HomeMy WebLinkAboutResolution No. 2018-16 JOINT RESOLUTION NO. 2018-16
A JOINT RESOLUTION OF. THE CITY COUNCIL OF THE CITY OF
CAPE CANAVERAL, FLORIDA ("CITY"), AND THE CAPE
CANAVERAL COMMUNITY REDEVELOPMENT AGENCY
("AGENCY"); RECOGNIZING A JOINT PUBLIC PARTNERSHIP
BETWEEN THE CITY AND THE AGENCY RELATED TO THE PENDING
REDEVELOPMENT ACTIVITIES ASSOCIATED WITH THE
REDEVELOPMENT OF CANAVERAL CITY PARK INCLUDING THE
CONSTRUCTION OF A NEW MULTIGENERATIONAL CENTER AND
THE CAPE CANAVERAL CULTURAL ARTS PRESERVATION
ENRICHMENT (CAPE) CENTER (COLLECTIVELY REFERRED TO AS
"REDEVELOPMENT ACTIVITIES"); PROVIDING FOR A FINANCIAL
CONTRIBUTION FROM THE AGENCY TO ASSIST IN FUNDING THE
REDEVELOPMENT ACTIVITIES; PROVIDING FOR THE APPROVAL
OF AN INTERLOCAL AGREEMENT MEMORIALIZING THE TERMS
AND CONDITIONS OF THE AGENCY'S COMMITMENT TO ASSIST IN
FUNDING THE REDEVELOPMENT ACTIVITIES IN AN ANNUAL
AMOUNT EQUAL TO THE ANNUAL PRINCIPAL AND INTEREST
PAYMENT PAID BY THE CITY ON THE BANK LOAN WITH WHITNEY
BANK (D/B/A HANCOCK BANK) WHICH WAS AUTHORIZED BY THE
CITY COUNCIL UNDER ORDINANCE NO. 07-2017 AND RESOLUTION
NO. 2017-10 IN AN AMOUNT EQUAL TO $6.2 MILLION, FOR THE
EXPRESS PURPOSES STATED IN THE LOAN AGREEMENT OF THE
REDEVELOPMENT OF CANAVERAL CITY PARK INCLUDING THE
CONSTRUCTION OF A NEW MULTIGENERATIONAL CENTER, THE
CAPE CANAVERAL CULTURAL ARTS PRESERVATION
ENRICHMENT (CAPE) CENTER AND RELATED CAPITAL
IMPROVEMENTS LOCATED WITHIN THE REDEVELOPMENT AREA;
PROVIDING FOR THE REPEAL OF PRIOR INCONSISTENT
RESOLUTIONS, NO CONFLICTS; SEVERABILITY, AND AN
EFFECTIVE DATE.
WHEREAS, in 2012 the City created the Agency pursuant to Resolution 2012-16; and
WHEREAS, the City and Agency hereby recognize, as more fully explained herein, that
a joint public partnership exists between the Agency and the City for purposes of designing,
permitting, constructing and financing the City of Cape Canaveral Arts/Preservation and
Enrichment (CAPE) Center ("Cape Center"); and (2) Canaveral City Park Redevelopment
including new Multigenerational Center ("Canaveral City Park Redevelopment") to be located
with the Agency's Redevelopment Area("Redevelopment Area"); and
WHEREAS, the Agency is beginning to generate adequate tax increment funding to
commence making significant public capital investments in the Redevelopment Area in
accordance with the Agency's Redevelopment Plan ("Redevelopment Plan") and the Community
City of Cape Canaveral and Cape Canaveral Community Redevelopment Agency
Joint Resolution No.2018-16
Page 1 of 6
Redevelopment Act of 1969 and as more specifically stated herein; and
WHEREAS,this Joint Resolution is adopted in accordance with applicable law including,
but not limited to, the Community Redevelopment Act of 1969, particularly Section 163.400,
Florida Statutes, and the Florida Interlocal Cooperation Act of 1969; and
WHEREAS, the Redevelopment Plan provides that the Agency will formulate, finance
and implement redevelopment strategies that will serve as a catalyst for future redevelopment and
business opportunities within the Redevelopment Area; and
WHEREAS, the Redevelopment Plan also provides that the Agency will provide
necessary public facilities at acceptable levels of service within the Redevelopment Area to
accommodate existing and future needs as proposed development occurs within the
Redevelopment Area including, but not limited to, (i) the Agency working with all appropriate
government agencies and private utilities to ensure the provision of adequate services and facilities
within the Redevelopment Area including parks and recreation and other public services; (ii) the
Agency pursuing adequate park and recreation facilities, open space and beautification
opportunities that may be desirable for neighborhood improvement,with special consideration for
the health, safety and welfare of children; and
WHEREAS, as a result of a City of Cape Canaveral initiated strategic planning process,
the City has identified two important public capital improvement projects and redevelopment
activities to be constructed in the very near future which will improve and enhance the park and
recreational facilities,open space and beautification opportunities within the Redevelopment Area:
the (1) the Cape Center and (2) Canaveral City Park Redevelopment projects; and
WHEREAS, the Cape Center will be located in the historic old city hall building and is
intended to support local culture, commerce and education and serve as a venue for cultural
enrichment/education programs and a mechanism for public engagement in the arts and repository
for the City's rich cultural heritage; and
WHEREAS,the redevelopment of Canaveral City Park,which is the City's most centrally
located park, will include a new Multigenerational Center, and other public recreational amenities
that will serve as the central recreational hub of the community and engage people of all ages in
