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St. Pete Beach commission approves first reading of $16 million emergency bridge loan ordinance
Summary
The City Commission approved first reading of Ordinance 2025-15 to authorize a state emergency bridge loan of up to $16 million to cover operating cost shortfalls tied to hurricanes Helene and Milton; loan terms limit repayment to legally available non-ad valorem revenues and carry 0% interest for up to 120 months.
The City Commission of St. Pete Beach on first reading approved Ordinance 2025-15 to authorize the city to apply for and accept an emergency bridge loan from the State of Florida Department of Commerce of up to $16,000,000 to cover operating cost shortfalls linked to hurricanes Helene and Milton.
City Finance Director Devin Schmidt told commissioners the loan is intended as a cushion for the general fund and the wastewater utility to address revenue shortfalls and cash-flow needs arising from storm impacts. "This borrowing would really serve as a cushion for the city to work through our effects, in the general fund and in our wastewater utility," Schmidt said, adding that draw requests would be made in arrears and only after the finance director documents a shortfall.
The loan is expressly for operating costs, not capital expenditures, Schmidt said. Repayment is limited to legally available…
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