credit Accommodations") described on the attached preliminary term sheet for your
consideration.
The structure of the proposed Credit Accommodation(s) is outlined in the attached term sheet(Exhibit A) which provides a
statement of suggested terms, but under no circumstance shall such statement be construed as a complete
summarization of terms necessary for consummation of the proposed Credit Accommodation. PLEASE NOTE THIS
PROPOSAL IS SUBJECT TO FORMAL CREDIT REVIEW AND UNDERWRITING IN ACCORDANCE WITH THE
BANKS INTERNAL POLICY AND NOTHING HEREIN SHALL CONSTITUTE A BINDING COMMITMENT TO LEND.
Further, we expressly advise you that TD Bank, N.A. (the "Bank'') has not approved the Credit Accommodations. The
Bank shall not be liable to the Company or any other person for any losses, damages or consequential damages which
may result from the Company's reliance upon this proposal letter or the proposed Credit Accommodations. the proposed
term sheet(s)or any transaction contemplated hereby.
This letter, along with the proposed terms and conditions. are delivered to the County for its confidential use and
evaluation. and shall not be disclosed by the County except(i) as may be required to be disclosed in any legal proceeding
or as may otherwise be required by law and (ii) on a confidential and "need to know" basis. to your directors, officers,
employees, advisors and agents.
If this proposal meets your approval and you would like the Bank to proceed with its formal credit investigation.
underwriting and approval process, please contact me to coordinate the next steps. We appreciate the opportunity to
provide this proposal and look forward to working with you on successfully completing this transaction.
Sincerely,
James E. Weite
Vice President
Confidential
EXHIBIT A
TD Bank, N.A.
TERMS AND CONDITIONS OF CREDIT ACCOMMODATION DATED
JUNE 1, 2017("LOAN")
THIS IS A STATEMENT OF TERMS AND CONDITIONS AND NOT A COMMITMENT TO LEND. ALL CREDIT
ACCOMMODATIONS ARE SUBJECT TO FORMAL CREDIT UNDERWRITING AND APPROVAL.
1. Loan.
(a) Borrower(s) City of Edgewater, FL
(b) Facility Bank Qualified Tax Exempt Financing
(c) Purpose The City intends to use the proceeds of the loan to purchase 27 acres of
land to be used for a waterfront park within the City limits.
(d) Amount: Up To $2,000.000(Two Million Dollars)
(e) Maturity: July 1, 2032. The loan documents will contain a PUT OPTION at 120
months from closing.
(f) Repayment Terms. Principal is due based on the following schedule.
DATE AMOUNT
6/1/2018 100,000.00
6/1/2019 110,000.00
6/1/2020 115,000.00
6/1/2021 115,000.00
6/1/2022 120,000.00
6/1/2023 125,000.00
6/1/2024 130,000.00
6/1/2025 135,000.00
6/1/2026 135,000.00
6/1/2027 140,000.00
6/1/2028 145,000.00
6/1/2029 150,000.00
6/1/2030 155,000.00
6/1/2031 160,000.00
6/1/2032 165,000.00
Interest is due semi-annually. on June 1 and December 1 each year.
commencing on December 1 2017. Interest shall be calculated using a
30/360-day count.
(g) Interest Rate: RATE OPTION 1 (Make Whole prepayment) Indicative fixed rate
2.56% as of 05131/2017. This is based on 67% of the 10YEAR/10YEAR
Federal Home Loan Bank Boston (FHLBB) Rate for regular amortizing
advances, plus 85 bps.
Confidential
RATE OPTION 2. (Loan can be prepaid at any time with no penalty)
Indicative Fixed rate of 2.79% as of 05/31/2017. This is based on
67% of the 10YEARI10YEAR Federal Home Loan Bank Boston
(FHLBB) Rate for regular amortizing advances. plus 109 bps.
(h) Rate Hold: TD Bank will re-calculate the above interest rates (based on the formula
outlined above(plus a 1 (one) basis point forward premium)and hold the
rate of interest until 06-19-2017, upon the receipt of an executed Rate
Lock Agreement. The Rate Lock agreement would need to be executed
on or before 06-06-2017.
(i) Default Rate: The default rate of interest" shall be six (6) percentage points in excess
WSJ Prime at the time of the event of default.
Q) Late Charges: If any payment due the Bank is more than fifteen (15) days overdue, a late
charge of six percent(6%) of the overdue payment shall be assessed.
(k) Prepayment Rate Option 1: At the time of any full or partial prepayment a fee equal to
Privilege: the greater of(i) 1.00% of the principal balance being prepaid multiplied by
the "Remaining Term," as hereinafter defined. in years or (ii) a "Yield
Maintenance Fee' in an amount computed as follows:
The current cost of funds. specifically the bond equivalent yield for United
States Treasury securities (bills on a discounted basis shall be converted
to a bond equivalent yield) with a maturity date closest to the "Remaining
Term", shall be subtracted from the Note rate, or default rate if applicable.
If the result is zero or a negative number. there shall be no Yield
Maintenance Fee due and payable. If the result is a positive number, then
the resulting percentage shall be multiplied by the scheduled outstanding
principal balance for each remaining monthly period of the "Remaining
Term." Each resulting amount shall be divided by 360 and multiplied by the
number of days in the monthly period Said amounts shall be reduced to
present values calculated by using the above reference current costs of
funds divided by 12. The resulting sum of present values shall be the yield
maintenance fee due to the Bank upon prepayment of the principal of the
loan plus any accrued interest due as of the prepayment date.
"Remaining Term" as used herein shall mean the shorter of (i) the
remaining term of this Note, or (ii) the remaining term of the then current
fixed interest rate period.
Rate Option 2: No Prepayment Premium
2. Events of Default: Will include but not be limited to:
(1) Breach of representation or warranties.
(2) Bankruptcy or insolvency.
(3) Final, non-appealable judgments against the City in excess of$5.000,000
(4) Payment default(Acceleration would be triggered)
(5) Covenant Violatior
3. Fees and Expenses
No Bank Fee -Waived.
The Borrower is responsible for Bank Counsel Fees for the review of the loan documentation which will be
prepared by the Borrower's Bond Counsel. Bank Counsel Fees shall not exceed $4.000.
Confidential
4. Security:
The loan will be secured by a pledge of and lien upon the funds distributed to the City from the local government
Half-Cent Sales Tax Clearing Trust Fund, as defined and described in Part VI of Chapter 218, Florida Statues.
5. Financial Reporting: Borrower(s) shall furnish the following financial reports:
Type of Report(s) Frequency Due Date
Audited Financial Statements Annually Within 210 days after the end
of the City's fiscal year
Approved Budget I Annually Within 60 days after adoption
The Bank reserves the right to request additional financial information to supplement or verify certain financial
assumptions of the Borrower.
6. Other: Prior to closing, there shall be delivered to the Bank an opinion of Bond Counsel acceptable to the Bank
covering matters customary for a transaction of this type and nature and which shall, without limitation, opine that: (1) the
Borrower is duly formed: (2) all loan documents have been validly authorized and executed by and on behalf of the
Borrower if any: (3) all loan documents are valid. binding. enforceable in accordance with their terms and do not violate
any legal requirements, including without limitation, organizational documents, laws and material agreements; and (4)
Facility is Bank Qualified and Tax Exempt.
