cityofwinterpark.org...2012/12/10 · 1 Meeting Called to Order. 2. Pledge of Allegiance ....
Transcript of cityofwinterpark.org...2012/12/10 · 1 Meeting Called to Order. 2. Pledge of Allegiance ....
1 Meeting Called to Order
2
Invocation Electric Utility Director Jerry Warren Pledge of Allegiance
3 Approval of Agenda
4 Mayor’s Report
a. Presentation - National Arbor Day Foundation of Tree City USA Award, Growth Award and Sterling Award
b. 4th Quarter 2012 Business Recognition Award c. Presentation - Plaques to the owners of three Orwin Manor homes
that were listed on the Winter Park Register of Historic Places
earlier this year d. Presentation - 2012 Plant Operations Excellence Award to the
Winter Park Estates Wastewater Treatment Facility e. Board Appointments
30 minutes
5 City Manager’s Report Projected Time
Regular Meeting
3:30 p.m. March 14, 2011
Commission Chambers
Regular Meeting
December 10, 2012
3:30 p.m.
Commission Chambers
Regular Meeting
December 10, 2012
Commission Chambers
Page 2
6 City Attorney’s Report Projected Time
7 Non-Action Items Projected Time
8
Citizen Comments | 5 p.m. or soon thereafter
(if the meeting ends earlier than 5:00 p.m., the citizen comments will
be at the end of the meeting) (Three (3) minutes are allowed for each
speaker; not to exceed a total of 30 minutes for this portion of the meeting)
9 Consent Agenda Projected Time
a. Approve the minutes of 11/26/2012.
b. Approve the following purchases, contracts and formal solicitation: 1. PR 150861 to Mead Botanical Garden, Inc. for contribution to
capital improvements; $100,000. 2. PR 150895 to Duval Ford for purchase of three Ford F-250
trucks; $74,022.
3. PR 150897 to Wesco Turf for purchase of groundskeeping equipment; $84,909.42.
4. PR 105905 to Software House International for Enterprise renewal of software; $60,299.
5. PR 150906 to Sungard Public Sector for annual
maintenance/support for ERP System; $78,143.88. 6. PR 150927 to Environmental Products & Public Safety Solutions
Group for purchase of Vactor sewer cleaner; $312,736.16. 7. Piggybacking Cobb County contract #09-5408 with
Garland/DBS, Inc. for roofing supplies & related products &
services and authorize the Mayor to execute the piggyback contract.
8. Piggybacking School District of Osceola County contract #SDOC-12-B-067-LH with ARAMARK Uniform & Career Apparel, LLC for work uniforms and supplies rental lease program and
authorize the Mayor to execute the piggyback contract. 9. Piggybacking the Florida Sheriff’s Association contract #12-20-
0905 for administrative, non-pursuit, utility vehicles, trucks & vans and other fleet equipment and authorize the Mayor to execute the Piggyback Contracts.
10. Piggybacking the City of Tallahassee contract with Environmental Products & Public Safety Solutions Group for
medium and heavy truck bodies and authorize the Mayor to execute the Piggyback Contract.
11. Piggybacking the School District of Osceola County contract with Orlando Steel Enterprises, Inc. for fencing materials and authorize the Mayor to execute the Piggyback Contract.
12. Award and subsequent Purchase Order to Pillar Construction Group, LLC for IFB-3-2013, Winter Park Train Station Rebuild
Project, and authorize the Mayor to execute the contract; $1,110.079.
c. Approve the 2013 Comprehensive Emergency Management Plan.
5 minutes
Regular Meeting
December 10, 2012
Commission Chambers
Page 3
10 Action Items Requiring Discussion Projected Time
a. Strategic Plan
b. Organizational support c. City Attorney evaluation
d. Lease agreement with Orlando Federal Credit Union (OFCU)
20 minutes
30 minutes 10 minutes
15 minutes
11 Public Hearings Projected Time
a. Ordinance - Authorizing the issuance of a redevelopment refunding
revenue note for the purpose of refunding CRA notes 2003-1, 2003-2, 2005-1, and 2005-2. (2)
b. Ordinance - Authorizing the issuance of refunding notes for the purpose of refunding the outstanding Orange Avenue Improvement Revenue Bond, Series 2007 and outstanding Park Avenue
Refunding Improvement Revenue Bond, Series 2010. (2) c. Resolution – Providing for the issuance of up to $2,000,000 in
Series 2012A bond and $2,200,000 in 2012B bond to refund the outstanding Orange Avenue Improvement Revenue Bond, Series 2007 and the outstanding Park Avenue Refunding Improvement
Revenue Bond, Series 2010 d. Resolution - Providing for the issuance of up to $6,000,000 in a
Redevelopment Refunding Revenue Note, to refund the outstanding CRA Redevelopment Notes, Series 2003-1, 2003-1, 2005-1 and
2005-2 - Resolution – Authorizing the execution of an interlocal agreement
with the Winter Park Community Redevelopment Agency e. Request of the Winter Park YMCA for the properties located at
1751 and 1761 Palmer Avenue: - Ordinance – Changing the existing designation of Single Family
Residential to Institutional. (2) - Ordinance - Changing the existing zoning designation of Single
Family Residential (R-1A) District to Public, Quasi-Public (PQP) District. (2)
f. Request of Atlantic Housing Partners, LLLP: - Ordinance – Changing the existing designation of Single Family
Residential to High Density Residential for property located at 861 West Canton Avenue. (1)
- Ordinance – Changing the existing zoning designation of Single Family Residential (R-1A) District to Multi-Family (High Density R-
4) District for property located at 861 West Canton Avenue. (1) - Conditional Use approval: To construct a four story, 105 unit
senior living facility of affordable and workforce senior housing
units on the properties at 550 N. Denning Drive and 861 West Canton Avenue.
g. Request of Marlow’s Tavern: - Conditional use approval: To convert the former McDonald’s
Restaurant at 1008 S. Orlando Avenue, Zoned C-3 into a Marlow’s
Tavern and Restaurant.
5 minutes
5 minutes
10 minutes
10 minutes
30 minutes
30 minutes
20 minutes
Regular Meeting
December 10, 2012
Commission Chambers
Page 4
h. Resolution - Setting forth the City’s intent to use the uniform ad valorem method of collection of a non-ad valorem assessment for
properties lying in the City to fund certain public improvements of the installation of underground electrical/BHN facilities.
i. Resolution – To execute a highway landscape construction and
maintenance Memorandum of Agreement with the Florida Department of Transportation for the Lee Road median landscape
project.
5 minutes
5 minutes
12 City Commission Reports Projected Time
a. Commissioner Leary 1. Park Avenue zoning
b. Commissioner Sprinkel c. Commissioner Cooper d. Commissioner McMacken e. Mayor Bradley
10 minutes each
ID First Name Last Name Home Address City State Zip
CIVIL SERVICE BOARD
1.
Re-appoint
2013-2016 Johnny Jallad
2.
Re-appoint
2013-2016
Kenneth
"Kip" Marchman
3. Appoint
Fire
Representative
4. Appoint
Police
Represtantive
CONSTRUCTION BOARD OF ADJUSTMENTS
1.
Appoint to
Alternate Aaron Smith (application is provided separately)
KEEP WINTER PARK BEAUTIFUL and SUSTAINABILITY
1. Appoint to 184 Raymond Randall 2205 Coldstream Drive Winter Park FL 32792
2. Appoint to 241 Joseph Robillard 1616 Palmer Ave. Winter ParkFL 32789
PEDESTRIAN AND BICYCLE SAFETY
1.
Appoint to
Alternate 217 David Erne 2313 Woodcrest Dr Winter ParkFL 32792
PLANNING AND ZONING BOARD
1.
Appoint to
2013
Term vacated
by George
Livingston Robert Hahn 1181 Via Salerno Winter ParkFL 32789
2.
Appoint to
Alternate
PUBLIC ART ADVISORY BOARD
1.
Appoint to
Alternate 246 Linda Cegelis 125 West Reading Way Winter ParkFL 32789
2012 Board Appointments, December 10, 2012
Below are issues of interest to the Commission and community that are currently being worked
on by staff, but do not currently require action on the Commission agenda. These items are
being tracked to provide the Commission and community the most up to date information
regarding the status of the various issues. The City Manager will be happy to answer questions
or provide additional updates at the meeting.
issue update date
Electric
Undergrounding
Project
Utilities Advisory Board has completed
the special meetings to consider various
policy issues. This will come to the
Commission for discussion in January.
January 2013
City Hall
Renovation
East wing and site work completed.
West wing interior update underway.
Anticipate completion by December.
December 2012
Lee Road Median
Update
The landscape, irrigation, and traffic
plan sheets are completed, signed,
sealed and submitted by a Landscape
Architect.
All submittals are complete
and under FDOT review.
Last puzzle piece is
resolution on the December
10th agenda.
Fairbanks
Improvement
Project
Contract has been awarded to Masci
General Contractor, Inc.
Progress Energy continuing to study
transmission/distribution lines between
I-4 and 17-92.
Project website has been set up at
www.cityofwinterpark.org/fairbanks
Construction Project
Notice to proceed issued to
Contractor September 16th,
2012
Communication Notices
Force main work largely
completed south of Lee
Road (day work)
Contractor working on
Fairbanks (night work).
Project is on schedule.
Traffic Study
Alfond Inn
Study is complete. Staff will be
arranging meetings with the residents
on Alexander Place, with Jim Campesi,
owner/rep. for of the Villa Siena condos
and the Rollins College to vet the
proposals and recommendation. Expect
to be ready for City Commission agenda
in January.