cultural and recreational activities; and
WHEREAS, both the Cape Center and the Canaveral City Park Redevelopment projects
are major redevelopment activities which are expressly contemplated by, and in furtherance of
implementing,the goals, policies and objectives set forth in the Redevelopment Plan; and
WHEREAS, the current and previous annual budgets and capital improvement plans of
the City and Agency provide that the Agency will participate with the City in funding the
construction of the Cape Center and Canaveral City Park Redevelopment projects; and
WHEREAS, the Agency and City desire to partner together in pursuing the construction
City of Cape Canaveral and Cape Canaveral Community Redevelopment Agency
Joint Resolution No.2018-16
Page 2 of 6
of the redevelopment activities associated with the Cape Center and Canaveral City Park
Redevelopment projects for purposes of providing adequate services and facilities within the
Redevelopment Area including parks and recreation and other public services, and for purposes of
providing adequate park and recreation facilities, open space and beautification opportunities that
may be desirable for the residents and businesses of Cape Canaveral and the Redevelopment Area;
and
WHEREAS, the Agency and City also desire to pursue these redevelopment activities to
promote future economic development within the Redevelopment Area and the City; and
WHEREAS,to expedite the funding of the aforementioned redevelopment activities under
historically favorable lending terms, the City Council adopted Ordinance No. 7-2017 and
Resolution No. 2017-10 authorizing a loan agreement with Whitney Bank (d/b/a Hancock Bank)
for a loan in the amount$6,200,000 with a term of 10 years and an interest rate of 2.05% ("Bank
Loan"); and
WHEREAS,the Bank Loan is in furtherance of the City and the Agency having adequate
funding to complete the future design, permitting and construction of the Cape Center and
Canaveral City Park projects; and
WHEREAS, the Agency has now generated sufficient annual tax increment funding to
reimburse the City the annual principal & interest payments on the Bank Loan as the Agency's
financial contribution to the aforementioned redevelopment activities in furtherance of the
Redevelopment Plan; and
WHEREAS, although the financial commitment made by the Agency hereunder and
accepted and agreed to by the City under this Joint Resolution is not a loan between the City and
the Agency, to the extent that this Joint Resolution and attached Interlocal Agreement are
construed as a loan, the Agency and City are aware that the Florida Attorney General has
previously opined that loans between a city and redevelopment agency comply with Florida law.
See Op. Fla. Att'y Gen. 2001-30; and
WHEREAS, it is necessary and proper for the Agency to agree to contribute to the
financing of the Cape Center, Canaveral City Park Redevelopment projects and any other capital
projects within the Agency's Redevelopment Area and to reimburse the City for the annual
principal and interest payments paid by the City on the Bank Loan under the terms and conditions
of this Agreement; and
WHEREAS,the City and Agency are desirous of entering into an interlocal agreement to
provide for the Agency's commitment to reimburse the City for the annual principal and interest
payments paid on the Bank Loan from increment revenues deposited into the Redevelopment Trust
Fund, and by any other available funding received by the Agency, or the proceeds of future bonds
that may be issued by the Agency in the future; and
WHEREAS, the City and the Agency hereby deem the terms and conditions of the
City of Cape Canaveral and Cape Canaveral Community Redevelopment Agency
Joint Resolution No.2018-16
Page 3 of 6
attached Interlocal Agreement to be consistent with the existing goals, policies and objectives of
the Redevelopment Plan; and
WHEREAS, the City Council of the City of Cape Canaveral, Florida, and the governing
board of the Cape Canaveral Community Redevelopment Agency, hereby find this Resolution to
be in the best interests of the public health, safety, and welfare of the citizens of Cape Canaveral
and the Redevelopment Area.
NOW, THEREFORE, BE IT JOINTLY RESOLVED BY THE CITY OF CAPE
CANAVERAL, BREVARD COUNTY, FLORIDA, AND THE CAPE CANAVERAL
COMMUNITY REDEVELOPMENT AGENCY,AS FOLLOWS:
Section 1. Recitals. The foregoing recitals are hereby fully incorporated herein by
this reference as findings of the City Council of Cape Canaveral and the governing board of the
Agency.
Section 2. Adoption of Interlocal Agreement. The Interlocal Agreement attached
hereto as ATTACHMENT "1" is hereby approved by the City and the Agency and shall be
deemed fully incorporated into this Joint Resolution by this reference ("Interlocal Agreement").