7. Covenants:
a) Coverage/Add Bonds Test Subject to a DSCR of 1.35 times tested annually and prior to issuance of any
new debt based on the maximum annual debt service on any outstanding and proposed debt.
8. Other Conditions
a) No Material Adverse Change to the Borrower
b) Standard gross up language for changes relative to corporate tax and or for a change in tax status shall be
required. based on action or inaction of the Borrower.
c) Periodic loan payments shall be settled via auto debit.
d) The Facility shall be on parity without preference with all other existing and future borrower debt secured by the
pledge.
e) All standard terms and conditions, including acceleration in the event of payment default.
f) The implementation of certain terms, conditions, covenants or other non-material changes to the proposed Credit
Accommodation required as part of the Bank's formal credit approval shall be deemed an approval in substantially
the form outlined in this proposed Credit Accommodation.
g) All legal matters and documentation to be executed in connection with the contemplated proposed Credit
Accommodation shall be satisfactory in form and substance to the Bank and counsel to the Bank.
h) Patriot Act Notice. Lender is subject to the requirements of the USA Patriot Act (Title III of Pub. L. 107-56) (signed
into law October 26. 2001) (the 'Act") and hereby notifies the Borrower and Guarantor that pursuant to the
requirements of the Act. it is required to obtain. verify and record information that identifies the Borrower and
Guarantor, which information includes the name and address of the Borrower and Guarantor and other
information that will allow Lender to identify the Borrower and Guarantor in accordance with the Act.
THIS PROPOSAL IS NOT AND SHOULD NOT BE CONSTRUED AS A COMMITMENT BY THE BANK OR ANY
AFFILIATE TO ENTER INTO ANY CREDIT ACCOMMODATION.
Confidential
TD Bank,N.A,
1060 West International Speedway Blvd.
Bank Daytona Beach, Fl 32114
Tel: 386-248-3031
America's Most Convenient Bank* Fax: 386-254-7614
jim.weite@td.com
Federal Identification Number 01-0137770
1) Relationship Manager Contact Information:
James E.Weite
Vice President
TD Bank,America's Most Convenient Bank
1060 West International Speedway Blvd.
Daytona Beach, FL 32114
(386) 253-2991
2) Lender's Counsel:
Irvin M.Weinstein, Esquire
Rogers Towers. P.A.
1301 Riverplace Blvd.. Suite 1500
Jacksonville, FL 32207
(904) 346-5523
Confidential
Pat Drosten
From: ' Garry Lubi <glubi@centerstatebank.com>
Sent Thursday,June 01, 2017 8:23 AM
To: Robin Matusick
Subject: City of Edgewater FL/RFP#17-FL-011
Attachments: EDGEWATER.pdf
On behalf1of CenterState Bank, we appreciate the opportunity to submit our proposal for RFP#17-FL-011 for the City of
Edgewater, Florida. As a community bank headquartered in Florida with 4 branches in East Volusia County including
New Smyrna Beach and 3 Gateway Bank locations which will soon become CenterState branches in Ormond Beach,
Daytona Beach, and Port Orange; we are excited to have this opportunity to better serve the City of Edgewater and
other nearby municipalities. In 2017 alone,year to date we have provided lending services to the cities of Ormond
Beach, Bunnell, and Palm Coast.
Thank you again for this opportunity! Should you have any questions regarding our proposal, please do not hesitate to
call or email me.
CenterState
• A q a
Garry R. Lubi
Senior Vice President, Commercial Banking
175 Cypress Point Parkway
Palm Coast, Florida 32164
386.597.8142 (Office); ShoreTel 7805
386.569.0643 (Cell)
NMLS I0#718483
glubi@centeritatebank.com www.centerstatebank.com
LOCAL MARKET DRIVEN I A LONG TERM HORIZON I WORLD CLASS SERVICE I RELATIONSHIP BANKING I
FAITH AND FAMILY
E-mail Confidentiality Disclosure:: The information contained in this email and any document attached hereto
is intended.only for the named recipient(s). If you are not the intended recipient, nor the employee or agent
responsible for delivering this message in confidence to the intended recipient(s), you are hereby notified that
you have received this transmittal in error, and any review, dissemination, distribution or copying of this
transmittal or its attachments is strictly prohibited. If you have received this transmittal and/or attachments in
error, please notify me immediately by reply e-mail and then delete this message, including any attachments.
laCenterState
BANK
May 31, 2017
City of Edgewater, Florida
Attention: Pat Drosten, Purchasing Specialist
P.O. Box 100
Edgewater, Florida 32132
Dear Ms. Drosten:
It is our pleasure to advise you that CenterState Bank, N.A (hereinafter referred to as `Bank" or
"Lender") has approved your loan request on behalf of the City of Edgewater. Florida, subject to
the following terms and conditions.
It is the Borrower(s) responsibility to read this Commitment carefully and retain a copy for
purposes of diligently meeting all conditions outlined herein on or before the expiration date(s)
specified herein. All provisions and conditions of this Commitment must be met to the Bank's
andior its Counsel's approval and satisfaction in their sole discretion. Please review this
Commitment and any attachments hereto. which further govern the conditions of the
Commitment.
Borrower: City of Edgewater, Florida("City" or 'Borrower")
Purpose: Finance the cost to purchase 27 acres of land within the City limits.
Loan Amount and Type: Not to exceed $2,000.000.00 (Two Million Dollars). The loan is
anticipated to close on or about June 19, 2017. The loan shall be a
term loan which is considered Tax-Exempt Bank Qualified.
Collateral: Amounts due under the loan will be payable from and secured by a
pledge of and lien upon the funds distributed to the City from the
Local government Half-Cent Sales Tax Clearing Trust Fund, as
defined and described in Part VI of Chapter 218. Florida Statutes.
Maturity Date: June 1, 2032
Interest Rate: The interest rate shall be a bank qualified tax exempt fixed rate of
2.51% for the term of the loan provided the loan closes on or
before June 23. 2017. Interest will be calculated on a 30/360 day
count basis. No compounding of interest. Should the loan be
closed after June 23, 2017, the interest rate will he determined
25048/029/01179650.DOC v 3
within 3 days of time of funding based on the 10 Year Libor Swap
Rate Index (haps:, www.theice.cum marketdataireportsi l8U) plus
170 basis points (1.70%) multiplied X .65%. For example if the
index is 2.20%. the interest rate for the note would be (2.20 +1.70
X .65)2.54%.
Repayment Terms: Interest payments on the outstanding principal balance will be paid
semi-annually on June 1 and December 1 of each year
commencing on December 1, 2017 for the term of the loan.
Principal shall be payable annually as stated below, commencing
on June 1, 2018.
