Council approves special‑assessment note for Emerson Park infrastructure and related budget amendment

The Apopka City Council on June 4 approved a special‑assessment revenue note to pay for capital improvements in the Emerson Park subdivision and adopted a budget amendment to reflect the financing.

Finance Director Blanche Sherman presented Resolution 2025‑21, authorizing issuance of the City of Apopka Special Assessment Revenue Note, Series 2025 (Emerson Park Assessment Area) in a principal amount not to exceed $2,853,464. The resolution authorizes a limited‑obligation note secured solely by the non‑ad valorem special assessments levied on the Emerson Park assessment area. Sherman said the note’s proceeds will finance streets and sidewalks in Emerson Park and be repaid by the property owners through the special assessment process.

Council also approved Resolution 2025‑22, a budget amendment to record the loan proceeds, previously received contributions from Emerson Park, and the estimated project costs. Sherman explained that the city will close on the note and deposit proceeds to an escrow account to pay the project costs. She outlined the funding mix presented at the meeting: loan proceeds, a developer contribution already received from Emerson Park for improvements (including a partial alley cost), and estimated closing costs and counsel fees for the bond transaction.

Both measures passed unanimously. Sherman and bond advisers were present to answer detailed questions about amounts and the assessment structure. Sherman noted the loan proceeds planned were approximately $2,239,000 and that Emerson Park had provided funds totaling roughly $746,000 for various improvements; the final budget amendment captured closing costs and project contingencies.

Next steps: closing on the revenue note, deposit to escrow and project execution under the special‑assessment process. The assessment structure will be administered through Orange County and repaid by parcels in the Emerson Park assessment area.