Agenda

Back to Calendar Return

County Attorney's Report 16. 1.

BCC Regular Meeting

Discussion

Meeting Date:	12/11/2014
Issue: Governmental Facilities Leasing Corporation
From:	Alison Rogers
Department:	County Attorney's Office
CAO Approval:

RECOMMENDATION:

Recommendation Concerning Governmental Facilities Leasing Corporation

That the Board discuss the attached Notice of Default and Acceleration of Governmental Facilities Leasing Corporation Revenue Bonds, Series 1997B (Northside/Central Services Project) dated October 27, 2014 and consider the following:

A. Whether the Board is willing to waive the ninety (90) day cure period relative to the pending foreclosure; and

B. Whether the Board is willing to take the position that it has no objection to the foreclosure.

BACKGROUND:

The Governmental Facilities Leasing Corporations (GFLC) was created by the Board in order to facilitate the financing and construction of public purpose buildings. Only two buildings were constructed and financed by the GFLC: The Northside Building at 8190 Pensacola Blvd. and Central Services Building at 3670 L Street. However, the GFLC has defaulted on the bond repayments and a foreclosure is underway. The Board has ninety (90) days to pay off the debt and assume title to the two buildings or the Board can waive the cure period and allow the foreclosure to proceed. Approximately ten million dollars ($10,000,000.00) remains due. In the event the foreclosure proceeds and the bank assumes title to the buildings, the Board would then be asked to dissolve the GFLC.

BUDGETARY IMPACT:

N/A

LEGAL CONSIDERATIONS/SIGN-OFF:

N/A

PERSONNEL:

N/A

POLICY/REQUIREMENT FOR BOARD ACTION:

N/A

IMPLEMENTATION/COORDINATION:

N/A

Attachments
Notice of Default