The Interlocal Agreement shall be dated September 18, 2018 and become effective on that date.
Section 3. Repeal of Prior Inconsistent Resolutions. All prior inconsistent Joint
Resolutions adopted by the City Council and Agency are hereby repealed.
Section 4. Severability. If any section, clause, phrase, word, or provision of this
Joint Resolution is for any reason held invalid or unconstitutional by a court of competent
jurisdiction, whether for substantive or procedural reasons, such portion shall be deemed a
separate, distinct, and independent provision, and such holding shall not affect the validity of the
remaining portions of this Joint Resolution.
Section 5. No Conflict. The City and Agency hereby declare that this Joint
Resolution is mutually beneficial to each party's objectives and does not present a conflict of
interest between the City and the Agency.
Section 6. Effective Date. This Joint Resolution shall become effective immediately
upon adoption by the City Council of the City of Cape Canaveral,Florida and the Cape Canaveral
Community Redevelopment Agency. This Joint Resolution shall not be effective or binding until
approved by both the Agency and the City.
(SIGNATURE PAGE FOLLOWS)
City of Cape Canaveral and Cape Canaveral Community Redevelopment Agency
Joint Resolution No.2018-16
Page 4 of 6
ADOPTED at a Regular Meeting of the City Council of the City of Cape Canaveral,
Florida, assembled this 18th day of September, 2018.
CITY OF CAPE CANAVERAL
Bob Hoog,Mayor
ATTEST:
Mia Goforth, CMC
City Clerk Name FOR AGAINST
Mike Brown x
Bob Hoog x
Wes Morrison Motion
Rocky Randels x
Angela Raymond Second
Approved as to form and legal sufficiency for the _
City only:
Anthony A. Garganese, City Attorney
City of Cape Canaveral and Cape Canaveral Community Redevelopment Agency
Joint Resolution No.2018-16
Page 5 of 6
ADOPTED at a Regular Meeting of the Cape Canaveral Community Redevelopment
Agency assembled this 18th day of September, 2018.
CAPE CANAVERAL COMMUNITY
REDEVELOPMENT AGENCY
Bob Hoog, Chairman
ATTEST:
Mia Goforth, CMC, City Clerk
Name FOR AGAINST
Mike Brown Second
Bob Hoog x
Wes Morrison X
Rocky Randels x
Angela Raymond Motion
Approved as to form and legal sufficiency for the
Agency only:
Anthony A. Garganese,Agency Attorney
City of Cape Canaveral and Cape Canaveral Community Redevelopment Agency
Joint Resolution No.2018-16
Page 6 of 6
Joint Resolution No. 2018-16
Attachment "1"
Prepared by and return to:
Anthony A. Garganese, City Attorney
Garganese, Weiss, D'Agresta & Salzman, P.A.
Post Office Box 2873
Orlando, Florida 32802-2873
(407) 425-9566
INTERLOCAL AGREEMENT
(Financial Contribution for Public Redevelopment Activities)
This Agreement entered into this 18th day of September, 2018, by and between the
CITY OF CAPE CANAVERAL, FLORIDA, a municipal corporation of the State of Florida
("City"), and the CAPE CANAVERAL COMMUNITY REDEVELOPMENT AGENCY, a
body politic and corporate created pursuant to Part III, Chapter 163, Florida Statutes and City of
Cape Canaveral Resolution No. 2012-16 ("Agency").