Preliminary Amortization Schedule (subject to change):
6/1/2018: $100,000 6/1/2026: 5135.000
6/1/2019: $110,000 6/1/2027: 5140.000
6/1/2020: $115,000 6/1/2028: $145,000
6/1/2021: $115,000 6/1/2029: $150,000
6/1/2022: $120,000 6/1/2030: $155,000
6/1/2023: $125,000 6/1/2031: $160,000
6/1/2024: $130,000 6/1/2032: $165,000
6/1/2025: $135.000
Prepayment Penalty: The Borrower may prepay the Note at any time without any
prepayment penalty.
Late Fees: Bank may at its option collect from the Borrower a late charge of
five percent (5.00%) of any payment not received by Bank within
ten(10) days after the payment is due.
Event of Default: Upon an event of default as described in the bond resolution, the
holder may recover from the borrower all expenses incurred
including without limitation reasonable attorney's fees, at all levels
of the proceedings. whether incurred in connection with collection.
bankruptcy. proceedings, trial, appeal or otherwise.
Default Rate: 5.51%(3.00%above the note rate)
Bank Fees: Bank fees including its bond counsel review shall not exceed
$5,000.
Covenants: 1) Comprehensive annual financial report (CAFR) within 180 days
of fiscal year end and the City's Budget within 60 days of adoption
shall be provided to the Bank by the Borrower.
2) Borrower shall provide such other financial information from
time to time as is reasonably requested by the Bank.
3) The City may issue one or more Series of Additional
Bonds/Notes that allow for the issuance of additional debt secured
by the Pledged Revenues subject to a debt service coverage ratio of
25048;029/0I 179650.D0Cv; 2
1.35:1 based on the maximum annual debt service on any
outstanding and proposed debt.
Conditions: 1) The City agrees to take such actions as may be required by
Treasury regulations in order to maintain the status of the loan as a
tax-exempt obligation.
2) Bond documents to be satisfactorily reviewed and approved by
Bank's bond counsel.
Commitment/Closing
Expiration Date: June 23, 2017.
Defaults and Remedies: Usual and customary defaults and remedies for a transaction of this
type. Including without limitation, all defaults and remedies set
forth in the Master Bond Resolution.
Representations: Usual and customary representations for a transaction of this type.
Governing Law: State of Florida
Bond Counsel: The Borrower shall engage Bond Counsel (Broad and Cassel) will
prepare the documents on behalf of the borrower with the borrower
bearing all closing costs. This shall include delivering an opinion
of the City's Bond Counsel, approving the legality and tax-exempt
status of interest on the Note, together with the closing certificates
and documents related to the transaction.
Additional Conditions/Requirements: See the attachments to this document for additional
conditions/requirements. items 1 to 7 (pages 4-5).
We sincerely appreciate this opportunity to meet the financial needs of the City of Edgewater,
Florida, and look forward to a mutually beneficial relationship. We trust this Commitment is in
keeping with your understanding of our conversations. If so, please have an authorized
representative of the borrower sign where shown and return this Commitment to us together with
all fees and documentation required by the Commitment Expiration Date shown above.
Sincerely,
Garry R. Lubi
CenterState Bank, N.A.
Senior Vice President/Commercial Banking
175 Cypress Point Parkway
Palm Coast, Florida 32164
386.597.8142 (Office)
386.597.8143 (Fax)
386.569.0643 (Cell)
glubi a centerstatebank.cum
25048/029/011 7%50.DOC v3 3
BORROWER'S SIGNED ACCEPTANCE:
Name:
By: Date:
Authorized Signatory: City of Edgewater,Florida
OTHER CONDITIONS/REQUIREMENTS:
1. LOAN COLLATERAL/SECURITY: If repayment of this loan shall be secured by
collateral, Borrower hereby warrants to Bank that they have full authorization and
capacity to pledge valid lien on same, or Borrower will secure such
authorization/documentation at or before closing to the satisfaction of Bank's Counsel.
Such verifications shall not relieve Borrower of liability as to misinformation or fraud.
Borrower agrees to provide Bank with true and exact copies of all certificates, or other
such evidence as applicable to all security, to the satisfaction of the Bank or Bank's
Counsel, upon acceptance of this Commitment. Borrower understands that Bank relies
on one hundred percent of all value of collateral pledged rather than just a partial
percentage thereof. Any "equity" value which might exist in assets. pledged shall also
serve as collateral for this loan. Borrower shall execute such documentation as deemed
necessary by Bank and/or Bank's Counsel in their sole discretion to grant Bank a secured
position in the collateral.
2. INTEREST: This loan shall bear interest which shall accrue, under the simple interest
(30/360 day)method, on the funded and outstanding principal balance from time to time.
3. NON-ASSIGNABILITY: Neither this Commitment nor the proceeds of the loan
contemplated herein shall be assignable by Borrower without prior written consent of the
Bank. This loan is not assumable.
4. CLOSING: Unless otherwise specified in writing, this Commitment, the loan
transaction contemplated hereby, and all loan documents executed pursuant hereto shall
be construed according to all applicable State and Federal governmental regulations and
Bank policies. All provisions of this Commitment shall survive the closing of the loan
transaction contemplated herein.
5. BORROWER'S REPRESENTATIONS: This Commitment has been issued to
Borrower on the basis of all information provided by Borrower and all representations,
exhibits, data, and other materials submitted with or in support of Borrower's loan
application. Any misinformation or withholding of material information incident thereto
shall, at the option of Bank, void all of the Bank's obligations hereunder, and shall give
Bank full rights of recourse under applicable law. In addition, should economic
conditions decline in general for the Borrower,or should other factors change which were
25048/029/01 1 79650.DOCv3 4
considered important by the Bank in issuing this Commitment. the Bank, in its sole
discretion, may withdraw the Commitment without penalty or retribution from the
Borrower; and hold the Bank harmless now and in the future as to any claims of lender
liability and agrees the Bank has acted properly and in good faith in all respects
throughout this transaction.
6. BORROWING AUTHORITY: Prior to closing, Borrower shall provide Bank with
true and exact copies of all Articles, By-Laws, Opinion of Borrower Counsel.
Incumbency Statements. Agreements. Current Certificates of Good Standing, and
appropriate Minutes for any non-person entity involved in the transaction contemplated
herein. as to the exact legal status and capacity of each such entity to execute their
respective agreements outlined herein. At closing, Borrower shall execute appropriate
Resolutions and Agreements, all to the Bank or Bank's Counsel's satisfaction.
7. INCLUSIVENESS/SEVERABILITY: Borrower understands that this Commitment
attempts to outline most of the key. general terms and conditions of the proposed loan
and is not, nor does it attempt to be, all-encompassing. Any omissions herein or conflicts
with loan closing documents shall not construe liability to Bank; further requirements by
the Bank or Bank's counsel and/or loan closing documents shall supersede and have
precedence over this Commitment. Any release, waiver, or changes allowed by Bank in
any part of this Commitment shall not invalidate or change any remaining requirements
or clauses. Where applicable in this Commitment, the plural tense shall suffice for the
singular. and vice-versa, as to referencing all parties hereto. All parties as recipients
hereof. regardless of type of involvement, shall be responsible for meeting all provisions
of this Commitment.
