TO: Honorable Mayor & Members of the North Port Commission
FROM: A. Jerome Fletcher II, ICMA-CM, MPA, City Manager
TITLE: Discussion and Possible Direction Regarding Funding Options for the New Police Department Headquarters Project.
Recommended Action
Discussion and possible direction regarding funding options for the New Police Department Headquarters Project.
Background Information
Ordinance 2025-03 was approved on second reading on February 11, 2025, which allowed the following referendum question to be placed on the May 13, 2025, North Port Special Election:
"To finance a new Police Department headquarters facility, shall the City of North Port be authorized to issue bonds in one or more series in a total aggregate principal amount not to exceed $115,000,000, maturing no later than 30 years from issuance, bearing interest at no more than the maximum lawful rate and payable from ad valorem property taxes levied in amounts sufficient to pay debt service on such bonds?"
The referendum was not successful; therefore, the City will be unable to issue bonds to finance the new Police Department Headquarters Project. If the bonds were approved by voters, the average North Port homeowner with an assessed property value of $246,400 would have seen an initial property tax increase of approximately $121.38 - about $10 a month or 33 cents a day. However, funding the development in a pay as you go model will likely result in higher impacts in order to accumulate the needed funds in a timely manner.
As discussed in previous City Commission meetings, outlined below, the current headquarters building is no longer meeting the needs of the North Port Police Department. Staff continues to seek alternative options for funding this project. In addition to evaluation of mileage rates to supply needed revenues, funding options for consideration are outlined in the attached memo and include:
* Certificates of Participation (COPS)
* Public Private Partnerships (P3)
* Stat...
Click here for full text