WITNESSETH:
WHEREAS, in 2012 the City created the Agency pursuant to Resolution 2012-16; and
WHEREAS, the City and Agency hereby recognize, as more fully explained herein, that
a joint public partnership exists between the Agency and the City for purposes of designing,
permitting, constructing and financing the City of Cape Canaveral Arts/Preservation and
Enrichment (CAPE) Center ("Cape Center"); and (2) Canaveral City Park Redevelopment
including new Multigenerational Center ("Canaveral City Park Redevelopment") to be located
within the Agency's Redevelopment Area("Redevelopment Area"); and
WHEREAS, the Agency is beginning to generate adequate tax increment funding to
commence making significant public capital investments in the Redevelopment Area in
Interlocal Agreement
City of Cape Canaveral-Cape Canaveral Community Redevelopment Agency
2018 Loan Payment Reimbursement Agreement
Page 1 of 16
Joint Resolution No. 2018-16
Attachment"1"
accordance with the Agency's Redevelopment Plan ("Redevelopment Plan") and the Community
Redevelopment Act of 1969 and as more specifically stated herein; and
WHEREAS, the Redevelopment Plan provides that the Agency will fonnulate, finance
and implement redevelopment strategies that will serve as a catalyst for future redevelopment
and business opportunities within the Redevelopment Area; and
WHEREAS, the Redevelopment Plan also provides that the Agency will provide
necessary public facilities at acceptable levels of service within the Redevelopment Area to
accommodate existing and future needs as proposed development occurs within the
Redevelopment Area including, but not limited to, (i) the Agency working with all appropriate
government agencies and private utilities to ensure the provision of adequate services and
facilities within the Redevelopment Area including parks and recreation and other public
services; (ii) the Agency pursuing adequate park and recreation facilities, open space and
beautification opportunities that may be desirable for neighborhood improvement, with special
consideration for the health, safety and welfare of children; and
WHEREAS, as a result of a City of Cape Canaveral initiated strategic planning process,
the City has identified two important public capital improvement projects and redevelopment
activities to be constructed in the very near future which will improve and enhance the park and
recreational facilities, open space and beautification opportunities within the Redevelopment
Area: the (1) the Cape Center and (2) Canaveral City Park Redevelopment projects; and
WHEREAS, the Cape Center will be located in the historic old city hall building and is
intended to support local culture, commerce and education and serve as a venue for cultural
Interlocal Agreement
City of Cape Canaveral-Cape Canaveral Community Redevelopment Agency
2018 Loan Payment Reimbursement Agreement
Page 2 of 16
Joint Resolution No. 2018-16
Attachment"1"
enrichment/education programs and a mechanism for public engagement in the arts and
repository for the City's rich cultural heritage; and
WHEREAS, the redevelopment of Canaveral City Park, which is the City's most
centrally located park, will include a new Multigenerational Center and other public recreational
amenities that will serve as the central recreational hub of the community and engage people of
all ages in cultural and recreational activities; and
WHEREAS, both the Cape Center and the Canaveral City Park Redevelopment projects
are major redevelopment activities which are expressly contemplated by, and in furtherance of
implementing, the goals, policies and objectives set forth in the Redevelopment Plan; and
WHEREAS, the current and previous annual budgets and capital improvement plans of
the City and Agency provide that the Agency will participate with the City in funding the
construction of the Cape Center and Canaveral City Park Redevelopment projects; and
WHEREAS, the Agency and City desire to partner together in pursuing the construction
of the redevelopment activities associated with the Cape Center and Canaveral City Park
Redevelopment projects for purposes of providing adequate services and facilities within the
Redevelopment Area including parks and recreation and other public services, and for purposes
of providing adequate park and recreation facilities, open space and beautification opportunities
that may be desirable for the residents and businesses of Cape Canaveral and the Redevelopment
Area; and
WHEREAS, the Agency and City also desire to pursue these redevelopment activities to
promote future economic development within the Redevelopment Area and the City; and
Interlocal Agreement
City of Cape Canaveral -Cape Canaveral Community Redevelopment Agency
2018 Loan Payment Reimbursement Agreement
Page 3 of 16
Joint Resolution No. 2018-16
Attachment "1"
WHEREAS, to expedite the funding of the aforementioned redevelopment activities
under historically favorable lending terms, the City Council adopted Ordinance No. 7-2017 and
Resolution No. 2017-10 authorizing a loan agreement with Whitney Bank (d/b/a Hancock Bank)
for a loan in the amount $6,200,000, as more specifically defined in Section 3(a) of this
Interlocal Agreement("Bank Loan"); and
WHEREAS, the Bank Loan is in furtherance of the City and the Agency having
adequate funding to complete the future design, permitting and construction of the Cape Center
and Canaveral City Park projects; and
WHEREAS, the Agency has now generated sufficient annual tax increment funding to
reimburse the City the annual principal & interest payments on the Bank Loan as the Agency's
financial contribution to the aforementioned redevelopment activities in furtherance of the
Redevelopment Plan; and
WHEREAS, although the financial commitment made by the Agency hereunder and
accepted and agreed to by the City under this Joint Resolution is not a loan between the City and
the Agency, to the extent that this Joint Resolution and attached Interlocal Agreement are
construed as a loan, the Agency and City are aware that the Florida Attorney General has
previously opined that loans between a city and redevelopment agency comply with Florida law.
See Op. Fla. Att'y Gen. 2001-30; and
WHEREAS, it is necessary and proper for the Agency to agree to contribute to the
financing of the Cape Center, Canaveral City Park Redevelopment projects and any other capital
projects within the Agency's Redevelopment Area and to reimburse the City for the annual
Interlocal Agreement
City of Cape Canaveral-Cape Canaveral Community Redevelopment Agency
2018 Loan Payment Reimbursement Agreement
Page 4 of 16
Joint Resolution No. 2018-16
Attachment "1"
principal and interest payments paid by the City on the Bank Loan under the terms and
conditions of this Agreement; and
WHEREAS, the City and Agency are desirous of entering into this Interlocal Agreement
to provide for the Agency's commitment to reimburse the City for the annual principal and
interest payments paid on the Bank Loan from increment revenues deposited into the
Redevelopment Trust Fund, and by any other available funding received by the Agency, or the
proceeds of future bonds that may be issued by the Agency in the future; and
WHEREAS, the City and the Agency hereby deem the terms and conditions of this
Interlocal Agreement are consistent with the existing goals, policies and objectives of the
Redevelopment Plan; and
WHEREAS, the City Council of the City of Cape Canaveral, Florida, and the governing
board of the Cape Canaveral Community Redevelopment Agency, hereby find this Interlocal
Agreement to be in the best interests of the public health, safety, and welfare of the citizens of
Cape Canaveral and the Redevelopment Area.