CenterState BanJ.9f Florida, N.A.
By:
G Oar. R. Lubi
Senior Vice President
BORROWER'S SIGNED ACCEPTANCE:
City of Edgewater, Florida
By: Date:
(Print Name)
Authorized Signatory:
25048,0291011 79650.t)OCv3 5
ADDENDUM NUMBER 1
17-FI-011
SALES TAX REV NOTE SERIES 2017
CITY OF EDGEWATER
To All Plan Holders:
The following changes, clarification and additions are hereby made part of the RFP 17-FI-011 for the above
SALES TAX REV NOTE SERIES 2017 as fully and completely as if the same were fully set forth therein.
QUESTIONS AND ANSWERS
Q1. Is the City not accepting emailed bids? It appears they want an original and electronic copy(USB or CD).
A.Z. The City will accept emailed bids. Emailed bids must be submitted directly to the City Clerk's office at
RMatusickedtyofedgewater.orq No additional addresses(c.c.,b.c.c.)are permitted.
Q2. What is the City proposing as its coverage ratio for this bond, and is it possible to get historical and
proposed coverages?
42 Based or. the 20I6 Historical Collections ($1,123,586), as presented in Appendix 8, the debt service
coverage ratio would be 15.4x based on the maximum annual debt service. See preliminary debt
service schedule below. There are no projected revenues available.
City of Edgewater. FL
Sales Tax Revenue Note, Series 2017 -Preliminary Debt Service
Debt
Period Ending Principal Interest Service
6/1/2018 $100,000 $61,750 $161,750
6/1/2019 110,000 61,750 171,750
6/1/2020 115,000 58,175 173,175
6/1/2021 115,000 54,438 169,438
6/1/2022 120,000 50,700 170,700
6/1/2023 125,000 46,800 171,800
6/1/2024 130,000 42,738 172,738
6/1/2025 135,000 38,513 173.513
6/1/2026 135,000 34,125 169,125
6/1/2027 140,000 29,738 169,738
6/1/2028 145,000 25,188 170,188
6/1/2029 150,000 20,475 170,475
6/1/2030 155,000 15,600 170,600
6/1/2031 160.000 10,563 170,563
6/1/2032 165,000 5,363 170,363
Total 52,000,000 $555,913 $2,555,913
17-FI-011 -SALES TAX REV NOTE SERIES 2017 -Addendum No. 1 5/24/2017
City of Edgewater
Half Cent State Sales Tax
Historical collections 2007- 2016
2016 $1,123,585.91
2015 1,073.937.57
2014 1,007,374.66
2013 954,159.70
2012 908,011.42
2011 872,216.46
2010 872,323.28
2009 896,292.43
2008 933,906.96
2007 1,086,964.85
Q3. Can you provide further detail on the use of the 27-acre land purchase, please?Will this land be
developed or held for parks&recreation?
A3. This property will be developed and will feature a boat romp, playground,fishing piers and other
amenities to highlight a water front pork.
Q4. Is this considered a competitive procurement?
44 Yes, Resolution 2016-R-33 'Purchasing Pcu , Section VI/apply to this solicitation.
Signature acknowledges receipt and understanding of this addendum.
) .t V P2 Es
merritle
� y 2 LABS
17-FI-01l -SALES TAX REV NOTE SERIES 2017 -Addendum No. 1 5/24/2017
ADDENDUM NUMBER 2
17-FI-011
SALES TAX REV NOTE SERIES 2017
CITY OF EDGEWATER
To All Plan Holders:
The following changes. clarification and additions are hereby made part of the RFP 17-FI-011 for the above
SALES TAX REV NOTE SERIES 2017 as fully and completely as if the same were fully set forth therein.
QUESTIONS AND ANSWERS
Ql. Can you provide more detail on the location of land to be developed, please? Also, any background
on the City's determination of necessity for the project,please?
Al A copy of the survey and the conceptual plan is included as a port of this Addendum. The City, with its
anticipated growth and per our Comprehensive Plan. indicates additional park space is needed as continued
growth comes to Edgewater.
ATTACH EM ENTS
• Property Survey
• Conceptual Plan
Signature acknowledges receipt and u derstanding of this addendum,
;E .• ‘.c ✓/cc - f 2r s,64c +� T
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17-FI-011-SALES TAX REV NOTE SERIES 2017 -Addendum No. 2 5/24/2017
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ADDENDUM NUMBER 3
17-FI-011
SALES TAX REV NOTE SERIES 2017
CITY OF EDGEWATER
To All Plan Holders:
The following changes, clarification and additions are hereby made part of the RFP 17-FI-011 for the above
SALES TAX REV NOTE SERIES 2017 as fully and completely as if the same were fully set forth therein.
QUESTIONS AND ANSWERS
Qi. Within the CAFR, we are not able to locate what category of revenues that the half cent sales tax is
directed, and on the expense side is there a specific purpose for this sales tax?
41. Inc sales tax pledged to the Joan are the proceeds of the iota! government half cent sales taxes
distributed to the City under Chapter 212 Florida Statues, these revenues are included as part of
Intergovernmental on page 7 of the FY 2016 CAFR
The CAFR does not provide a separate breakdown of the 34 cent sales tax receipts. This breakdown is in the
RFP in Appendix B-Historical Soles Tax Collections and in Addendum#1.
Q2. What is the current sales tax rate for the City?
42 The Volusia Sales tax is 6.50%. (the extra.50%goes solely to Volusia County Schools;
Signature acknowl s receipt and understanding of this addendum.
14.,:e ti' c c 4e6
.
Name/Title
er K' L•A
17-FI-011 -SALES TAX REV NOTE SERIES 2017 -Addendum No.3 5/30/2017
Robin Matusick
From: Tinker, Christina <CTinker@BBandT.com>
Sent: Thursday,June 01, 2017 8:49 AM
To: Robin Matusick
Cc: Smith, Andrew -Columbia, SC
Subject: BB&T Proposal: City of Edgewater Sales Tax Revenue Notes, Series 2017 #secure#
Attachments: securedoc 20170601T084922.html
Categories: BIDS
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Secure Message: BB&T Proposal: City of Edgewater Sales Tax Revenue Notes, Series 20... Page I of I
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Secured Message Reply
Tinker, Christina <CTinker@BBandT.com>
To: "RMatusick@cityofedgewater.orc" <RMatusick@cityofedgewater.org>
CC: "Smith, Andrew - Columbia, SC" <AGSmith@BBandT.com>
Date: 06/01/2017 08:49:22 AM EDT
Sub's BB&T Proposal: City of Edgewater Sales Tax Revenue Notes, Series 2017 #securer
Att?_ _ :3: Proposal - City of Edgwvater Sales Tax Rett Note, Serifs 2017.pdf
Good morning,
Please see attached for the proposal for City of Edgewater Saks Tax Revenue Notes.Series 2017.
Please confirm receipt of this email. Let me know if there is anything I can do to further assist you.
BB&T thanks you for the opportunity to meet your financial needs!