January 2013
City Manager’s Report December 10, 2012
Tree Team
Updates
Draft plan is complete. Next step is to
meet with the Tree Preservation Board.
Staff will also begin work on developing
a work plan for a specific neighborhood
as a sample for further discussion with
the Commission.
Tree Preservation Board
meeting on December 20
from 3:30-5:00 p.m.
Wayfinding Signs
All non-FDOT wayfinding signs are
installed. Permitting of the FDOT signs
continues. Private property agreements
under development for nine (9)
locations.
ULI Fairbanks
Avenue TAP
The two-day workshop held at the
Community Center on June 18th and
19th. A community meeting was held
on September 26 to review the report.
A report was submitted and next steps
will be discussed with the Commission.
January 2013
Strategic Plan An update will be provided on December
10. December 2012
Post Office
Discussions
Received letter from USPS on August 6,
2012 regarding right of first refusal. No
action at this time.
Organizational
Support
Additional discussion on December 10,
2012. December 2012
Utility
Billing/Recurring
credit cards
New software is being implemented. Go
live is expected in February 2013. February 2013
Back Yard Chicken
Initiative
KWPB&S Board made an official
recommendation to City Commission to
wait for the one year review of Orlando’s
Two Year Pilot before making long term
decisions. The City of Orlando will be
conducting a review after the first year
of their two year pilot program in the
Summer of 2013.
Summer 2013
Progress Point site
The EDAB and P&Z Boards requested a
workshop to discussion options for the
Progress Point site. Planning and
ED/CRA staff has planned a joint
workshop of both boards. The workshop
took place on Thursday, November 29,
2012. Recommendations will be
forwarded to the City Commission for
their consideration in January.
January 2013
Amtrak Station
Building construction bids received.
Recommendation for award on
December 10 agenda. Groundbreaking
scheduled for mid-January.
Once projects have been resolved, they will remain on the list for one additional meeting to
share the resolution with the public and then be removed.
Below is the status of development projects previously approved by the City Commission
and others that may be of interest. There changes or updates since the last report on
November 12th are shown in blue.
140 N. Orlando Avenue (just north of Midas Muffler): A new Carmel Café has applied for
their demolition, site development and building permit. That restaurant is owned by the
same persons that developed the Outback chain. They
111 and 131 N. Orlando Avenue: (Adventist Health Systems properties) are under
contract. They held a neighborhood meeting with the adjacent residents of the Lake Killarney Condominiums on October 25th which went very well. The redevelopment
plans for 35,500 sq. ft. of retail, restaurant and bank have been advertised for P&Z on January 8th and City Commission on January 28th.
550 N. Denning: (behind the WP Village) Atlantic Housing senior apartments and has
applied for Conditional Use approval for a four story 105 unit senior apartment project. This will be on the December 4th P&Z and Dec. 10th City Commission agendas.
810 N. Orlando Avenue: TD Bank has the former BP gas station site (now vacant) at the corner of Webster and Orlando Avenues under contract. The redevelopment plans for a
TD branch bank have been advertised for P&Z on January 8th and City Commission on January 28th.
Ravaudage: Miller’s Ale House (1251 Lee Road) closed on building pad on September
28th and obtained their building permit from Orange County. The permit has been transferred to Winter Park per the annexation. The developer has started work on utilities, infrastructure and parking lot associated with that project.
941 W. Morse Blvd.: CNL Building (former State Office building) – Demolition and
building permits has been issued for the property.
276 S. Orlando Avenue: Italio Modern Italian Kitchen restaurant. Permits have been
issued and construction has started. It is to be a 130 seat restaurant on the vacant
parcel, just south of the Mt. Vernon Motel where the previous restaurant burned down
about three years ago.
100 Perth Lane – Dr. Bruce Breit (Women’s Care Florida) and WP Hospital - Conditional
Use approved by the City on January 23rd to a new construct 22,000 sq. ft. medical office. Building permit has now been issued.
901 N. Orlando Avenue: Wawa Store – The FDEP issues have been resolved and Wawa
has closed on the property. The building permits will be issued soon we are told.
City Managers Report December 10, 2012
326 S. Park Avenue – former Spice restaurant – The owners of the 310 S. Park Ave.
restaurant have taken over the space and the interior construction and remodeling is
on-going. It will be called “Blu on the Avenue” and they hope to be open in late-November.
434 W. Swoope Avenue – A ten unit townhouse project that received the zoning approval from the City Commission in February, 2012. They are now modifying the
project to be nine units in order to improve the floor plans and marketability.
665 N. Orlando Avenue: Olive Garden restaurant has applied for a $200,000 interior remodel of the existing restaurant. They have had the city’s comments for 5 months
and seem in no hurry to respond and undertake this project, however there was an
Orlando Sentinel article announcing this renovation program in multiple locations.
1150 S. Orlando Avenue: Redevelopment of the former paint store, just north of
Einstein’s – Permit issued and construction started on May 1st. The end result will be a 3,620 sq. ft. building with 30 parking spaces. Half of the space will be a Jersey’s Mike’s
sub shop. Jersey Mike’s opens December 5th.
200 E. Canton Avenue: Sestiere Santa Croce This is the former Rob Vega luxury condo (was to be 6 units) across from St. Margaret Mary. Permit has been issued to complete the exterior building shell/facade (Italian Venetian Mediterranean architecture). Permit
issued for the first floor interior build-out which will be office space. Permit application
now issued for the second and third floors which will be a residence for the building
owner. (Despite the rumors to the contrary, it is not Paul McCartney)
600 N Orlando Avenue: Borders Books – Redevelopment approved by the City Commission on March 26th. The new Chase Bank is the linchpin to the project and the
bank has a very long due diligence period which includes FDIC approval. All indications are that the project is moving ahead but the timing is not known.
401 N. Orlando Avenue (ABC Liquors plans a new larger store) was approved on
November 26th by the City Commission.
For more information on these or other projects, please contact Jeff Briggs, Planning
Director at [email protected] or at (407) 599-3440.
REGULAR MEETING OF THE CITY COMMISSION November 26, 2012
The meeting of the Winter Park City Commission was called to order by Mayor Kenneth Bradley at 3:33 p.m. in the Commission Chambers, 401 Park Avenue South, Winter Park, Florida.
The invocation was provided by Police Chief Brett Railey, followed by the Pledge of
Allegiance. Members present: Also present:
Mayor Kenneth Bradley City Manager Randy Knight Commissioner Steven Leary City Attorney Bill Reischmann
Commissioner Sarah Sprinkel City Clerk Cynthia Bonham Commissioner Carolyn Cooper Deputy City Clerk Michelle Bernstein Commissioner Tom McMacken
Approval of the agenda
Motion made by Commissioner McMacken to accept the agenda; seconded
by Commissioner Sprinkel and approved by acclamation with a 5-0 vote. Mayor’s Report – No items.
City Manager’s Report:
City Manager Knight announced that the tree lighting ceremony is this Friday at 5:00 p.m. and the Christmas parade is on Saturday at 9:00 a.m. A work session
on the Urban Forestry Management Plan is planned for December 3 at 3:00 p.m.
Public Works Director Troy Attaway provided an update on the Lee Road median. City Attorney’s Report – No items.
Non-Action Item
a. Alfond Inn Traffic study – Streetscape/bricking of New England Avenue and Interlachen Avenue
Planning Director Jeff Briggs provided an update and answered questions. He noted
that no action is required by the Commission at this time. Staff will be meeting in December with the stake-holders (Rollins College/Jim Campesi-Villa Sienna/Alexander Place owners) to review the study findings and recommendations.
The matter will then be scheduled for a public hearing and decision in 2013.
CITY COMMISSION MEETING MINUTES NOVEMBER 26, 2012 PAGE 2 OF 13
Consent Agenda
a. Approve the minutes of 11/12/2012. – PULLED FOR DISCUSSION, SEE BELOW
b. Approve the following contract, piggyback contracts and formal solicitations: 1. Amendment #6 to Fire Services Billing (RFP-16-2009) contract with
ADPI/Intermedix and authorize the Mayor to execute the Amendment
document. 2. Approve piggybacking the State of Florida Contract #760-000-10-1 for
Construction, Industrial, Agricultural & Lawn Equipment for FY2013. 3. Award to Infinity Software Development, Inc., RFP-18-2012 Website
Technical Maintenance & Development and authorize the Mayor to execute
the Contract. 4. Authorize staff to enter into negotiations with the top ranked firm Gerhartz
& Associates, Inc., RFQ-16-2012 Continuing Contract for Geographic Information System (GIS) Services.
5. Continuing services contract with Ardaman & Associates, Inc. for RFQ-2-
2012 Continuing Contracts for Professional, Architectural & Engineering Services (Discipline: Geotechnical) and authorize the Mayor to execute the
contract. 6. Continuing services contract with Universal Engineering Sciences for RFQ-2-
2012 Continuing Contracts for Professional, Architectural & Engineering
Services (Discipline: Geotechnical) and authorize the Mayor to execute the contract.
c. Approve the request to allow temporary parking for construction workers during the period of construction of the Alfond Inn to be located on vacant lots at 316 West Welbourne Avenue and extending over to a lot on New England
Avenue for a time period until June 30, 2013. – PULLED FOR DISCUSSION, SEE BELOW
d. Approve the budget adjustment to appropriate accumulated restricted building permit revenues to scan large building plans; $10,000.
Motion made by Commissioner McMacken to approve Consent Agenda items ‘b.1-6’ and ‘d’; seconded by Commissioner Leary and carried
unanimously with a 5-0 vote. Consent Agenda Item ‘a’ – Approve the minutes of 11/12/2012.
