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Daytona Beach approves up to $15M ordinance and $15M line of credit for Jackie Robinson Ballpark improvements
Summary
Commission unanimously approved (7-0) an ordinance authorizing debt up to $15,000,000 for capital improvements at Jackie Robinson Ballpark and a related resolution authorizing a revolving taxable line-of-credit up to $15,000,000 from Truist Bank to fund phase one work, subject to loan agreement language.
On April 2 the Daytona Beach City Commission approved two related actions to finance improvements at Jackie Robinson Ballpark: a second-reading ordinance authorizing the borrowing of money in an amount not to exceed $15,000,000, and a resolution authorizing a revolving taxable line of credit with Truist Bank, not to exceed $15,000,000. The two items were discussed in sequence and each passed unanimously 7-0.
A member of the public, John Nicholson, asked whether the two items together meant a total of $30,000,000 for phase one. The city attorney clarified the distinction: the ordinance provides general authorization required by local code for debt, while the subsequent resolution and loan agreement (the line of credit) are the implementing documents with detailed terms. "The ordinance says the debt is being approved subject to a loan agreement to be approved by resolution," the city attorney explained.
Motion language on the floor identified Commissioner May as the mover for the ordinance with Commissioner Reid seconding; the resolution authorizing the line of credit also passed with no public opposition. No additional conditions or amendments were adopted at the meeting; staff will finalize loan-agreement terms and present final documents as required by local code.
