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 Purpose of Section 147(F) of the Internal Revenue Code and Section 163.01, Florida Statutes, the Issuance by the Capital Trust Authority of its Multifamily Housing Revenue Bonds (The Waters at North Port Project), in One or More Series of Tax-Exempt Qualified 501(C)(3) Bonds or Taxable Bonds, Pursuant to a Plan of Finance, in an Aggregate Principal Amount Not to Exceed $75,000,000 for the Purpose of Financing or Refinancing the Facilities Herein Described; 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 Conflicts; Providing for Severability, and Providing and Effective Date.
Recommended Action
Approve Resolution No. 2025-R-06 as presented.
Background Information
The Waters at North Port, LLC requires approval to receive funding from Capital Trust Authority (CTA) for a project referred to as “The Waters at North Port,” located at 5300 Pan American Boulevard, North Port, Florida, 34287.
CTA proposes to issue The Waters at North Port, LLC a principal amount not exceeding $75,000,000 of its Multifamily Housing Revenue Bonds, the proceeds of which will be used for the purpose of financing or refinancing, the acquisition, construction, installation and equipping of multi-family rental housing facilities.
The Waters at North Port falls within the City limits, requiring City approval. 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.
A hearing was held on December 27, 2024, and found no compelling reason why the Bonds should not be issued. Resolution No. 2025-R-06 authorizes CTA to issue Bonds on behalf of The Waters at no cost to The City of North Port.
The City is indemnified and any attorney fees will be paid for by The Waters at North Port, LLC. The Waters at North Port, LLC uses bond council of Bryant Miller Olive P.A., which the City also uses for bond council. This resolution authorizes bonds in the City’s jurisdiction and waives possible conflict of interest.
Resolution No. 2025-R-06 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-06
Prepared by: Michael Golen, Interim City Attorney
Department Director: Michael Golen, Interim City Attorney