Motion made by Mayor Bradley to approve Consent Agenda item ‘a’ by
amending the minutes on page 6; seconded by Commissioner Sprinkel and approved by acclamation with a 5-0 vote.
Consent Agenda Item ‘c’ – Approve the request to allow temporary parking for construction workers during the period of construction of the Alfond Inn to be
located on vacant lots at 316 West Welbourne Avenue and extending over to a lot on New England Avenue for a time period until June 30, 2013.
CITY COMMISSION MEETING MINUTES NOVEMBER 26, 2012 PAGE 3 OF 13
Following a brief discussion regarding the type of fencing proposed, the location of
the temporary parking lot and if any other sites would be available, a motion was made by Commissioner McMacken to approve Consent Agenda item ‘c’ with
the condition that Rollins and/or the contractor or whoever is applying for this would work with staff for appropriate screening around that in lieu of the orange snow fence that was proposed; seconded by Commissioner
Leary and carried unanimously with a 5-0 vote.
Action Items Requiring Discussion
a. Approval of City Attorney evaluation form and process
Motion made by Mayor Bradley to approve the process and acceptance of
the evaluation form with the addition of an item 5 which would be labeled “other” and a weighting of the rating for each category; seconded by Commissioner Leary and carried unanimously with a 5-0 vote.
b. Water and sewer rate study rates
Motion made by Mayor Bradley to approve the water and sewer rate adjustment which is 4.2% plus the 3 year phase-in of the sewer/water
subsidy plus the immediate change in the commercial versus residential subsidies and keeping at least the two tiers, the commercial and the
residential; seconded by Commissioner Cooper. Mayor Bradley advised that this is a net increase of 4.2%. The City implemented a
rate increase of 0.56% on October 1, 2010. Stormwater Director David Zusi addressed conservation and water reuse concerns.
Upon a roll call vote, Mayor Bradley and Commissioners Leary, Sprinkel, Cooper and McMacken voted yes. The motion carried unanimously with a
5-0 vote.
Public Hearings
a. Request of the Winter Park YMCA for the properties located at 1751 and 1761
Palmer Avenue:
AN ORDINANCE OF THE CITY OF WINTER PARK, FLORIDA AMENDING CHAPTER 58,
“LAND DEVELOPMENT CODE”, ARTICLE I “COMPREHENSIVE PLAN” FUTURE LAND
USE MAP SO AS TO CHANGE THE FUTURE LAND USE DESIGNATION OF SINGLE
FAMILY RESIDENTIAL TO INSTITUTIONAL ON THE PROPERTIES AT 1751 AND 1761
PALMER AVENUE, MORE PARTICULARLY DESCRIBED HEREIN; PROVIDING FOR
CONFLICTS, SEVERABILITY AND EFFECTIVE DATE. First Reading
AN ORDINANCE OF THE CITY OF WINTER PARK, FLORIDA AMENDING CHAPTER 58,
“LAND DEVELOPMENT CODE”, ARTICLE III, “ZONING” AND THE OFFICIAL ZONING
CITY COMMISSION MEETING MINUTES NOVEMBER 26, 2012 PAGE 4 OF 13
MAP SO AS TO CHANGE THE ZONING DESIGNATION OF SINGLE FAMILY (R-1A)
DISTRICT TO PUBLIC, QUASI-PUBLIC (PQP) DISTRICT ON THE PROPERTIES AT 1751
AND 1761 PALMER AVENUE, MORE PARTICULARLY DESCRIBED HEREIN; PROVIDING
FOR CONFLICTS, SEVERABILITY AND EFFECTIVE DATE. First Reading
- Conditional use approval to construct an additional zero depth children’s swimming pool and to expand the existing YMCA parking lot Attorney Reischmann read the ordinance by title.
Since this is a quasi-judicial proceeding, disclosures were made by each
Commissioner as follows: Mayor Bradley spoke with Mr. Hamner, YMCA leaders/board members and received citizen and staff emails. Commissioners Leary, Sprinkel, Cooper and McMacken spoke with Mr. Hamner, residents/property
owners, received citizen and staff emails and some spoke with City staff.
Planning Director Jeff Briggs explained that the Winter Park YMCA has submitted their proposed plans for parking lot and swimming pool expansions. In terms of code compliance, the project would meet the setbacks, floor area ratio and other
development standards for the PQP zoning (if approved).
Mr. Briggs provided the background and history. On October 22, 1996 the City Commission approved the YMCA expansion which was conditioned/contingent upon the YMCA also providing a development agreement that: 1) There will be no
further acquisition of property in the immediate area for expansion purposes; 2) There will be no further expansion of the building; and that 3) No second outdoor
pool was to be constructed. Pursuant to that approval a Development Agreement was executed by the YMCA on January 7, 1997.
In March 2008, the YMCA purchased the two adjoining single family residential properties at 1751 and 1761 Palmer Avenue. In September 2009, the YMCA asked
for these same approvals that are on this agenda now for the parking lot and swimming pool expansions. They also asked for approval to expand the locker rooms (3,115 sq. ft. expansion) which had been part of the 1996 approval but had
not been constructed.
In September 2009, the locker room expansion was approved since it was part of the 1996 approvals. However, the Planning and Zoning (P&Z) Board voted 4-1 for denial on the swimming pool and 5-0 for denial on the parking lot. Therefore the
swimming pool and parking lot expansions were withdrawn and not voted on by the City Commission.
At this time, the YMCA is making the same requests for the parking lot expansion
and the zero depth swimming pool. On November 6, 2012 the P&Z Board heard the request and voted 5-2 for approval on both ordinances and 6-1 for approval on the conditional use request subject to drafting a new development agreement that
incorporates several conditions made by P&Z.
CITY COMMISSION MEETING MINUTES NOVEMBER 26, 2012 PAGE 5 OF 13
Attorney Reischmann advised that the approval of a new development agreement
can be a part of the conditional use permit or it can be executed at a later time. He noted that the 1997 Development Agreement is still in effect and has not expired.
Mr. Briggs addressed questions including the previous approvals granted. Attorney Frank Hamner, 405 Balmoral Avenue, spoke on behalf of the applicant.
He provided a PowerPoint presentation which included a detailed history of the YMCA and its expansions, their impact and how the community has changed, health
initiatives in the community, a comprehensive analysis of the 1997 development agreement and the proposed terms to amend the development agreement. Mr. Hamner submitted to the Deputy Clerk a petition of 100+ signatures supporting the
request and answered questions.
Commissioner Cooper recalled that during this year’s budget process the City and the YMCA agreed to do a sharing of funds for the geothermal pool heater at Cady Way Park (each to contribute $70,000). She asked if item ‘g’ in the proposed
Development Agreement is additional monies that the YMCA is committing to contribute. Bud Oliver, 433 S. Lakemont Avenue, Winter Park YMCA, provided
clarity that the budget agreement with the City was that the Brookshire neighborhood and an aquatics task force that the YMCA is involved with would raise the $70,000. It was not the YMCA’s commitment.
Mr. Hamner advised that conditions ‘a’ through ‘f’ listed on Page 9 in the proposed
development agreement were imposed by the P&Z board on November 6. The applicant is objecting to conditions ‘c’ and ‘d’ and asked that these two items be removed if approved.
Motion made by Commissioner Leary to accept the first ordinance
(comprehensive plan) on first reading; seconded by Mayor Bradley. Motion made by Commissioner Leary to accept the second ordinance
(zoning) on first reading; seconded by Mayor Bradley.
Motion amended by Commissioner Cooper to the second ordinance (zoning) that we consider instead of Public Quasi-Public (PQP) that we rezone to Parking Lot designation; seconded by Commissioner Leary.
Motion made by Commissioner Leary to approve the conditional use
request including the conditions imposed by P&Z; seconded by Commissioner Sprinkel.
A brief discussion followed including the possible rezoning to parking lot designation, the waiting period/timeframe limit if the conditional use is not
approved and the proposed changes to the development agreement including the granting of a 5 foot easement for 15 years on the west property line of 1761 Palmer
Avenue or if it can be granted in perpetuity.
CITY COMMISSION MEETING MINUTES NOVEMBER 26, 2012 PAGE 6 OF 13
The following spoke in opposition to the ordinances and conditional use:
Ken Marchman, 1641 Palm Avenue Kevin Robillard, 1616 Palmer Avenue (submitted several documents including
previously recorded deeds to the Deputy Clerk) Margaret Deboer, 1748 Pine Avenue Stan Lineberger, 1748 Pine Avenue
John Kurash, 1050 N. Lakemont Avenue (submitted a petition of 100+ signatures opposing the request to the Deputy Clerk)
Geri Throne, 1771 Chestnut Avenue Tom Ackert, 1570 Place Picardy Rebecca Wilson, 1724 Pine Avenue
Lisa Kurash, 1050 N. Lakemont Avenue Sally Flynn, 1400 Highland Road
Gail Turner, 1040 N. Lakemont Avenue Kay Zimmerman, 1040 N. Lakemont Avenue
The following spoke in favor of the ordinances and conditional use: Tonya Mellen, 1700 Walnut Avenue
Sandy Hostetter, 2325 Chantillly Avenue Jerry Daniels, Jr., 1770 Shawner Trail, Maitland Faye Register, 2322 Sierra Lane, Maitland
Andrea Massey-Farrell, 1825 Loch Berry Road Anne Schmaltz, 1741 and 1570 Palmer Avenue
Thomas Krisher, 249 Lincolnshire Road Mary Elizabeth McIlvane, 504 Orange Drive #25, Altamonte Springs Joe Terranova, 151 N. Virginia Avenue
Terry Hotard, 1461 Palmer Avenue Patrick Chapin, 1800 Pepperidge Drive, Orlando
Lisa Wilcox, 1727 Palmer Avenue Barry Wilcox, 1511 Chestnut Avenue John W. Beachan, 7500 Redbug Court, Orlando
Brad Hester, 1906 Whitehall Drive
A recess was taken from 7:56 p.m. to 8:10 p.m. Mr. Hamner advised that the YMCA is agreeable to a perpetual easement. He
requested the Commission to approve the ordinances and the conditional use with the inclusion of the water slide and to allow them the full scope of the parking as
called for on the site plan which is 38 spaces.