NOW, THEREFORE, in consideration of the mutual promises and covenants contained
herein, the parties hereto agree as follows:
SECTION 1. RECITALS; AUTHORITY. The foregoing recitals are true and correct
and hereby incorporated herein by this reference. This Agreement is entered into pursuant to the
authority of Section 163.01, Florida Statutes, and Part III, Chapter 163, Florida Statutes,
particularly including Section 163.400, Florida Statutes.
Interlocal Agreement
City of Cape Canaveral -Cape Canaveral Community Redevelopment Agency
2018 Loan Payment Reimbursement Agreement
Page 5 of 16
Joint Resolution No. 2018-16
Attachment"1"
SECTION 2. CONSISTENCY WITH THE REDEVELOPMENT PLAN. The City
and the Agency hereby agree that this Agreement is consistent with the Agency's
Redevelopment Plan, and that a modification of the Redevelopment Plan is not legally necessary
to approve, execute and implement the terms and conditions of this Interlocal Agreement.
SECTION 3. DEFINITIONS.
(a) As used in this Agreement, the following terms shall have the following
meanings:
(1) "Act" means the actions by the governing body of the Agency and the City
Council creating the Agency and authorizing this Interlocal Agreement, Section
163.01, Florida Statutes, as amended, Part III, Chapter 163, Florida Statutes, and
other applicable provisions of law.
(2) "Agency" means the Cape Canaveral Community Redevelopment Agency
Florida, and any successor thereto.
(3) "Bank Loan" means that certain bank loan authorized by the City's City
Council by Ordinance No. 7-2017 and Resolution No. 2017-10 authorizing a loan
agreement between the City and Whitney Bank (d/b/a Hancock Bank) in the
original principal amount of up to Six Million Two Hundred Thousand and
No/100 Dollars ($6,200,000.00), with a term of 10 years and interest rate of
2.05%, for purposes of funding the CAPE Center, Canaveral City Park projects
and other related capital improvements. Said Bank Loan is payable in accordance
Interlocal Agreement
City of Cape Canaveral-Cape Canaveral Community Redevelopment Agency
2018 Loan Payment Reimbursement Agreement
Page 6 of 16
Joint Resolution No. 2018-16
Attachment"1"
with the attached Debt Service Schedule, which is hereby fully incorporated
herein as EXHIBIT "A."
(4) "Area" or "Redevelopment Area" means the Agency's jurisdictional area
of operation which is legally described and set forth in City Resolution 2012-16,
as may be amended.
(5) "City" means the City of Cape Canaveral, Florida, a Florida municipal
corporation.
(6) "City Council" means the elected governing body of the City.
(7) "Fiscal Year" means the period commencing on October 1 of each year
and continuing to and including the succeeding September 30.
(8) "Governing Body" means the governing board of the Agency, or any
successor board, commission or council thereto.
(9) "Increment Revenues" means any monies deposited in the Redevelopment
Trust Fund pursuant to Section 163.387, Florida Statutes, plus any investment
earnings thereof.
(10) "Plan" means the Redevelopment Plan adopted by the Agency and the
City Council pursuant to the Act for redevelopment in the area of operation of the
Agency.
(11) "Redevelopment Activities" shall mean those activities funded by the
Bank Loan located within the Redevelopment Area, specifically the Cape Center
and Canaveral City Park projects and other related capital improvements, and
Interlocal Agreement
City of Cape Canaveral -Cape Canaveral Community Redevelopment Agency
2018 Loan Payment Reimbursement Agreement
Page 7 of 16
Joint Resolution No. 2018-16
Attachment "1"
falling within the definitions of "community redevelopment," "redevelopment,"
"related activities," and "community policing innovation" as those terms are
defined in section 163.340, Florida Statutes, and authorized by the Plan including
design, engineering, permitting and construction costs incurred by the City and/or
Agency directly related to such activities.
(12) "Redevelopment Trust Fund" means the redevelopment trust fund of the
Agency created and established pursuant to the Act in which Increment Revenues
are deposited.
(b) Words importing singular numbers shall include the plural number in each case
and vice versa, and words importing persons shall include firms, corporations or other entities,
including governments or governmental bodies. References to Florida Statutes are to Florida
Statutes (2018), as amended.
SECTION 4. FINDINGS AND DETERMINATIONS.