Christina Tinker BB&T Governmental F:nanc=
A dministratik e Assistant to.An.j Smith
i:ri P.arl a; Plan Blvd.Charlotte.NC 28217
.- ?ain:704.Q54.1700 Fa. .
C T inkedd,B BandT.conn
The information in this framtnis-sio/J lllti ; (a 1:j'1"0/)!ieiar) and 1l)11/)Uhirc inyo 7f 1tl:'17 rit BB&T
its affiliates.and mat thjecf i)prt.)ie tt'on dine; 1%;e' i,.111 The message is intended 10,-the .sol!' u.>c
of the individual or eniill 10 li'liich it i add!-e .1 11.1.0i, are 'tor the intended recipient. 1`)r: cire
!notified that any use tlrcirihluian opt'ing or Jr:r' strictly prohtl,ired Il ITni received " -
message in error delcfe the materf. . . . '..7 i,-,;n teal"'747.11' _',!Fite i' G! ?a
'1 Mercier immediate!, 't' the f;iad'.'c,ye>S'
** To protect your confidential information, this message has been securely delivered to you by
BB&T using either Cisco Registered Envelope Service (CRES)or Transport Layer Security (TLS)
secure email protocol. **
Reply
Copyright 2011-2017 Cisco Systems, Inc. and/or its affiliates. All rights reserved.
https:/!res.cisco.comlenvelopeoperteripostxeoioo/fDFfX2E2YW RiNmFmMDAwMDAxNW... 6/1/2017
L3I3LT BB&T Governmental Finance
P.O. Box 714
Columbia, S.C. 29202
(803)251-1328
Fax(803)251-1329
June 1, 2017
Pat Drosten
Purchasing Specialist
City of Edgewater
P.O. Box 100
City of Edgewater. FL 32132
Dear Pat Drosten:
Branch Banking and Trust Company ("BB&T") is pleased to offer this proposal for the financing
requested by City of Edgewater("City").
(1) Project: Sales Tax Revenue Notes.Series 2017
(2) Amount to Be Financed: $2,000,000
(3) Interest Rates, Financing Terms and Corresponding Payments:
Final Maturity BQ Rate
June 1. 2032 2.47%
Interest payments shall be due semiannually commencing December 1. 20 I?. and shall continue each
June I and December 1 thereafter through final maturity. Principal payments shall be due annually
commencing June 1. 2018 and shall continue each June 1 thereafter through final maturity. Interest on the
principal balance of the Bond shall accrue based on a 30/360 day count basis. BB&T must approve of the final
amortization schedule.
The interest rate stated above is valid for a closing no later than July 14, 2017. Closing of the
financing is contingent upon completing documentation acceptable to BB&T and its counsel.
Our underwriting fee for this transaction is$5,000. All applicable taxes, permits, costs of counsel for
the City and any other costs shall be the City's responsibility and separately payable by the City.
The transaction will be prepayable in whole with a one percent prepayment penalty. As an alternative.
the City may choose for the transaction to be noncallable until June 1. 2024 and prepayable in whole at any
time thereafter.
The financing documents shall include provisions that will outline appropriate changes to be
implemented in the event that this transaction is determined to be taxable or non-bank qualified in accordance
with Florida State Statutes or the Internal Revenue Service code.These provisions must be acceptable to
BB&T. In addition, any amount due hereunder not paid when due shall bear interest at a default rate equal to
the interest rate on the Series 2017 Note plus 2%per annum from and after five(5i days after the date due.
i
The stated interest rate above is offered with the understanding that the financing shall comply with
the applicable IRS Code Sections 141, 148, 149(e), 265(b)(3). BB&T reserves the right to terminate its interest
in this bid or to negotiate a mutually acceptable rate if the financing is not a qualified tax-exempt financing.
(4) Financing Documents:
It shall be the responsibility of the City to retain and compensate counsel to appropriately structure the
financing documents according to Florida State statutes. BB&T shall also require the City to provide an
unqualified bond counsel opinion. BB&T and its counsel reserve the right to review and approve all
documentation before closing. BB&T will not be required to present the Bond for any payment associated with
this transaction.
i
(5 Security:
1 The Bond shall be secured by a pledge of and lien upon the funds distributed to the City from the
Local Government Half-Cent Sales Tax Clearing Trust Fund, as defined and described in Part VI of Chapter
216, Florida Statutes.
BB&T shall have the right to cancel this offer by notifying the City of its election to do so(whether or
no this offer has previously been accepted by the City) if at any time prior to the closing there is a material
adverse change in the City's financial condition, if we discover adverse circumstances of which we are
currently unaware, if we are unable to agree on acceptable documentation with the City or if there is a change
in Iliw(or proposed change in law)that changes the economic effect of this financing to BB&T.
I
' BB&T appreciates the opportunity to make this financing proposal and requests to be notified within
ten days of this proposal should BB&T be the successful proposer. Please call me at (803)251-1328 with your
questions and comments. We look forward to hearing from you.
Sinrely,
Braie
ch Banking and Trust Company
,14,..,../4 411,,,;‘L
Andrew G. Smith
Senior Vice President
I.
ADDENDUM NUMBER 1
17-FI-011
SALES TAX REV NOTE SERIES 2017
11 CITY OF EDGEWATER
To All Plan Holders:
The following changes, clarification and additions are hereby made part of the RFP 17-FI-011 for the above
SALES TAX REV NOTE SERIES 2017 as fully and completely as if the same were fully set forth therein.
QUESTIONS AND ANSWERS
Ql. Is the City not accepting emailed bids?It appears they want an original and electronic copy(USB or CD).
Al. The City will accept emalled bids. Emailed bids must be submitted directly to the City Clerk's office at
RMatusick(alcityofedgewater.orq. No additional addresses(c.c.,b.c.c.)are permitted.
Q2. What is the City proposing as its coverage ratio for this bond, and is it possible to get historical and
proposed coverages?
A24 Based on the 2016 Historical Collections ($1,123,586), as presented in Appendix B, the debt service
1 coverage ratio would be 15.4x based on the maximum annual debt service. See preliminary debt
service schedule below. There are no projected revenues available.
City of Edgewater, FL
Sales Tax Revenue Note,Series 2017-Preliminary Debt Service
Debt
Period Ending Principal Interest Service
6/1/2018 $100,000 $61,750 $161,750
6/1/2019 110,000 61,750 171,750
6/1/2020 115,000 58,175 173,175
6/1/2021 115,000 54,438 169,438
6/1/2022 120,000 50,700 170,700
6/1/2023 125,000 46,800 171,800
6/1/2024 130,000 42,738 172,738
6/1/2025 135,000 38,513 173,513
6/1/2026 135,000 34,125 169,125
6/1/2027 140,000 29,738 169,738
6/1/2028 145,000 25,188 170,188
6/1/2029 150,000 20,475 170,475
6/1/2030 155,000 15,600 170,600
6/1/2031 160,000 10,563 170,563
6/1/2032 165,000 5,363 170,363
Total $2,000,000 $555,913 $2,555,913
17-FI-011-SALES TAX REV NOTE SERIES 2017-Addendum No. 1 5/24/2017
City of Edgewater
Half Cent State Sales Tax
Historical collections 2007-2016
2016 $1,123,585.91
2015 1,073,937.57
2014 1,007,374.66
2013 954,159.70
2012 908,011.42
2011 872,216.46
2010 872,323.28
2009 896,292.43
2008 933,906.96
2007 1,086,964.85
Q3. Can you provide further detail on the use of the 27-acre land purchase, please?Will this and be
developed or held for parks &recreation?