Motion amended by Commissioner Leary (conditional use) to allow per the applicants request item ‘c’ which is the water slide and item ‘d’, the size of the parking lot expansion shall be reduced from 40 spaces to 38 spaces;
seconded by Mayor Bradley.
CITY COMMISSION MEETING MINUTES NOVEMBER 26, 2012 PAGE 7 OF 13
Motion amended by Commissioner Leary (conditional use) to add in a
perpetual easement of 5 feet rather than a 15 year easement on that 5 foot span; seconded by Commissioner Sprinkel.
Commissioner Cooper shared her concerns. She said she supports the YMCA; however, she is not inclined to re-designate our single family homes to public
quasi-public or institutional property, so she will be voting in opposition.
Attorney Reischmann provided clarity regarding the deed restrictions previously issued in the 1980’s.
Commissioner McMacken spoke about the existing developer’s agreement and was not in favor of the current request. He would prefer having full support of the
neighborhood and wanted the YMCA to come back with resolutions to the various issues that were presented by the local residents.
Commissioner Sprinkel said she did not want to wait to make a decision and will be supporting the YMCA’s request and the perpetual easement. Commissioner Leary
agreed that this is the best decision for both the YMCA and the entire community and he will be supporting it.
Upon a roll call vote on the first ordinance (comprehensive plan), Mayor Bradley and Commissioners Leary and Sprinkel voted yes. Commissioners
Cooper and McMacken voted no. The motion carried with a 3-2 vote. Upon a roll call vote on the amendment to the second ordinance (zoning)
(that we consider instead of Public Quasi-Public (PQP) that we rezone to Parking Lot designation); Mayor Bradley and Commissioners Leary and
Sprinkel voted no. Commissioners Cooper and McMacken voted yes. The motion failed with a 3-2 vote.
Upon a roll call vote on the second ordinance (zoning); Mayor Bradley and Commissioners Leary and Sprinkel voted yes. Commissioners Cooper and
McMacken voted no. The motion carried with a 3-2 vote. Upon a roll call vote on the first amendment (conditional use) (to allow per
the applicants request item ‘c’ which is the water slide and item ‘d’, the size of the parking lot expansion shall be reduced from 40 spaces to 38
spaces); Mayor Bradley and Commissioners Sprinkel, Cooper and McMacken voted no. Commissioner Leary voted yes. The motion failed
with a 4-1 vote. Upon a roll call vote on the second amendment (conditional use) (to add in
a perpetual easement of 5 feet rather than a 15 year easement on that 5 foot span); Attorney Reischmann provided legal counsel and advised that this
amendment, if approved, would be added to the new development agreement that
CITY COMMISSION MEETING MINUTES NOVEMBER 26, 2012 PAGE 8 OF 13
is being proposed. Mayor Bradley and Commissioners Leary, Sprinkel,
Cooper and McMacken voted yes. The motion carried unanimously with a 5-0 vote.
Upon a roll call vote (conditional use); Mayor Bradley and Commissioners Leary and Sprinkel voted yes. Commissioners Cooper and McMacken voted
no. The motion carried with a 3-2 vote.
b. Request of ABC Liquors, Inc.: Conditional use approval to construct a new 13,550 square foot ABC Liquors Retail Store on the property at 401 N.
Orlando Avenue within 300 feet of residential properties.
Planning Director Jeff Briggs explained that the request is to build a new 13,281 square foot ABC store directly behind the rear of the existing building. Once the new store is completed the existing 7,200 square foot store will be demolished. To
accomplish this redevelopment ABC Liquors is purchasing the adjacent property at 1411 Trovillion Avenue. Mr. Briggs answered questions.
Since this is a quasi-judicial proceeding, Mayor Bradley and Commissioners Leary, Sprinkel, Cooper and McMacken said there were no communications.
Following a brief discussion, including parking, a motion was made by
Commissioner McMacken to approve the conditional use request with the condition that all loading and unloading must be off-street; seconded by Commissioner Leary. No public comments were made. Upon a roll call vote,
Mayor Bradley and Commissioners Leary, Sprinkel, Cooper and McMacken voted yes. The motion carried unanimously with a 5-0 vote.
c. Request of the City of Winter Park:
AN ORDINANCE OF THE CITY OF WINTER PARK, FLORIDA, TO AMEND CHAPTER 58
“LAND DEVELOPMENT CODE” ARTICLE III, "ZONING” SECTION 58-75
“COMMERCIAL (C-2) DISTRICT”, TO REVISE THE PERMITTED USES ALONG PARK
AVENUE, SOUTH OF COMSTOCK AVENUE AND AMENDING SECTION 58-95
“DEFINITIONS” TO PROVIDE DEFINITIONS FOR FAST CASUAL AND FINE DINING
RESTAURANTS, PROVIDING FOR CONFLICTS, SEVERABILITY AND EFFECTIVE DATE.
First Reading
Attorney Reischmann read the ordinance by title. Planning Director Jeff Briggs explained that the proposed ordinance as recommended by the Planning and
Zoning Board (P&Z) is to make one change to the area south of Comstock Avenue. The change would allow for “fast casual” restaurants within this block where ordering and payment may be done at a counter but the food or meals are brought
to the customer’s tables (other than take-out). Fast casual restaurants also would not include any type of restaurants where the business model is predominately, in
the majority of other locations, as drive-thru or take-out restaurants. The ordinance also clarifies the definitions of “fast casual” and “fine dining” restaurants.
CITY COMMISSION MEETING MINUTES NOVEMBER 26, 2012 PAGE 9 OF 13
The comments heard by the P&Z Board at the work session on October 24 indicated
that the Park Avenue Association and various downtown business and property owners felt the current code is not broken and should not be revised. Their
comments also reflected their concern about this being precedent setting for the rest of Park Avenue.
Mr. Briggs answered questions including the definition of fast casual dining, parking requirements and the differences between the current and proposed ordinance.
Motion made by Commissioner Sprinkel to accept the ordinance on first reading; seconded by Commissioner Leary.
A brief discussion ensued regarding the proposed ordinance, how it would affect
future businesses and if this should be addressed through a conditional use process.
Commissioner McMacken shared concerns with this being spot zoning. Commissioner Cooper said our code is not perfect and that we are not making it
more perfect by this change. She expressed concerns with opening the doors to a great misunderstanding and setting up precedence for the rest of the Avenue.
The following spoke in favor: Peter Weldon, 700 Via Lombardy
Frank Hamner, 405 Balmoral Road The following spoke in opposition:
John Dowd, 427 N. Phelps Avenue Tuni Blackwelder, 301 S. Park Avenue
Patrick Chapin, 151 W. Lyman Avenue Concluding a brief discussion, a motion was made by Commissioner Leary to
table; seconded by Mayor Bradley. No public comments were made. Upon a roll call vote, Mayor Bradley and Commissioners Leary and McMacken voted
yes. Commissioners Sprinkel and Cooper voted no. The motion carried unanimously with a 3-2 vote.
A recess was taken from 5:09 p.m. to 5:30 p.m.
d. Request of the City of Winter Park:
ORDINANCE NO. 2895-12: AN ORDINANCE OF THE OF WINTER PARK, FLORIDA,
CHAPTER 58 “LAND DEVELOPMENT CODE” ARTICLE V, “ENVIRONMENTAL
PROTECTION REGULATIONS”, DIVISION 6, “TREE PRESERVATION AND
PROTECTION”, SO AS TO AMEND TREE REMOVAL COMPENSATION REQUIREMENTS,
AMEND USE OF THE TREE REPLACEMENT FUND, PROVIDE EXEMPTION FROM
REQUIRING A TREE REMOVAL PERMIT, CLARIFY TREE MAINTENANCE DUTY OF CITY
AND PROPERTY OWNERS, AND ESTABLISH ENFORCEMENT PROCEDURE FOR
CITY COMMISSION MEETING MINUTES NOVEMBER 26, 2012 PAGE 10 OF 13
REMOVING HAZARDOUS TREES; PROVIDING FOR CODIFICATION, CONFLICTS,
SEVERABILITY AND AN EFFECTIVE DATE. Second Reading
Attorney Reischmann read the ordinance by title. Building Director George Wiggins
provided a brief summary regarding the proposed changes and answered questions. Motion made by Commissioner Leary to adopt the ordinance with the
Planning & Zoning Board recommendation of leaving the enforcement of the ordinance in; seconded by Mayor Bradley. No public comments were
made. Upon a roll call vote, Mayor Bradley and Commissioners Leary and Sprinkel voted yes. Commissioners Cooper and McMacken voted no. The motion carried with a 3-2 vote.
e. ORDINANCE NO. 2867-12: AN ORDINANCE OF THE CITY OF WINTER PARK,
FLORIDA, ANNEXING THE PROPERTY AT 600 LEE ROAD AND THAT PORTION OF
INTERSTATE FOUR CONTIGUOUS TO THE PROPERTY AT 2684 LEE ROAD, CITY OF
WINTER PARK, MORE PARTICULARLY DESCRIBED HEREIN; PROVIDING FOR THE
AMENDMENT OF THE CITY OF WINTER PARK’S CHARTER, ARTICLE I, SECTION 1.02,
CORPORATE BOUNDARIES TO PROVIDE FOR THE INCORPORATION OF THE REAL
PROPERTY DESCRIBED HEREIN; PROVIDING FOR THE FILING OF THE REVISED
CHARTER WITH THE DEPARTMENT OF STATE; PROVIDING FOR REPEAL OF PRIOR
INCONSISTENT ORDINANCES AND RESOLUTIONS; PROVIDING FOR SEVERABILITY;
AND PROVIDING FOR AN EFFECTIVE DATE. Second Reading
Attorney Reischmann read the ordinance by title.
