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North Port tells staff to study unsolicited P3; commission seeks COPs comparison and repayment analysis
Summary
The commission directed staff, bond counsel and PFM to further evaluate an unsolicited public-private partnership (P3) proposal that covers a police headquarters, wastewater upgrades and a solid-waste transfer station, and asked for comparisons with city-run certificates of participation and an explicit review of the city's ability to repay.
The North Port City Commission on July 8 directed staff to undertake a detailed review of an unsolicited public-private partnership (P3) conceptual proposal from Florida Development Solutions LLC that covers three separate projects: a new police department headquarters, wastewater facility expansion and renovation, and a solid-waste transfer station. Commissioners asked city bond counsel and financial advisors PFM to compare the proposal with a city-led certificates of participation (COP) financing option and to evaluate the city's realistic ability to repay any proposed obligations.
City staff said the unsolicited proposal met the city's code requirements for consideration. Ken Arkin of Bryant Miller Olive (city bond counsel) told the commission the projects can be reviewed individually and are not required to be accepted…
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