(a) The parties hereto recognize and find that it is in the best interest of each party
and the public to establish an additional cooperative relationship between the parties hereto in
order to best carry out the purposes of the Act, specifically including the Redevelopment
Activities which will occur within the Area on a timely and expeditious basis. The parties hereto
do further find that the Agency has sufficient available funds to timely carry out the financial
contribution required by Section 5 of this Interlocal Agreement to assist in funding the certain
Redevelopment Activities under the Act and more specifically described herein.
Interlocal Agreement
City of Cape Canaveral -Cape Canaveral Community Redevelopment Agency
2018 Loan Payment Reimbursement Agreement
Page 8 of 16
Joint Resolution No. 2018-16
Attachment "1"
(b) It is hereby ascertained, determined and declared by the Governing Body of the
Agency, that:
(1) It is in the best interests of the citizens of the City and is contemplated by
the Act and the Agency's Redevelopment Plan that the Agency undertake certain
actions in order to further the redevelopment of its Area of operation within the
corporate limits of the City through the implementation of the Plan by engaging
in the Redevelopment Activities.
(2) The Agency is authorized under the Act to use Increment Revenues and
other available funds of the Agency, if any, to make the financial contribution to
the City pursuant to Section 163.400, Florida Statutes, to pay all or a portion of
the Redevelopment Activities of the City and Agency.
(3) The financial contribution required under this Interlocal Agreement will
be paid from all available funding sources available to the Agency including, but
not limited to, Increment Revenues, grants, and any Agency Bonds that may be
issued by the Agency if warranted and financially feasible, and the Agency is
authorized under the Act to issue, if necessary, any future Agency Notes without
a vote of the electors residing within the area of operation of the Agency or within
the City or any part thereof.
SECTION 5. AUTHORIZATION; FINANCIAL CONTRIBUTION.
(a) On a fiscal year basis, the Agency agrees to make a financial contribution to the
City from any available funds in an amount equal to each loan payment due, and paid by the
Interlocal Agreement
City of Cape Canaveral-Cape Canaveral Community Redevelopment Agency
2018 Loan Payment Reimbursement Agreement
Page 9 of 16
Joint Resolution No. 2018-16
Attachment "1"
City, under the Bank Loan, as more specifically stated in the Debt Service Schedule attached
hereto as EXHIBIT "A." The reimbursement commitment made by the Agency under this
Section shall be retroactive to the first loan payment made by the City and shall continue until
such time as the Bank Loan is deemed paid in full by the City and the bank. However, the
Agency shall not be responsible for reimbursing the City for any penalties or fees incurred by the
City as a result of late payments. Consistent with the terms and conditions of the Bank Loan, the
Agency's financial contribution made under this Interlocal Agreement is likewise intended to be
used for, and contingent upon the City, constructing the Redevelopment Activities.
(b) The Agency agrees to annually budget and appropriate sufficient funds to snake
the reimbursement payment required by this Section from: (i) Increment Revenues; (ii) all other
revenue and funding sources available and received by the Agency at any given time, and (iii)
the proceeds from any Agency Bonds that may be issued by the Agency with the City's approval
to make the reimbursement commitment required by this Section.
(c) The Agency's commitment and obligations under this Section shall not be
deemed to constitute a general obligation of the Agency or the City or a debt, liability or
obligation of the Agency, the City, the State of Florida or any political subdivision thereof or a
pledge of the faith and credit of the Agency, the City, the State of Florida or any political
subdivision thereof. Neither the Agency, the City, the State of Florida or any political
subdivision thereof, shall be directly, indirectly or contingently obligated to levy or to pledge
any form of ad valorem taxation whatsoever for the Agency's obligation to snake the financial
commitment required by this Section or the City's obligation to repay the Bank Loan.
Interlocal Agreement
City of Cape Canaveral -Cape Canaveral Community Redevelopment Agency
CRA Initial Funding Loan Agreement
Page 10 of 16
Joint Resolution No. 2018-16
Attachment "1"
(d) The Agency covenants and agrees to perform and comply in every respect
material to the financial commitment required under this Section with all applicable laws, rules
and regulations relating to the preparation and implementation of the Plan and the performance
of the Agency's covenants and obligations hereunder.
SECTION 6. REMEDIES; NO GENERAL OBLIGATION. In the event
the Agency should fail to perform any promise, covenant or condition contained herein, the City
shall be entitled to seek any remedy then available to it under applicable law and may proceed to
obtain equitable relief, including injunctive relief, from any court of competent jurisdiction. The
parties hereto recognize and acknowledge that the only sources of payment to the City of the
Agency's financial commitment herein are the Increment Revenues deposited in the
Redevelopment Trust Fund, funds from any other revenue and funding sources available and
received by the Agency at any given time, and the proceeds from any Agency Bonds issued to
pay the financial commitment under this Interlocal Agreement, and the obligation evidenced
here is not a general obligation or a pledge of the full faith and credit of the Agency or any other
governmental entity or political subdivision of the State of Florida, under any applicable
statutory or constitutional provision.
SECTION 7. REPRESENTATIONS AND WARRANTIES.