Motion made by Commissioner Sprinkel to adopt the ordinance; seconded by Commissioner McMacken. No public comments were made. Upon a roll call vote, Mayor Bradley and Commissioners Leary, Sprinkel, Cooper and
McMacken voted yes. The motion carried unanimously with a 5-0 vote.
f. Adoption of the fee schedule (effective December 1, 2012) Finance Director Wes Hamil explained that the content of the fee schedule is to
incorporate the proposed adjustments to water and sewer rates being considered earlier in this agenda as well as the reduction in cost of filing an appeal with the
Tree Preservation Board from $100 to $35. Mr. Hamil answered questions. Motion made by Commissioner McMacken to adopt the fee schedule;
seconded by Commissioner Leary.
Lurlene Fletcher, 790 Lyman Avenue, asked about tree trimming on City property. Upon a roll call vote, Mayor Bradley voted no. Commissioners Leary,
Sprinkel, Cooper and McMacken voted yes. The motion carried with a 4-1 vote.
CITY COMMISSION MEETING MINUTES NOVEMBER 26, 2012 PAGE 11 OF 13
g. Request of Windermere Winter Park Venture LLC: Amending condition #3 of
the conditional use approval for the townhouse project at 434 W. Swoope Avenue, zoned R-3
Planning Director Jeff Briggs provided summarized what was previously approved by the Commission on February 27, 2012. He noted that since that time the
developer has revised the townhome project and it is now nine units instead of ten units. By reducing the number of units, they were able to widen each unit so
that now there is parking for two cars within the front carport. As a result, they now meet the parking requirement of 2 ½ spaces per unit and the previous variance is not needed.
In order to make up for the lost unit, the developer also asked to add bedroom
space up in the roof area as a partial third floor. It would be built within a traditional 45 degree pitch of the roof and in order to get more headroom height within this area, the roof height needs to be 35 feet versus the 31 feet maximum
that was previously approved with condition #3. This property is zoned R-3 which permits the roof height to be 35 feet.
Mr. Briggs answered questions including the length of time a conditional use process takes, the alterations to the project and how this request differs from the
previous approvals granted.
Motion made by Commissioner Leary to approve the amendment to condition #3 of the conditional use approval; seconded by Commissioner Sprinkel.
Lurlene Fletcher, 790 Lyman Avenue, asked for the exact location of the project.
Upon a roll call vote, Mayor Bradley and Commissioners Leary, Sprinkel, Cooper and McMacken voted yes. The motion carried unanimously with a
5-0 vote.
h. AN ORDINANCE OF THE CITY OF WINTER PARK, FLORIDA, AUTHORIZING THE
ISSUANCE BY THE WINTER PARK COMMUNITY REDEVELOPMENT AGENCY OF A NOT
TO EXCEED $6,000,000 REDEVELOPMENT REFUNDING REVENUE NOTE, FOR THE
PURPOSE OF REFUNDING CERTAIN OUTSTANDING DEBT OF THE COMMUNITY
REDEVELOPMENT AGENCY; AUTHORIZING AN INTERLOCAL AGREEMENT BETWEEN
THE CITY AND THE COMMUNITY REDEVELOPMENT AGENCY; AND PROVIDING AN
EFFECTIVE DATE. First Reading
Attorney Reischmann read the ordinance by title. Jay Glover with Public Financial
Management explained the ordinance and answered questions including the cost savings advantages.
Motion made by Mayor Bradley to accept the ordinance on first reading; seconded by Commissioner Sprinkel. No public comments were made. Upon a
CITY COMMISSION MEETING MINUTES NOVEMBER 26, 2012 PAGE 12 OF 13
roll call vote, Mayor Bradley and Commissioners Leary, Sprinkel, Cooper
and McMacken voted yes. The motion carried unanimously with a 5-0 vote.
i. AN ORDINANCE OF THE CITY OF WINTER PARK, FLORIDA, AUTHORIZING THE
ISSUANCE OF REFUNDING NOTES FOR THE PURPOSE OF REFUNDING THE
OUTSTANDING ORANGE AVENUE IMPROVEMENT REVENUE BOND, SERIES 2007 AND
OUTSTANDING PARK AVENUE REFUNDING IMPROVEMENT REVENUE BOND, SERIES
2010 OF THE CITY; PROVIDING FOR THE PAYMENT OF SUCH REFUNDING NOTES
FROM NON-AD VALOREM REVENUES BUDGETED, APPROPRIATED AND DEPOSITED
AS PROVIDED IN A RESOLUTION ADOPTED ON EVEN DATE HEREWITH; AND
PROVIDING AN EFFECTIVE DATE. First Reading
Attorney Reischmann read the ordinance by title. Jay Glover with Public Financial
Management answered questions and explained the cost savings advantages.
Motion made by Mayor Bradley to accept the ordinance on first reading; seconded by Commissioner McMacken.
Discussion ensued regarding the City’s total outstanding debt service. Mayor Bradley requested that staff provide a restatement of all outstanding debts, the
rates and maturities, along with a 5 year trend of debt service sometime next year. No public comments were made.
Upon a roll call vote, Mayor Bradley and Commissioners Leary, Sprinkel,
Cooper and McMacken voted yes. The motion carried unanimously with a 5-0 vote.
City Commission Reports:
a. Commissioner Leary – No items.
b. Commissioner Sprinkel
Building Director George Wiggins addressed Commissioner Sprinkel’s concern with
Pods being dropped off in the middle of the road on Sylvan Avenue.
c. Commissioner Cooper – No items.
d. Commissioner McMacken - No items.
e. Mayor Bradley
Mayor Bradley thanked staff for their extra efforts with the numerous holiday events being orchestrated this year.
CITY COMMISSION MEETING MINUTES NOVEMBER 26, 2012 PAGE 13 OF 13
City Manager Knight addressed the comment regarding the Christmas lights going
up a certain distance on trees and poles. He said the Park Avenue Merchant’s Association requested that the lights be displayed on other items instead.
The meeting adjourned at 9:16 p.m.
Mayor Kenneth W. Bradley
ATTEST:
City Clerk Cynthia S. Bonham
Purchases over $50,000
vendor item | background fiscal impact motion | recommendation
1. Mead
Botanical
Garden, Inc.
PR 150861 for Contribution to
Capital Improvements
Total expenditure
included in
approved FY13
budget. Amount:
$100,000
Commission approve PR
150861 to Mead Botanical
Garden, Inc.
2. Duval Ford PR 150895 for Purchase of Three
(3) Ford F-250 Trucks
Total expenditure
included in
approved FY13
vehicle/equip.
replacement fund.
Amount: $74,022
Commission approve PR
150895 to Duval Ford
This purchase will be made utilizing the Florida Sheriff’s Association contract 12-20-0905.
Replacement vehicles for Utility Maintenance Division. Replaces units 4067, 4046 and 4069.
3. Wesco Turf PR 150897 for Purchase of
Groundskeeping Equipment
Total expenditure
included in
approved FY13
vehicle/equip.
replacement fund.
Amount:
$84,909.42
Commission approve PR
150897 to Wesco Turf
This purchase will be made utilizing the State of Florida contract 760-000-10-1. The City Commission
authorized piggybacking this contract on November 26, 2012.
4. Software
House
International
PR 150905 for Enterprise
Renewal of Software
Total expenditure
included in
approved FY13
budget. Amount:
$60,299
Commission approve PR
105905 to Software House
International
This purchase will be made utilizing the State of Florida contract 252-001-09-1. The City Commission
authorized piggybacking this contract on June 11, 2012.
5. Sungard
Public Sector
PR 150906 for Annual
Maintenance/Support for ERP
System
Total expenditure
included in
approved FY13
budget. Amount:
$78,143.88
Commission approve PR
150906 to Sungard Public
Sector
Sungard Public Sector is the sole source provider of maintenance/support for the ERP system. Sole
Source is on file with Purchasing.
6. Environmental
Products &
Public Safety
PR 150927 for Purchase of
Vactor Sewer Cleaner
Total expenditure
included in
approved FY13
Commission approve PR
150927 to Environmental
Products & Public Safety
Consent Agenda
Purchasing Division
December 10, 2012
Solutions
Group
vehicle/equip.
replacement fund.
Amount:
$312,736.16
Solutions Group
This purchase will be made utilizing the City of Tallahassee contract 1493.
Piggyback contracts
vendor item | background fiscal impact motion | recommendation
7. Garland/DBS,
Inc.
Piggybacking the Cobb County
contract for Roofing Supplies &
Related Products & Services
Purchases will be
made in
accordance of the
approved FY13
budget
Commission approve
piggybacking the Cobb
County contract #09-5408
and authorize the Mayor to
execute the Piggyback
Contract.
Cobb County utilized a competitive bidding process to award this contract. The current contract term
expires November 23, 2013.
