TO: Honorable Mayor & Members of the North Port Commission
FROM: A. Jerome Fletcher II, ICMA-CM, MPA, City Manager
TITLE: A Resolution of the City Commission of the City of North Port, Florida, Approving, Solely for the Limited Purposes of Section 147(F) of the Internal Revenue Code and Section 163.01, Florida Statutes, Issuance by the Capital Projects Finance Authority of its Educational Facilities Revenue Bonds (Imagine School at North Port Project) in an Aggregate Principal Amount Not to Exceed $60,000,000, The Proceeds From the Sale of Which Will be Used Principally to Finance and Refinance the Cost of Acquiring, Constructing and Improving Certain Charter School Facilities Located Within the City of North Port and Owned and Operated by Imagine School at North Port, Inc.; Authorizing the Execution and Delivery of an Interlocal Agreement With the Authority; Approving a Conflict Waiver Request Submitted by Bryant Miller Olive P.A.; Providing Certain Other Matters in Connection With the Bonds; Providing for Findings; Providing for Payment of Fees and Costs by Borrower; Providing for No Liability or Endorsement; Providing for Indemnification; Providing for Conflicts; Providing for Severability; and Providing an Effective Date.
Recommended Action
Approve Resolution No. 2025-R-44 as presented.
Background Information
Imagine School at North Port, Inc. (the "School") requires approval to receive tax-exempt funding from Capital Projects Finance Authority ("CaPFA") for a project referred to as “Imagine School at North Port,” located at 1700, 1800, 1988 and 2001 East Price Boulevard, North Port, Florida 34288.
CaPFA proposes to issue its Educational Facilities Revenue Bonds (Imagine School at North Port Project) (the "Bonds") in a principal amount not exceeding $60,000,000 and loan the proceeds to the School, to be used for the purpose of financing or refinancing, the acquisition, construction, installation and equipping of charter school facilities consisting of an approximately 136,000 square foot, 3-story building with approximately 95 classrooms, 2 gymnasiums, 2 cafeterias, administrative space and ancillary on property facilities.
To finance or refinance the costs of the project from the proceeds of the Bonds on a tax-exempt basis, it is necessary that a public hearing be held, and the issuance of the Bonds be approved by the City because the School will be located within the City limits.
A hearing was held on May 8, 2025, and found no compelling reason why the Bonds should not be issued. Resolution No. 2025-R-44 authorizes CaPFA to issue the Bonds on behalf of the School at no cost to the City of North Port.
The City is indemnified and any attorney fees will be paid for by the School. Bryant Miller Olive P.A. is counsel to CaPFA in the transaction and also serves as bond counsel to the City. Resolution No. 2025-R-44 authorizes the issuance of the Bonds to finance a project in the City’s jurisdiction and waives a possible conflict of interest.
Resolution No. 2025-R-44 has been reviewed by the Interim City Attorney and is legally correct as to form.
Strategic Plan
Good Governance
Financial Impact
Not applicable.
Procurement
Not applicable.
Attachments:
1. Resolution 2025-R-44 - Approving Capital Projects Finance Authority for Imagine School
Prepared by: Michael Golen, Interim City Attorney
Department Director: Michael Golen, Interim City Attorney