A3. This property will be developed and will feature a boot ramp,playground,fishing piers and other
amenities to highlight a water front park.
Q4. Is this considered a competitive procurement?
A4. Yes,Resolution 2016-R-33 "Purchasing Policy"Section VII apply to this solicitation.
Signature acknowledges receipt and understanding of this addendum.a
///
Name/Title
17-FI-011-SALES TAX REV NOTE SERIES 2017-Addendum No. 1 5(24/2017
ADDENDUM NUMBER 2
1
17-FI-011
SALES TAX REV NOTE SERIES 2017
CITY OF EDGEWATER
To All Plan Holders:
The following changes, clarification and additions are hereby made part of the RFP 17-FI-011 for the above
SALES TAX REV NOTE SERIES 2017 as fully and completely as if the same were fully set forth therein.
QUESTIONS AND ANSWERS
i
Ql. Can you provide more detail on the location of land to be developed, please? Also,any background
o the City's determination of necessity for the project,please?
A.. A copy of the survey and the conceptual plan is included as a part of this Addendum. The City, with its
anticipated growth and per our Comprehensive Plan, indicates additional park space is needed as continued
growth comes to Edgewater.
ATTACHEMENTS
• Property Survey
• Conceptual Plan
Signature acknowledges receipt and understanding of this addendum.
A},(.//— Ise P (
Name/Title
17-F1-011 -SALES TAX REV NOTE SERIES 2017-Addendum No.2 5/24/2017
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ADDENDUM NUMBER 3
17-FI-011
SALES TAX REV NOTE SERIES 2017
CITY OF EDGEWATER
To Ail Plan Holders:
he following changes, clarification and additions are hereby made part of the RFP 17-FI-011 for the above
ALES TAX REV NOTE SERIES 2017 as fully and completely as if the same were fully set forth therein.
1
QUESTIONS AND ANSWERS
1
QA. Within the CAFR, we are not able to locate what category of revenues that the half cent sales tax is
directed,and on the expense side is there a specific purpose for this sales tax?
I
Al. The sales tax pledged to the loan are the proceeds of the local government half cent sales taxes
distributed to the City under Chapter 212 Florida Statues, these revenues ore included as port of
Intergovernmental on page 7 of the FY2016 CAFR.
l
Th' CAFR does not provide a separate breakdown of the Y: cent sales tax receipts. This breakdown is in the
RF in Appendix B-Historical Sales Tax Collections and in Addendum#1.
0.21 What is the current sales tax rate for the City?
A2J The Volusia Sales tax is 6.50%. (the extra.50%goes solely to Volusia County Schools)
Signature acknowledges receipt and understanding of this addendum.
1,, 44-- 1 S a_ It,
Name/TRIe '
17-FI-011-SALES TAX REV NOTE SERIES 2017-Addendum No.3 5/30/2017
Pat Drosten
From: Monk,Don <don monk@amerisbank.com>
Sent: Wednesday,May 31,2017 9:19 AM
To: Robin Matusick
Subject: $2,000,000 Sales Tax Revenue Notes,Series 2017
Attachments: Commitment letter-Ameris Bank.pdf
Please find attached the commitment letter of Ameris Bank relative to the bid for RFP#17-F1-011 for$2,000,000 Sales
Tax Revenue Notes,Series 2017.A copy of the addendums to the RFP are attached as requested.
Thank you for the opportunity to bid.
Don Monk
Specialty Banking Executive
Ameris Bank
24 Second Ave SE
Moultrie,GA 31768
(229)616-6144 office
(229)349-1907 mobile
don.monk@amerisbank.com
This e-mail and any files transmitted with it are confidential and are intended solely for the use of the individual
or entity to which they are addressed.It is not an offer or acceptance,and it is not intended to be all or part of an
agreement.If you are not the intended recipient or the person responsible for delivering the e-mail to the
intended recipient,be advised that you have received this e-mail in error and that any review,use,
dissemination,forwarding,printing,or copying of this e-mail is strictly prohibited. If you have received this e-
mail in error,please notify the sender immediately by return e-mail and delete this e-mail from your system.
The sender does not accept liability for any damage caused by any virus transmitted by this e-mail or any errors
or omissions in the contents of this message which arise as a result of e-mail transmission.
Amerts
Bank
June 1, 2107
Pat Drosten
Purchasing Specialist
City of Edgewater,FL
P.O. Box 100
Edgewater, FL 32132
pdrosten@cityofedgewater.org
Dear Ms. Drosten:
Ameris Bank("Bank") is pleased to offer the City of Edgewater, FL("You"or"Your")the following loan
commitment. This loan will become effective upon Your acceptance of this commitment letter, the return
of the executed copy of same to the Bank and, subject to the conditions set forth herein,a closing of the
transaction in a manner satisfactory to the Bank. Below are the terms and conditions:
A. STRUCTURE OF THE FINANCING
BORROWER: The Borrower shall be the City of Edgewater, FL.
LOAN AMOUNT: Up to$2,000,000
PURPOSE: The Proceeds of the Note will be used to purchase and develop 27 acres of land for a waterfront
park.
Security for Transaction:
The loan will be payable from and secured by a pledge of and lien upon the funds distributed to the City from
the Local Government Half-Cent Sales Tax Clearing Trust Fund, as defined and described in Part VI of'
Chapter 218, Florida Statutes.
REPAYMENT TERMS:
Interest shall be due semi-annually on June 1 and December 1 commencing on December I,2017.
The principal amount of this loan shall be paid beginning June 1,2018 and each year thereafter based on the
amortization schedule on the attached Appendix A.
Commitment Letter
Page 1
fmerts
Bank
B. TERMS AND CONDITIONS:
BANK CONTACT INFORMATION:
Ameris Bank
Mike Jackson, SVP Commercial Banking
1259 Granada Blvd.
Ormond Beach, FL 32174
(386)671-0143 Office
(386)671-2588 Fax
mike.jackson@amerisbank.com
Ameris Bank
Don Monk, Specialty Banking Executive
24 Second Ave. SE
Moultrie,GA 31768
(229)616-6144
don.monk@amerisbank.com
INTEREST RATE:
The interest rate shall be fixed for the entire term of the loan at 2.84%,with the loan maturing June I,2032.
This rate will remain in force, with the expectation that the loan will be closed on or before June 26,2017.
INTEREST DAY COUNT METHOD:30/360 day basis.
PREPAYMENT PENALTY: There will be no prepayment penalty for partial or full repayment of principal at
any time.