8. ARAMARK
Uniform &
Career
Apparel, LLC
Piggybacking the School District
of Osceola County contract for
Work Uniforms and Supplies
Rental Lease Program
Purchases will be
made in
accordance of the
approved FY13
budget
Commission approve
piggybacking the School
District of Osceola County
contract #SDOC-12-B-067-
LH and authorize the Mayor
to execute the Piggyback
Contract.
The School District of Osceola County utilized a competitive bidding process to award this contract.
The current contract term expires April 30, 2015.
9. Awarded
contractors as
identified by
the Florida
Sheriff’s
Association
Piggybacking the Florida
Sheriff’s Association contract for
Administrative, Non-Pursuit,
Utility Vehicles, Trucks & Vans,
& Other Fleet Equipment
Total annual
expenditure
included in
approved FY13
vehicle/equip
budget
Commission approve
piggybacking the Florida
Sheriff’s Association contract
#12-20-0905 and authorize
the Mayor to execute the
Piggyback Contracts.
The Florida Sheriff’s Association utilized a competitive bidding process to award this contract. The
contract was awarded to multiple vendors. The current contract term is November 1, 2012 through
September 30, 2013.
10 Environmental
Products &
Public Safety
Solutions
Group
Piggybacking the City of
Tallahassee contract for Medium
and Heavy Truck Bodies
Total annual
expenditure
included in
approved FY13
vehicle/equip
budget
Commission approve
piggybacking the City of
Tallahassee contract and
authorize the Mayor to
execute the Piggyback
Contract.
The City of Tallahassee utilized a competitive bidding process to award this contract. The contract is
vaild through December 31, 2016.
11 Orlando Steel
Enterprises,
Inc.
Piggybacking the School District
of Osceola County contract for
Fencing Materials
Total annual
expenditure
included in
approved FY13
budget
Commission approve
piggybacking the School
District of Osceola County
contract and authorize the
Mayor to execute the
Piggyback Contract.
The School District of Osceola County utilized a competitive bidding process to award this contract.
The contract is vaild through December 31, 2013.
Formal Solicitations
vendor item | background fiscal impact motion | recommendation
12 Pillar
Construction
Group, LLC
IFB-3-2013 Winter Park Train
Station Rebuild Project
80% Joint
Participation
Agreement grant
funded, 20% city
funded. Joint
Participation
Agreement with
FDOT executed
July 26, 2011.
Amount:
$1,110,079.
Commission approve award
and subsequent Purchase
Order to Pillar Construction
Group, LLC., and authorize
the Mayor to execute the
Contract.
The City utilized a competitive formal solicitation process to award this contract.
subject:
City of Winter Park Comprehensive Emergency Management Plan Adoption
motion | recommendation:
Staff recommends adoption of the 2013 City of Winter Park Comprehensive Emergency
Management Plan
background
City staff has worked for the past 10 months incorporating each department’s emergency plans into one comprehensive plan. While each county in the state is
required by Statute to maintain a CEMP, municipalities are not. For the past four decades Winter Park has seen the need to develop and maintain its’ own CEMP to address those specific needs of our city in the event of any isolated or regional
emergency. The document being presented was developed in cooperation with the East Central Florida Regional Planning Council at no cost to the city.
alternatives | other considerations
No other considerations are available. Any amendments to this document will be made at the time of adoption by the Commission.
fiscal impact
None – This is a preparation and consequence management document and does not include any specific costs not otherwise budgeted.
long-term impact
This document will be reviewed and updated as necessary with a complete update every
five years.
Consent Agenda
Chief James White
Fire Rescue
Administration
Civil Service Board
12-10-12
strategic objective
A high quality level of public safety has been identified in the 2012 City of Winter Park Strategic Plan as a Differentiator for the City. The CEMP covers a vast array of city
programs including infrastructure, personnel and sustainability in a post event world. Maintaining the CEMP allows the city to effectively support many of the identified
strategic objectives.
DRAFT vs.14
City of Winter Park
Comprehensive Emergency Management Plan
(CEMP)
Randy B. Knight, City Manager
James E. White, Fire Rescue Chief / Emergency Manager
ecutive Summary
Adopted: December 10, 2012
Prepared in Cooperation with the East Central Florida Regional Planning Council
CITY OF WINTER PARK COMPREHENSIVE EMERGENCY MANAGEMENT PLAN (CEMP) 2013
DRAFT vs.14 2
The Comprehensive Emergency Management Plan (CEMP) is an operations-oriented document authorized by Chapter 252, Florida Statutes. Adopted by local resolution, the City of Winter Park utilizes this CEMP as a guideline for preparedness and response to any community wide disasters. The CEMP establishes the framework for an effective system to ensure that the community will be adequately prepared to deal with the occurrence of emergencies and disasters. The plan outlines the roles and responsibilities of local government, County, State, and Federal agencies, as well as those designated volunteer organizations. The CEMP unites the efforts of these groups under the National Incident Management System (NIMS) and the Incident Command System (ICS) identifying a designated lead agency for a coordinated approach to mitigation, planning, response and recovery from identified hazards. This plan is structured to parallel County, State, and Federal activities set forth in the “Orange County Comprehensive Emergency Management Plan”, the “State of Florida Comprehensive Emergency Management Plan” and the “National Response Plan” and describes how County, State, Federal, and other outside resources will be coordinated to supplement city resources and response during a disaster. The CEMP is divided into three sections:
• The Basic Plan includes the purpose, scope and methodology of the plan, direction and control, organizational structure, alert notification and warning, the four phases of emergency management (preparedness, response, recovery, and mitigation) actions, responsibilities, authorities, and references.
• The Incident Management System (ICS) and Emergency Support Function (ESF) Annexes outline the agencies responsible for specific actions and duties in the event of a disaster and/or emergency.
• Support Annexes include the following annexes: o Recovery Annex
o
outlines the steps taken during the recovery efforts following an emergency or a disaster. Terrorism Incident Response Annex
o
outlines how the City of Winter Park will respond to and immediately recover from a terrorist attack. This annex is classified and not available to the general public. The City of Winter Park participates in the State of Florida Regional Domestic Security Task Force (RDSTF). This program is designed to provide coordination of information and response to any possible event of local or national significance. The City of Winter Park also works closely with Orange County and the County’s Terrorism Incident Response Annex. In addition, the city has several trained and identified Information Liaison Officers (ILO) who remain informed and share appropriate information related to possible terrorism with the appropriate staff. The Mitigation Annex
outlines the mitigation activities before, during, and immediately following a disaster. Winter Park is part of the Mitigation Annex in the Orange County Local Mitigation Strategy.
CITY OF WINTER PARK COMPREHENSIVE EMERGENCY MANAGEMENT PLAN (CEMP) 2013
DRAFT vs.14 3
Table of Contents Plan Instructions for Use ...................................................................................................................................................... 4 Plan Development and Maintenance ............................................................................................................................... 5 Introduction ............................................................................................................................................................................... 6
Purpose ................................................................................................................................................................................... 6 Scope ........................................................................................................................................................................................ 6 Planning Assumptions ...................................................................................................................................................... 7 Methodology ......................................................................................................................................................................... 8 References and Authorities ............................................................................................................................................ 9
Situation .................................................................................................................................................................................... 10 Hazard Analysis ................................................................................................................................................................ 10 Geographics and Climate ............................................................................................................................................... 15 Demographics .................................................................................................................................................................... 16 Economic Profile and Impact ...................................................................................................................................... 18 Populations and Areas Susceptible to Hazards.................................................................................................... 18 Infrastructure .................................................................................................................................................................... 19 Emergency Management Support Facilities.......................................................................................................... 21
Concept of Operations ......................................................................................................................................................... 23 General .................................................................................................................................................................................. 23 Organization ....................................................................................................................................................................... 25 Direction and Control ..................................................................................................................................................... 28
Financial Management ........................................................................................................................................................ 29 General Responsibilities ................................................................................................................................................ 29
Annex A: Recovery ................................................................................................................................................................ 31 Annex B: Mitigation .............................................................................................................................................................. 32 Appendix A: ESF and ICS Structure ................................................................................................................................ 34 Appendix B: Glossary ........................................................................................................................................................... 39 Appendix C: Acronyms ........................................................................................................................................................ 45 Appendix D: FEMA Reimbursement Forms ............................................................................................................... 47 The following documents are kept on file and updated by the Emergency Manager; Appendix E: City Damage Assessment Field Form Appendix F: Emergency Labor Log Form Appendix G: Public Utilities Mutual Aid Agreement Appendix H: Disaster Preparedness Guide Memo Building Official Appendix I: Streets Division Hurricane Preparedness Response Plan Appendix J: Information Technology Disaster Recovery Plan Appendix K: Mutual Aid Agreement LE
DRAFT vs.14
Plan Instructions It is intended that this plan, when implemented, be used by the City of Winter Park to obtain maximum use of existing resources, organizations, and systems in their response to emergencies and disasters that could and/or have occurred in the city’s jurisdiction. The format utilized is: Basic Plan Developed by the City of Winter Park, the Basic Plan details the policies, organization, concept of operations, and assignment of responsibilities necessary for all local response and recovery operations. The Basic Plan includes attachments and appendices as necessary. Incident Command System (ICS) Structure and Emergency Support Functions (ESFs) Each agency and/or organization maintains an annex to the Basic Plan detailing the concept of operations for the agency or organization. A standard outline is used for each agency or organization in order to ensure continuity of the CEMP and allow for easy reference. Support Annexes These annexes describe the city’s responsibilities, actions and authority in special circumstances to include but not limited to:
• Terrorism • Disaster Recovery • Continuity of Operations
Standard Operating Guidelines Standard Operating Guidelines (SOGs) are not contained in this plan, but must be developed by each department and are essential to the implementation of this document. Copies of all SOGs will be submitted and kept for reference at the city’s Emergency Operations Center (EOC). All individuals with assigned responsibilities should be familiar with the entire plan. However, added emphasis must be given to those sections for which they are responsible. While all circumstances cannot be addressed, the content of this plan should be used as a guide for those events that do occur, but are not specifically addressed herein.