(a) The Agency does hereby represent and warrant to the City that it has all
requisite power, authority and authorization to enter into this Agreement and has taken, or will
take, all necessary actions required to enter into this Agreement, make any payment
Interlocal Agreement
City of Cape Canaveral-Cape Canaveral Community Redevelopment Agency
CRA Initial Funding Loan Agreement
Page 11 of 16
Joint Resolution No. 2018-16
Attachment "1"
contemplated hereby, and to fulfill any and all of its obligations, duties and responsibilities for or
required of it by this Agreement, for their exercise individually or collectively.
(b) The City does hereby represent and warrant to the Agency that it has all
requisite power, authority, and authorization to enter into this Agreement, has taken, or will take
in the near future, all necessary actions required to enter into this Agreement, and to fulfill any
and all of its obligations, duties and responsibilities for or required of it by this Agreement,
whether exercised individually or collectively.
(c) The City does hereby represent and warrant to the Agency that it does not
intend to sell, convey or assign the Bank Loan or proceeds thereof to any other person and
intends to hold the Bank Loan until maturity.
(d) The City does hereby represent and warrant that the financial contribution
made by the Agency under this Interlocal Agreement will be used to repay the Bank Loan for
purposes of funding the Redevelopment Activities.
SECTION 8. AMENDMENTS. This Agreement may be amended only by
the mutual written agreement of the City and the Agency at any time and from time to time.
SECTION 9. THIS AGREEMENT CONSTITUTES A CONTRACT. In
consideration of the acceptance of their mutual duties, obligations, and responsibilities
hereunder, this Agreement shall be deemed to be and shall constitute a contract between the City
and the Agency.
SECTION 10. SEVERABILITY. If any one or more of the covenants,
agreements or provisions of this Agreement shall be held contrary to any express provisions of
Interlocal Agreement
City of Cape Canaveral -Cape Canaveral Community Redevelopment Agency
CRA Initial Funding Loan Agreement
Page 12 of 16
Joint Resolution No. 2018-16
Attachment "1"
law or contrary to any policy or express law, although not expressly prohibited, or against public
policy, or shall for any reason whatsoever be held invalid, then such covenants, agreements or
provisions shall be null and void and shall be deemed separate from the remaining covenants,
agreements or provisions of this Agreement.
SECTION 11. CONTROLLING LAW. All covenants, stipulations,
obligations, and agreements of the City and the Agency contained in this Agreement shall be
deemed to be covenants, stipulations, obligations and agreements of each of the City and
Agency, respectively, to the full extent authorized by the Act and provided by the Constitution or
the laws of the State of Florida. Any and all provisions of this Agreement and any proceedings
seeking to enforce or challenge any provisions of this Agreement shall be governed by the laws
of the State of Florida. Venue for any proceeding pertaining to this Agreement shall be Brevard
County, Florida.
SECTION 12. NO MEMBER LIABILITY. No covenant, stipulation,
obligation or agreement contained herein shall be deemed to be a covenant, stipulation,
obligation or agreement of any present or future member of the governing body or agent or
employee of the City or the Agency in its, his or their individual capacity, and neither the
members of the City Council or the Governing Body of the Agency, nor any official executing
this Agreement shall be liable personally or shall be subject to any accountability for reason of
the execution by the City or the Agency of this Agreement or any act pertaining thereto.
SECTION 13. FILING OF AGREEMENT ONLY. The Clerk of the City is
hereby authorized and directed after approval of this Agreement by the City Council and the
Interlocal Agreement
City of Cape Canaveral-Cape Canaveral Community Redevelopment Agency
CRA Initial Funding Loan Agreement
Page 13 of 16
Joint Resolution No. 2018-16
Attachment"1"
Governing Body of the Agency and the execution thereof by the duly qualified and authorized
officers of each of the parties hereto, to file this Agreement with the Clerk of the Circuit Court of
Brevard County, Florida, in accordance with Section 163.01(11), Florida Statutes.
SECTION 14. ASSIGNMENT. Neither party to this Agreement may assign,
sell, transfer, convey, or give any or all of its rights, duties, obligations, and responsibilities
under this Agreement without the prior written approval and consent of the other party.
SECTION 15. EXPIRATION DATE; TERMINATION. Unless extended
by mutual agreement of the City and the Agency by adoption and execution of a subsequent
interlocal agreement, this Agreement shall expire at such time as the City has fully paid all
principal and accrued interest on the Bank Loan or when the Agency sunsets as a legal entity,
whichever occurs first. Notwithstanding the aforesaid, the Agency may terminate this
Agreement if the City decides not to construct the Redevelopment Activities. Further, the
parties may terininate this Agreement by mutual written agreement.
SECTION 16. EFFECTIVE DATE. This Agreement shall become effective
on September 18, 2018 upon the execution by the appropriate officers of the City and the
Agency, and upon filing this Agreement with the Clerk of the Circuit Court of Brevard County,
Florida, as required by Section 163.01(11), Florida Statutes.