OTHER FEES AND EXPENSES:The borrower shall pay all costs and expenses incurred in connection with
the preparation for,and the closing of the loan, including but not limited to attorney fees,and any recording
fees. Based on the borrower's representation their legal counsel will prepare all documents and will render an
approving opinion. The lender will charge no closing fees other than fees of lender's legal counsel to review
the documents related to this transaction.
LENDER'S COUNSEL: Lender shall engage Irvin Weinstein with Rogers Towers of Jacksonville,FL to
review all documentation regarding the perfection of pledge of revenues and other related loan documents as
prepared by the borrower's legal counsel. The fees of lender's counsel will not exceed $6,500.
SYNDICATION:The loan will not be syndicated to other banks.
Commitment Letter
Page 2
.1?--vmerts
Bank
C. OTHER INFORMATION AND DOCUMENTATION PERTINENT TO THIS LOAN
COMMITMENT
FINANCIAL CONDITION AND STATEMENTS: On an annual basis,corresponding with the Authority's
fiscal year end, the Authority will furnish Lender with audited financial statements in form, scope and
substance satisfactory to Lender as prepared by a certified public accountant.
LATE FEES: Bank may at its option collect from borrower a late charge of five percent(5.00%) of any
payment not received by Bank within ten(10)days after the payment is due.
EVENT OF DEFAULT: Upon an event of default as described in the bond resolution, the holder may
recover from the borrower all expenses incurred including without limitation reasonable attorney's fees,at all
levels of the proceedings, whether incurred in connection with collection, bankruptcy, proceedings, trial,
appeal or otherwise.
REPRESENTATIONS OFBORROWER: This Commitment is subject to the accuracy of all information,
representations,and materials submitted with or in support of Borrower's application for the Loan. In the event
of inaccuracy or material changes in the information,representations and materials required hereby,that event
shall, at the option of the Lender, operate to terminate this Commitment and all of Lender's obligations
hereunder.
NON-ASSIGNABILITY: Borrower's rights under this Commitment and the Loan shall be personal since
Lender has evaluated this Loan and has agreed to make this Loan based on the unique qualifications of
Borrower,both financial and otherwise. Neither this Commitment nor any of the proceeds of the Loan shall be
assignable by Borrower without the consent of Lender.
ENTIRE AGREEMENT,MODIFICATIONS AND AMENDMENTS:This Commitment contains the entire
agreement of Borrower and Lender with respect to the Loan. No change in the provisions of this Commitment
shall be binding unless in writing and executed in the name of and by an officer of Lender. All obligations
and duties under this Commitment not accomplished or completed at closing shall survive the closing and
continue to remain obligations and duties on the part of either party.
WARRANTIES: The bank warrants to the borrower that we will comply with all applicable federal,state,and
local laws,regulations, and orders providing the services under the proposed documents.
SURVIVAL: This Commitment and all terms and provisions hereof shall survive the closing of the Loan and
shall be incorporated into the Loan documents by reference.
ANY AGREEMENTS,formal or informal,effecting this loan must be fully disclosed to us in writing,within
Commitment Letter
Page 3
Amert s
Bank
five(5)days of your acceptance of this commitment. We reserve the right to withdraw this commitment ifany
such agreements are unsatisfactory to either the Bank or the Bank's attorney. Ameris Bank reserves the right to
cancel this commitment and to terminate its obligations hereunder in the event of either of the following
conditions:
A. The Borrower should become the subject of bankruptcy, insolvency or reorganization
proceeding of any nature.
B. Failure of any of the conditions of this commitment to occur as required.
ACCEPTANCE: This Commitment shall be open for acceptance until June 16,2017. An executed copy of
this Commitment must be received by Lender by June 16, 2017. In the event an accepted copy of the
Commitment Letter has not been received by Lender on or before June 16, 2017, the Commitment shall be
deemed to have lapsed, unless extended in writing by Lender, and Lender shall have no further obligation
under this Commitment.
If the foregoing is satisfactory,please indicate your acceptance by executing and returning to Bank the original
of this letter, keeping the copy for your files. This Commitment will at Bank's option,terminate unless the
Loan is closed by June 26,2017. Thank you again for this opportunity to provide this credit facility.
Ameris Bank
Don Monk
11+
Specialty Banking Executive
BORROWER'S ACCEPTANCE
The undersigned hereby accepts this Commitment and agrees to the terms and conditions
herein this day of, 2017.
BORROWER:
City of Edgewater,FL(authorized signature)
AUTHORIZED SIGNOR(PRINT NAME):
Commitment Letter
Page 4
Amerts
----
Bank
APPENDIX A
PRELIMINARY AMORTIZATION
SCHEDULE City of Edgewater, FL
Sales Tax Revenue Note,Series 2017
P,eliminary Debt Service
Period Ending Principal
6/1/2018 $100,000
6/1/2019 110,000
6/1/2020 115,000
6/1/2021 115,000
6/1/2022 120,000
6/1/2023 125,000
6/1/2024 130,000
6/1/2025 135,000
6/1/2026 135,000
6/1/2027 140,000
6/1/2028 145,000
6/1/2029 150,000
6/1/2030 155,000
6/1/2031 160,000
6/1/2032 165,000
Total $2,000,000
Commitment Letter
Page 5
ADDENDUM NUMBER 1
17-FI-011
SALES TAX REV NOTE SERIES 2017
CITY OF EDGEWATER
To All Plan Holders:
The following changes, clarification and additions are hereby made part of the RFP 17-FI-011 for the above
SALES TAX REV NOTE SERIES 2017 as fully and completely as if the same were fully set forth therein.
QUESTIONS AND ANSWERS
Q1. Is the City not accepting emailed bids?It appears they want an original and electronic copy(USB or CD).
Al. The City will accept emailed bids. Emailed bids must be submitted directly to the City Clerk's office at
RMatusick(acityofedgewater.arq. No additional addresses(c.c., b.c.c.)are permitted.
0,2. What is the City proposing as its coverage ratio for this bond, and is it possible to get historical and
proposed coverages?
A2. Based on the 2016 Historical Collections ($1,123,586), as presented in Appendix B, the debt service
coverage ratio would be 15.4x based on the maximum annual debt service. See preliminary debt
service schedule below. There are no projected revenues available.
City of Edgewater, FL
Sales Tax Revenue Note;Series 2017-Preliminary Debt Service
Debt
Period Ending Principal Interest Service
6/1/2018 $100,000 $61,750 $161,750
6/1/2019 110,000 61,750 171,75C
6/1/2020 115,000 58,175 173,175
6/1/2021 115,000 54,438 169,438
6/1/2022 120,000 50,700 170,700
6/1/2023 125,000 46,800 171,800
6/1/2024 130,000 42,738 172,738
6/1/2025 135,000 38,513 173,513
6/1/2026 135,000 34,125 169,125
6/1/2027 140,000 29,738 169,738
6/1/2028 145,000 25,188 170,188
6/1/2029 150,000 20,475 170,475
6/1/2030 155,000 15,600 170,600
6/1/2031 160,000 10,563 170,563
6/1/2032 165,000 5,363 170,363
Total $2,000,000 $555,913 $2,555,913
17-FI-011 -SALES TAX REV NOTE SERIES 2017-Addendum No. 1 5/24/2017
City of Edgewater
Half Cent State Sales Tax
Historical collections 2007-2016
2016 $1,123,585.91
2015 1,073,93 7.57
2014 1,007,374.66
2013 954,159.70
2012 908,011.42
2011 872,216.46
2010 872,323.28
2009 896,292.43
2008 933,906.96
2007 1,086,964.85
Q3. Can you provide further detail on the use of the 27-acre land purchase, please?Will this land be
developed or held for parks&recreation?