CITY OF WINTER PARK COMPREHENSIVE EMERGENCY MANAGEMENT PLAN (CEMP) 2013
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Plan Development and Maintenance
The City Manager mandates the development and annual review of this plan by all officials and agencies involved and will coordinate necessary revision efforts through his or her office.
Each city department and division is encouraged to develop an emergency operating plan, resource list, employee recall list, list of essential personnel and their duties, and a checklist of essential tasks to be completed at each level of Emergency Declaration. These documents will be placed as an addendum to this CEMP.
This plan requires the performance of a “hot wash” review upon the conclusion of each event and an After Action Report (AAR) of the actions taken in support of the plan following any event necessitating implementation of the plan. This plan shall be considered a "living plan" and with each use, either by exercise or incident, the plan shall be reviewed by members of all city departments and agencies with the intent of improving it. This plan will have, at a maximum, a five-year life-span and shall be considered for a full revision five years from formal adoption by the City Commission. A plan review and revision may also be called for by the City Commission or City Manager at anytime. This plan shall remain in effect until any revision is formally adopted.
CITY OF WINTER PARK COMPREHENSIVE EMERGENCY MANAGEMENT PLAN (CEMP) 2013
DRAFT vs.14 6
Introduction The City of Winter Park Comprehensive Emergency Management Plan (CEMP) is an operations-oriented document that establishes the framework for an effective system to respond to and recover from major disasters and emergencies. The plan outlines the roles and responsibilities for all city departments and how they integrate with Orange County, the State of Florida, Federal agencies, and volunteer organizations response plans. The CEMP combines the efforts of these groups under the Incident Command System (ICS) and the National Incident Management System (NIMS) for mitigation, planning, response to, and recovery from identified hazards. This plan is structured using the Local Comprehensive Emergency Management Plan Compliance Criteria Guidelines provided by the Division of Emergency Management for the State of Florida and the National Response Framework.
Purpose The purpose of the CEMP is to provide policies and procedures for any all-hazard type response in the Winter Park, enabling the city to response to disasters within their capabilities at the local level. The Winter Park CEMP addresses hazards through the following phases:
Preparedness includes developing plans, conducting training, and developing and executing exercises. Response includes responding to disasters using all systems, plans, and safeguards to safeguard health, safety, and welfare of citizens. Recovery includes providing short-term assistance to rehabilitate and/or restore persons and property affected. Mitigation includes activities designed to reduce or manage risks to persons or property impacted or with the potential to be impacted.
Scope The Basic Plan describes the various hazards that can potentially impact the City of Winter Park, and the policies and procedures for:
• Disseminating warnings • Coordinating response • Ordering evacuations • Determining, assessing and reporting the severity and magnitude of a disaster
CITY OF WINTER PARK COMPREHENSIVE EMERGENCY MANAGEMENT PLAN (CEMP) 2013
DRAFT vs.14 7
Additionally, the basic plan establishes the organizational structure and terminology under which the city government will operate during an emergency:
• Establishing fundamental policies and program strategies • Establishing a concept of operations for disasters spanning from initial monitoring
through post-disaster recovery • Defining the roles and responsibilities of elected and appointed government
officials, city departments, private industries, and volunteer organizations.
Planning Assumptions
1. The City of Winter Park has the primary responsibility for response in emergency/disaster situations. The City of Winter Park may commit all available resources to save lives, minimize injury, and, where possible, prevent damage to property.
2. The City Manager has a designated the Fire Chief as the city’s Emergency Manager. The Emergency Manager is responsible for the development of the CEMP and reporting to and coordinating with, the Orange County Emergency Operations Center during emergencies.
3. Orange County, State of Florida and Federal departments and/or agencies, and adjacent jurisdictions may assist in emergency/disaster response and recovery, as appropriate, if called upon.
4. The proper use of this plan may reduce or prevent the loss of lives and damage to property.
5. Many emergency/disaster situations can occur with no warning, allowing little time for preparedness measures.
6. Department Directors within the city are made aware of the possible occurrence of major emergencies or disasters and are also aware of their responsibilities under this plan and may fulfill their duties as needed.
7. Disaster relief operations, within the City of Winter Park, are complemented and/or performed by Orange County and any other agencies within the authority and responsibilities designated in Chapter 252, Florida Statutes.
8. The City of Winter Park may exercise independent direction and control of its own resources, outside resources assigned to the city, and resources secured through existing mutual aid agreements with other municipalities or agencies. Requests for State/Federal government assistance may be directed to the County EOC.
9. Per the Orange County Comprehensive Emergency Management Plan, each city is encouraged to adopt, through municipal planning and organization, in coordination
CITY OF WINTER PARK COMPREHENSIVE EMERGENCY MANAGEMENT PLAN (CEMP) 2013
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with the County, their own means of controlling and handling the threats and effects of natural and technological disasters in their communities.
10. The city emergency preparedness planning and coordination should be compatible with the policies and procedures of the Orange County CEMP.
11. The city is committed to the Orange County Local Mitigation Strategy (LMS) in partnership with the County and the State, which may assess and identify the city’s vulnerability and develop a course of action for future mitigation efforts.
12. In support of the city CEMP, the primary and support departments or agencies of each emergency support function have developed emergency operations procedures and reviewed on a annual basis.
13. It is assumed that many local emergency response personnel may experience casualties and damage to their homes and personal property, and may themselves be victims of the disaster. Every effort will be made to accommodate those issues.
14. It is assumed that citizens and response organizations from unaffected municipalities, counties, and states may send massive amounts of food, clothing, and other supplies in response to what they perceive the needs of the city and/or county to be.
15. It is assumed that competition among affected citizens and communities for scarce resources may be great.
Plan Methodology The process of creating the City of Winter Park CEMP began with obtaining input from city departments through discussion-based exercises conducted from 2008 through 2012. The process continued through the following tasks:
• Established a comprehensive Community Risk Assessment program (Fire-Rescue) • Develop the plan to include necessary plans, annexes, appendices, and procedures
As a living document, the process grows to include the following requirements:
• Test the plan through training, exercises, and real-world emergencies • Revise and maintain the plan • The City Manager has appointed the Fire Chief as the city’s Emergency Manager
(EM). The EM will be responsible for the annual review and periodically updating of this plan, completed and updated every 5 years.
• A revision of the CEMP can be called for at any time by the City Commission or City Manager.
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References and Authorities
Federal
• The Robert T. Stafford Disaster Relief and Emergency Assistance Act (PL 100-707 which amended PL 93-288).
• Public Law 106-390, Disaster Mitigation Act of 2000. • Post-Katrina Emergency Management Reform Act • Homeland Security Act of 2002 • Homeland Security Presidential Directive #5 • Homeland Security Presidential Directive #8 • National Response Plan (NRP) • National Incident Management System (NIMS)
State
• Chapter 252 of the Florida Statutes (State Emergency Management Act, as amended). • Governor’s Executive Order 80-29 • The State of Florida Comprehensive Emergency Management Plan. • Rules 9G-22, Florida Administrative Code. • State of Florida 2000 Statewide Mutual Aid Agreement • Florida Statute 2006-17
County
• Orange County Ordinance 94-11, Emergency Management Ordinance • Orange County Ordinance 2000-17, Emergency Management Ordinance • Orange County Code Chapter 1, Administration • Orange County Code Chapter 13, Fire Control and Prevention • Orange County Code Chapter 21, Medical Examiner • Orange County Code Chapter 24, Pollution Control • Orange County Charter, January 1, 1987 • Orange County Administrative Regulations • Orange County Emergency Operations Center Standard Operating Guidelines • Orange County Disaster Emergency Purchasing Manual, 2007 • Orange County Local Mitigation Strategy • Orange County Disaster Housing Plan • Orange County Points of Distribution Plan • Orange County Logistical Management Strategy
City • City of Winter Park Resolution No. 1926-05 • City of Winter Park Resolution No. 2012 (CEMP Adoption)
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Situation This section of the Basic Plan includes the following information:
• Hazard analysis • Geographics and climate • Demographics • Economic profile and impact
The City of Winter Park Geographical Information System (GIS) houses some of the supporting data for this information.
Hazard Analysis – Community Risk Assessment The City of Winter Park has researched the natural, technological and societal hazards that threaten the city, as well as the areas and systems that are threatened by these hazards. An assessment of the hazards was conducted as part of the Local Mitigation Strategy process to determine the type of impact that would be experienced by these individual hazards. The hazards identified for Winter Park included the following:
• High winds (hurricanes, tornadoes) • Lightning • Drought • Flooding • Heat waves • Sinkholes • Human Diseases • Hazardous material incidents • Infrastructure Disruptions • Crime (civil disturbances and terrorism) • Major Fires
Based on historical evidence, geography, and socio-economics, the following hazards could potentially impact the City of Winter Park: Tropical Weather Systems / Hurricane: All of Florida is susceptible to hurricanes. While the coastal areas have more expansive list of susceptibilities, inland areas like Winter Park are still vulnerable to hurricane damage from high winds, rain-induced flooding, and hurricane-spawned tornadoes. Tornadoes: As seen in the map below, Florida experiences a high incidence of tornadoes; this is due to both tropical systems moving over the peninsula and the frequency of thunderstorms.
