Commissioners permit Hendry-LaBelle recreation board to proceed with financing application for Forry Park concession project

The Hendry County Board granted the Hendry-LaBelle Recreation Board permission to proceed into the financing application and bid/procurement process for a new concession and restroom building at Forry Park but did not approve final funding tonight.

A representative of the Hendry-LaBelle Recreation Board told the board the rec board voted 5–0 to move forward with financing and the procurement process; the loan package discussed with the board included a proposed 25-year adjustable-rate mortgage (ARM) request for $2.5 million from First Bank of Clewiston. The presenter said staff expects construction bids to range from about $1.1 million to $2.0 million and included a contingency buffer in the requested loan amount.

The presenter summarized an amortization scenario and projected income for the park: “The expected annual revenue for Forry Park is $533,724. The current annual loan payment that we have right now is $105,000 annually,” the presenter said, and said an ARM at increasingly higher rates could raise the annual payment to about $198,377 if rates hit the higher scenario presented.

Commissioners asked for more time to review the loan documents and bid specifications. One commissioner said they were not prepared to approve financing tonight and asked that the matter return at the next regular board meeting for final action. The board agreed to bring the request back at the first meeting in April and asked staff to provide the full documentation, including the bid specifications and the loan amortization scenarios prepared by the rec board’s consultant, Rock (firm name referenced in packet).

The recreation representative also said the proposed building is a design-build project and that contractor proposals will include the design and construction within a not-to-exceed number provided to bidders.

Rather than approve financing immediately, the board voted to allow the recreation board to enter the application process and to return to the county commission with full documentation for a later vote.

Key figures provided to commissioners: proposed loan $2,500,000 (25-year ARM), estimated bid range $1,100,000–$2,000,000, expected annual park revenue $533,724, current annual loan payment $105,000, and a higher-rate annual payment scenario of $198,377 with an estimated $230,346.70 remaining for operations in that high-rate scenario. Commissioners asked that any surplus be used to pay down debt rather than for discretionary spending.