A3. This property will be developed and will feature a boat ramp,playground,fishing piers and other
amenities to highlight a water front park.
44. Is this considered a competitive procurement?
A4. Yes,Resolution 2016-R-33 "Purchasing Policy"Section VI1 apply to this solicitation.
Signature acknowledges r-ceipt and understanding of this addendum. _ ;
� ' /s. 3,¢x/
Name/Title
17-FI-011-SALES TAX REV NOTE SERIES 2017-Addendum No. 1 5/24/2017
ADDENDUM NUMBER 2
17-FI-011
SALES TAX REV NOTE SERIES 2017
CITY OF EDGEWATER
To.All Plan Holders:
The following changes, clarification and additions are hereby made part of the RFP 17-Fl-0i1 for the above
SALES TAX REV NOTE SERIES 2017 as fully and completely as if the same were fully set forth therein.
QUESTIONS AND ANSWERS
Qi. Can you provide more detail on the location of land to be developed, please? Also, any background
on the City's determination of necessity for the project,please?
Al. A copy of the survey and the conceptual plan is included as a part of this Addendum. The City, with its
anticipated growth and per our Comprehensive Plan, indicates additional park space is needed as continued
growth comes to Edgewater.
ATTACHEMENTS
• Property Survey
• Conceptual Plan
Signature ackno ledges receipt and understanding of this addendum. ,.
/ Name/Title St7
fb4//7
17-FI-011-SALES TAX REV NOTE SERIES 2017-Addendum No.2 5/24/2017
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ADDENDUM NUMBER 3
17-FI-011
SALES TAX REV NOTE SERIES 2017
CITY OF EDGEWATER
To All Plan Holders:
The following changes, clarification and additions are hereby made part of the RFP 17-FI-011 for the above
SALES TAX REV NOTE SERIES 2017 as fully and completely as if the same were fully set forth therein.
QUESTIONS AND ANSWERS
Ql. Within the CAFR, we are not able to locate what category of revenues that the half cent sales tax 's
directed,and on the expense side is there a specific purpose for this sales tax?
Al. The sales tax pledged to the loan are the proceeds of the local government half cent sales taxes
distributed to the City under Chapter 211 Florida Statues, these revenues are included as part of
Intergovernmental on page 7 of the FY2016CAFR
.
The CAFR does not provide a separate breakdown of the%cent sales tax receipts. This breakdown is in the
RFP in Appendix B—Historical Sales Tax Collections and in Addendum N 1.
Q2. What is the current sales tax rate for the City?
A2. The Volusia Sales tax is 6.50%. (the extra.50%goes solely to Volusia County Schools)
Signature ackno edges r:ceipt and understanding of this addendum.
Name/Title
s'�3o�17
17-FI-011 -SALES TAX REV NOTE SERIES 2017-Addendum No.3 5/30/2017
CITY CLERK REPORT—June 5, 2017
ITEM #11.a.
1) I handed out a memo updating you do the status of employees or lack thereof in the
Clerk's Office & my upcoming scheduled time off. I just wanted to give you an update
that I have hired a new employee that will hopefully be starting on Monday, June 12`h.
2) need to see if you can attend a Special Meeting on Thursday, June 15th at 5:45 pm for the
Sales Tax Revenue Note Series 2017?
3) also wanted remind you that we have a Budget Workshop on Thursday, June 15th at 6:00
pm
4) an additional reminder - our July meetings will be on July 17th starting at 3:30 with a
CRA Meeting; 4:00 pm- Budget Workshop & 6:00 pm Council Meeting
(Clerk/Council/Clerk Reports/01-09-2017)
11)
City of
ILEDGEFlorida ATER
INTER-OFFICE MEMORANDUM
TO: City Council, City Manager
FROM: Robin L. Matusick, City ClerklParalegal
MEMO NO: 2017-004
DATE: May 31, 2017
SUBJECT: City Clerk's Office - Update on Personnel & Scheduled Time Off
Just wanted to provide an update on the current status in the City Clerk's Office -
1) Jordan transferred back to the Finance Department effective May 18th;
2) Tonya transferred to Human Resources Department effective May 30tH
I am currently in the process of interviewing applicants for replacement.
In the meantime, I am taking care of our day to day needs in the Clerk's Office. When I am
unable to be available in the office due to a meeting, etc. there is a sign on the door informing
anyone to go next door to the Planning Department or to call our number and leave a message &
the call will be returned.
Mitch Honaker(retired Deputy City Clerk) will be coming in a couple of afternoons a week after
June 16th to help out in whatever we might need.
Prior to the transfers, I had scheduled the following time where I would be out of the office -
1) part of Wednesday, June 7th thru Friday, June 9th;
2) on a cruise Saturday, June 17th back sometime Wednesday, June 21St;
3) Sunday, June 26th thru a portion of Wednesday, June 28th - Clerks Conference.
During this time, Bonnie and Chris will be helping out when needed.
Thanks for your patience & understanding & do not hesitate to call if you have any questions!
Office of the City Clerk/Paralegal
P.O.Box 100•Edgewater.FL 32132-0100
(386)424-2400 Ext. 1101 •Fax(386)424-2410
www.cityofedgewater.org
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Clearview Research
Polling Survey
Entity City of Edgewater
1. If a local option sales tax were to pass, what would be your city's number one priority?
Extension of S.R. 442 from I-95 intersection to S.R. 415 (2 lanes with right-of-way
capacity for future widening).
2. List the top 3 or 4 road/traffic infrastructure projects needed in your city.
1) Extend Air Park Rd. to Tatum Road.
2) Extension of Park Ave. west to N. Cow Creek Rd. (2 lanes with Right-of-way
capacity for future widening) and design with future extension to the Restoration
Development.
3) Extend Cow Creek Road to Maytown Road.
4) Repaving of existing Roads
3. List the top 2 or 3 flooding or surface water-related projects needed in your city.
1) Stormwater conveyance system improvements on Riverside Dr. to improve
treatment of run-off to the Indian River.
2) Stormwater conveyance system on improvements on all side streets between
Ridgewood and Riverside Dr.to improve treatment of run-off to the Indian River.
4. List the top infrastructure projects in your city that are not in #'s 1, 2, or 3.
1) Extension of sewer infrastructure and removal if septic tanks within our Utility
Service Area.
2) Extension of sidewalk on S.R. 442 from Airpark Rd. west to I-95 (intersect with
Rails-to Trails trail).
3) Sidewalk/Trail on Hibiscus Dr. to connect to Rotary Park Trailhead for the
Regional Trail System.