Lee County begins public hearing on limited-obligation bond to buy Coca-Cola warehouse; board approves resolution to seek LGC approval

The Lee County Board of Commissioners opened a public hearing Sept. 15 on a proposed limited‑obligation bond to finance purchase and improvement of the former Coca‑Cola warehouse to house public‑safety and transportation vehicles and related administrative functions.

County financial adviser Mitch of Davenport told commissioners that the county ran a direct bank loan request for proposals and received six offers. "JPMorgan provided the lowest interest rate... which was a 3.97% for a 15‑year term," Mitch said, adding that the financing would be prepayable after Nov. 1, 2030.

The presentation described the financing structure as a limited‑obligation bond that would be secured by a mortgage on the new warehouse and would require findings and determinations from the board before the Local Government Commission (LGC) considers the financing. Staff said a final resolution returning with complete terms would come to the board Oct. 6 and that the LGC meeting is scheduled for Oct. 7; closing was projected for mid‑October if approved.

During public comment, several residents urged the board not to…