Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Finance Debt topic
No spam. Unsubscribe anytime.
Commission authorizes $5.5 million loan to buy Turnbull Creek watershed land
Summary
The New Smyrna Beach commission adopted Resolution 39-25 to authorize a $5.5 million tax-exempt loan from TD Public Finance to acquire land in the Turnbull Creek watershed; closing costs estimated at $50,000 and repayment will come from ad valorem taxes authorized by the 2018 referendum.
The city commission on Tuesday voted to authorize a $5,500,000 tax-exempt loan to acquire land along the Turnbull Creek watershed.
Director Drury told the commission the city issued an RFP in September and recommended TD Public Finance Company for a fixed-rate loan maturing in July 2045. "We received 5 proposals, with TD Public Finance being the recommended best option, best overall terms and flexibility, including no prepayment penalty," Drury said. She said estimated closing costs were about $50,000, leaving roughly $5,450,000 for property purchases, and that the note will be repaid from voted ad valorem taxes authorized by the city's 2018 referendum.
A motion to adopt Resolution 39-25 passed on a roll call vote with Commissioners Martin, McGurk and Perrine and Mayor Cleveland voting yes; one commissioner was absent. The measure authorizes execution of the 2025 general obligation loan agreement and related documents necessary to complete the purchase.
City officials said the borrowing is intended to secure land for watershed protection as part of broader stormwater management efforts. Director Drury said the city's financial advisor, Joel Bridal of Hilltop Securities, assisted with the procurement and that the recommended option included flexibility deemed important for future financing needs.
The commission did not amend the loan terms during Tuesday's meeting. The resolution authorizes staff to finalize closing documents and proceed with acquisition steps.
