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Cutler Bay council approves financing package and brownfields steps to advance Legacy Park
Summary
The council authorized bond and loan steps worth up to $17 million (award to TD Public Finance LLC at a locked 4.16% rate reported) and approved brownfield agreement changes designed to let the town capture cleanup tax credits while moving forward on Legacy Park construction and remediation.
The Town of Cutler Bay on March 18 moved forward on financing and legal steps intended to advance construction of Legacy Park and the municipal complex.
Council approved an ordinance and associated resolution authorizing issuance of capital-improvement revenue bonds not to exceed $17 million and approved a loan agreement and bond award to TD Public Finance LLC. Town representatives reported they negotiated more favorable loan timing language — the previously discussed mandatory “put” was extended from 15 to 20 years — and that the borrowing carries a locked interest rate of 4.16 percent. Council voted unanimously on the ordinance and the related financing resolutions.
In closely related action, the council approved two brownfield-related resolutions. The first authorizes an…
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