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 buy the building and asked that leasing and other locations be reconsidered. Alan Rummel, of 1001 Northview Drive in Sanford, opposed the purchase and said the county would pay a roughly 50% premium over the building’s prior sale price 13 months earlier. "A 50% premium over 13 months ago just seems crazy to me," he said, and urged staff to publish detailed improvement plans and lifecycle cost projections before the county commits taxpayer dollars.

Commissioners pressed staff for information about alternative properties and parking constraints, and some urged pausing the acquisition to review options, citing the county’s other capital needs. Commissioner Martin asked staff to revisit a previously discussed property and provide pricing; staff responded that they had inspected the site but had not received a price from the owner.

The board first voted to "waive our policy" to take action the same night as the public hearing, then approved a resolution "making certain findings and determinations regarding the proposed financing of a warehouse facility, approving the purchaser and requesting the Local Government Commission to approve the financing agreement." Commissioners cast the aye votes aloud; no roll‑call names were recorded in the transcript for that final motion.

Next steps described by staff: finalize terms for the Oct. 6 meeting packet, submit the application to the LGC for its Oct. 7 meeting, and, pending approvals, close the financing later in October.

Opposition at the hearing focused on purchase price, lack of publicly available upfitting and operating cost projections, and whether leasing could be more economical. Supporters of moving forward argued that ownership would secure a long‑term county asset for fleet and public transportation needs.

The board did not adopt a purchase tonight; it approved the interim financing resolution and the process that will let the county seek LGC approval and return with final terms.

Documents referenced at the meeting — the staff financing recommendation, the draft resolution, and the RFP results — are on file with the clerk and were discussed during the public hearing.

Votes at a glance: the board voted to waive the policy on same‑night action and approved a resolution requesting LGC consideration of the limited‑obligation financing.

Provenance (transcript excerpts): "We are here tonight to conduct a public hearing regarding the limited obligation bond financing agreement to finance the Coca Cola building..." (block_id: "238.915", reason_code: "topicintro", evidence_excerpt: "We are here tonight to conduct a public hearing regarding the limited obligation bond financing agreement to finance the Coca Cola building, serving as the new warehouse facility to be used for public safety vehicles, equipment, and housing various administrative functions, and vehicles for the public transportation system.")

"Motion's been made to move forward, making certain findings and determinations regarding the proposed financing..." (block_id: "1739.2201", reason_code: "topicfinish", evidence_excerpt: "Motion's been made to move forward, making certain findings and determinations regarding the proposed financing of a warehouse facility approving the purchaser and requesting the local government commission to approve the financing agreement." )