IN WITNESS WHEREOF, the parties hereto, by and through the undersigned,
have entered into this Interlocal Agreement on the date and the year first above written.
[Signature Pages Follow]
Interlocal Agreement
City of Cape Canaveral-Cape Canaveral Community Redevelopment Agency
CRA Initial Funding Loan Agreement
Page 14 of 16
Joint Resolution No. 2018-16
Attachment"1"
CITY OF CAPE CANAVERAL, FLORIDA
ATTEST(SEAL):
By.
Mia-Goforth, CMC, City Cler Bob Hoog, Mayor
STATE OF FLORIDA
COUNTY OF BREVARD
I HEREBY CERTIFY that on this day, before me, an officer duly authorized in the State and
County aforesaid to take acknowledgments, personally appeared Bob Hoog, Mayor of the City
of Cape Canaveral,)>to me known personally or ❑ who produced as
identification, to be the person described in and who executed the foregoing instrument and he
acknowledged before me that he executed the saine for the purposes set forth herein, and he did
not swear an oath.
Daniel Roy LeFever
NOTARY PUBLIC
STATE OF FLORIDA
(Notary Seal) Comm#FFM984423
Expires 4/20/2020 NOTARY PUBLIC
My Commission Expires:
Interlocal Agreement
City of Cape Canaveral- Cape Canaveral Community Redevelopment Agency
CRA Initial Funding Loan Agreement
Page 15 of 16
Joint Resolution No. 2018-16
Attachment "1"
CAPE CANAVERAL COMMUNITY REDEVELOPMENT AGENCY
ATTEST:
By:
Mia Goforth, CMC, Recording Secretary Bob Hoog, Chairperson
STATE OF FLORIDA
COUNTY OF BREVARD
I HEREBY CERTIFY that on this day, before me, an officer duly authorized in the State and
County aforesaid to take acknowledgments, personally appeared Bob Hoog, Chairperson of the
Cape Canaveral Community Redevelopment Agency,K to me known personally or ❑ who
produced as identification, to be the person described in and who
executed the foregoing instrument and he acknowledged before me that he executed the same for
the purposes set forth herein, and he did not swear an oath.
Daniel Roy LeFever
NOTARY PUBLIC
(Notary Seal) STATE OF FLORIDA
Comm#FF984423
Expires 4/20/2020 NOTARY PUBLIC
My Commission Expires:
Interlocal Agreement
City of Cape Canaveral-Cape Canaveral Community Redevelopment Agency
CRA Initial Funding Loan Agreement
Page 16 of 16
Joint Resolution No. 2018-16
Attachment "1"
City 0f Cape Canaveral, Florida
Capital Improvement Revenue note, Series 2017
Bank Financing Note - Hancock Sank, Rite = 2.0S%
Debt Service Schedule
Date Principal Coupon Interest Period Total Fiscal Total
2/ 1/18 564.000.00 2.050000
8/ 1/18
N 2/ 1/19 576,000.00 2.050000
8/ 1/19
2/ 1/20 568,000.00 2.050000
67,433.61
57,769.00
57.769.00
51,865.00
51,865.00
631,433.61
57,769.00
633,769.00
51,865.00
639,865.00
8/ 1/20 45,838.00 45,8381.00
2/ 1/21 600,000.00 2.050000 45.838.00 645,838.00
8/ 1/21 39,688.00 39,688.00
2/ 1/22 613,000,00 2.050000 39,688.00 652,688.00
8/ 1/72 33,404.75 33.404.75
2/ 1/23 625,000.00 2.050000
8/ 1/23
2/ 1/24 638,000.00 2.050000
8/ 1/24
2/ 1/25 652,000.00 2.050000
33.404.75
26,998.50
26.998.50
20.159.00
20,459.00
658,404.75
26,998.50
664,996.50
20,159.00
672,459.00
8/ 1/25 13,776.00 13,776.00
2/ 1/25 665,000.00 7.050000 13,776..00 678,776.00
8/ 1/26 6,959.75 6.959.75
2/ 1/27 679,000.00 2.050000 6,959.75 685,959.75
8/ 1/27
ACCRUED
6,200,000.00 660,949.61 6,860,949.61
6,200,000.00 660.949.61 6,660,949.61
Dated 7/20/17 with Delivery of 7/20/17
Bond Years 32,241.444
Average Coupon 2.050000
Average Life 5.200233
N I C % 2.050000 % using 100.0000000
T I C % 2.049931 % From Delivery Date
arbitrage yield 2.049931 %
Prepared by Larson Consulting Services, Orlando, Florida
689,202.61
685,634.00
685.703.00
685.526.00
686.092.75
685,403.25
685,457.50
686,235.00
685,735.75
685.959.75
Micro -Muni Sizing Date: 0S -i1-2017 0 11:03:04 Filename: lrankl7 Key: hancocknay31
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EXHIBIT
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