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Source: NOAA Lightning: Florida leads the nation in lightning related deaths (see below map). The peak month for lightning strikes is July, but June and August also have a significant number. Large concentrations of these strikes occur along the I-4 corridor and in south Florida.
Source: NOAA
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Drought: Drought is a period of unusually dry weather that persists long enough to cause serious problems such as crop damage and/or water supply shortages. Drought can be defined in terms of meteorology, agriculture, and hydrology. Flooding: Winter Park contains 21 navigable lakes within its corporate limits. Several of these large lakes are connected by manmade canals which allow for boat traffic access. This chain lake system allows drainage into larger lakes and waterways and eventually to St. John’s River. Because most of the larger bodies of water are connected and allowed to drain, flooding on a regular basis is non-existent. Some smaller bodies of water and storm water catch basins do exceed their capacity during summer storms. Events including 1-2 inches of rain per hour occasionally lead to the flooding of low lying areas; however, this type of event is very infrequent. Heat wave: A heat wave is defined as three or more consecutive days where the maximum shade temperature reached or exceeded 90∘ F. The City of Winter Park is susceptible to heat waves in the summer months. Sinkhole: Sinkholes are a common feature of karst topography, where rock below the land surface is soluble. As the rock dissolves, spaces and caverns develop underground. Typically, the ground will stay intact until the underground space grows too large to support the land cover. On May 9, 1981, a large sinkhole collapsed in Winter Park, Florida, swallowing a house, five Porsches at a luxury car dealership, and half of an Olympic-sized swimming pool. The sinkhole collapse occurred when Carbonate bedrock had dissolved to the point that it could no longer support the weight of the overlying soil and sediment. The city stabilized and sealed the sinkhole, converting it into a 107 meter –wide (350 foot-wide) urban lake in a process known as stream piracy. Usually this is a gradual process, with only part of the surface stream being diverted through small cracks in the rock just below the soil cover. The amount of surface water diverted grows larger with time, and the cave also grows with time until the entire surface stream disappears into the ground. Sometimes these disappearing, or sinking streams provide access to the caves beneath. While other ground voids have occurred, no other major sinkholes have opened in the City of Winter Park since 1981. Human Diseases: According to the Orange County Health Department there are a variety of diseases and viruses that can inflict individuals in Orange County. Some of these diseases and viruses include:
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• Botulism • E. Coli • Hepatitis A,B, and C • Meningitis (bacterial & mycotic) • Salmonellosis • Tuberculosis • West Nile Virus • Avian Flu
Hazardous Materials: The City of Winter Park currently has approximately 90 facilities that use, store, and/or produce hazardous substances. The city also contains 2.83 miles of railroad mainly used by CSX for commercial and passenger rail traffic. Approximately 6000 trains transect the city annually. The rail line hosts large number of trains which may be used for the transport of hazardous substances. Infrastructure Disruptions: This hazard can involve disruptions to the city’s routes and modes (rail, bridge, road, etc.), the ability to produce and distribute electrical power and or/ the distribution and collection of water and/or wastewater, as well as telecommunications and radio networks. These disruptions can be caused by a number of events including, but not limited to:
• Natural or technological disasters • Sabotage • Equipment Failures
The city provides water, sewer services to an area of about 21 square miles. This area covers property both within and outside of the city limits. Water and waste water services are maintained by the city itself with only specific and limited contracts for some components to the utility services, including electric distribution service. The following list includes which agencies and companies provide utility service to the city: Water: Winter Park Utilities Gas: TECO Electric: Winter Park Utilities predominantly; some areas OUC and Progress Energy Civil Unrest or Social Disturbance: This type of situation refers to community riots and/or peaceful or non-peaceful protests. These types of events can seriously impact the economic well-being and public safety and security citizens and visitors.
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Terrorism: Under the Homeland Security Act of 2002, terrorism is defined as an activity that involves an act dangerous to human life or potentially destructive of critical infrastructure or key resources and is a violation of the criminal laws of the United States or of any State of other subdivision in which it occurs and is intended to intimidate or coerce the civilian population or influence a government of affect the conduct of a government by mass destruction, assassination, or kidnapping. The Federal Government divides terrorism into specific groups Fire Control: Winter Park has enjoyed lower than average property loss from structural fires for more than five decades. While several major fires dot the 112 years history of the fire department, no loss of life has occurred in the past 25 years. The fire department provides Insurance Service Office ISO Class 2 fire suppression services are provided from all three fire station facilities. Three Class A pumpers (1750gpm) and one 100’ aerial ladder are staffed fulltime. One of the three Class A pumpers is equipped with a Compressed Air Foam System (CAFS). All pumpers carry a minimum of 1000’ of large diameter hose (4”) and are equipped with 750 gallon water tanks. Reserve apparatus are adequate and include 1 pumper, 1 aerial and 1 rescue ambulance.
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Geographics and Climate Geographics The City of Winter Park is located in north central Orange County and is situated approximately midway between the East and West coasts of the state. Winter Park has an area of approximately 9 square miles and a population of 27,852 (2010). Municipalities adjacent to Winter Park include Maitland to the north and Orlando to the South and East. While the corporate limits of Winter Park only encompass 9 square miles, the city’s water and sewer utility service district extends to more than 21 square miles into neighboring unincorporated Orange County. This factor, along with the zip coding provided by the United States Postal Service, tends to confuse some residents and business owners who erroneously believe that they live within the city limits when actually they do not and only benefit from the association of addressing with the city. This confusion is occasionally problematic for some non-emergency services offered by the city, but routing calls to the appropriate 9-1-1 call center does pose a problem, as the delineation of service areas is not an issue. Land Use The City of Winter Park land area totals 5,760 acres. Most of the city is within the Howell Creek Watershed, which spans 55.3 square miles and contains 92 lakes in Orange and Seminole County (23.2 miles and 66 lakes in Orange County). Of these lakes, approximately 21 are within the city limits. A small section of the city (to the east and south) is within the Little Econ Watershed. The city limits of Winter Park are basically stagnant between the cities of Orlando and Maitland and the boarders with Orange and Seminole Counties. With this locked geographical definition, the city has limited opportunities to expand its’ boundaries to spawn new development. This inability to annex or grow geographically has not stopped the city from developing and redefining itself. The popularity of the Winter Park label as the quintessential “urban village” has caused many communities to attempt to copy the city’s development model. Much of the commercial areas have remained commercial while some of the areas west of the downtown core have transitioned from single family residential properties to mostly mixed-use commercial and multi-family residential. The largest redevelopment project in this area involved the Winter Park Village location. Emergency Management, through the Fire Rescue Department, is invited to participate in all planned unit developments including those mixed-use and multi-family residential
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projects. Construction plans are reviewed, pre-fire plans are developed and the Community Risk Assessment is amended as necessary. Climate The City of Winter Park's climate reflects both temperate and subtropical influences. Average summer temperatures are about 82 degrees Fahrenheit and average winter temperatures are about 62 degrees Fahrenheit. In winter, temperatures may drop at night to near or below freezing but usually rise rapidly during the day to the 60 degree Fahrenheit range. Cold spells can be expected about six (6) times during an average winter. Rain and winds usually precede these spells but they normally influence local conditions only for a few days before temperatures rise again. The rainy season extends from June to September (sometimes through October when Winter Park’s weather is influenced by tropical storms). During this period, scattered afternoon thundershowers take place almost daily. These storms occur on an average of ninety (90) days per year, mostly during the afternoon and evening hours. Heavy rains associated with these thunderstorms often causes localized flooding problems. Average yearly precipitation for the area is fifty-five (55) inches.
Demographics The current population of Winter Park is estimated at 27,852 with a ratio of 3,094 residents per square mile. According to the United States Census Bureau, the median age of residents in Winter Park is 42.8 years. Below is a breakdown of the percentages of the different age groups within the city:
• 19.9 % are 65 and older • 18.3 % are under 18 years old
Persons with Special Needs (PSN) The Persons with Special Needs Registry is maintained by Orange County Emergency Management and has 27 city residents currently registered. The City of Winter Park does not maintain its’ own registry of persons with special needs (PSN). The city participates with Orange County Emergency Management and manages city resident through the county PSN. An updated list of registered PSN residents of Winter Park is periodically provided from Orange County. This PSN list is entered into the Outreach electronic alert system.
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Disabled Population While 27 people are in the Orange County Special Needs Registry, it is anticipated that there are more disabled persons within the city that have not registered. The approximate disabled population is 2000 persons (2010). These disabilities include:
• Deaf and/or hard of hearing • Blind and/or visually impaired • Physical Disabilities • Mental Disabilities • Medical Disabilities
Senior Citizens Winter Park’s senior citizen population (65 years of age and older) comprise 19.9% of the total population, or approximately 5,542 individuals. Non-English Speaking The 2010 Census reported that from 2006-2010, 10.2% of Winter Park residents spoke another language in the home. Homeless Population The State of Florida defines a homeless person as:
• Sleeping in a place not meant for human habitation • Sleeping in an emergency shelter • Living in transitional housing having come into that housing from the street or from
a homeless emergency shelter.
While several of the local faith-based communities do host homeless families as a part of their ministry, the City of Winter Park does not currently host any designated public shelters. All sheltering of the homeless is directed to the Orlando Mission or the Coalition for the Homeless in Orlando. Visiting population Winter Park annually hosts thousands of visitors for a variety of special events. While hotel rooms within the city limits are few (less than 300), the Orlando area is very close by and offer visitors ample accommodations. Aside from the daily tourist traffic, the city hosts guests to Rollins College. In March each year, the city hosts the nation’s second largest art festival. More than 250,000 visit Central Park in downtown Winter Park for the three-day event.
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Housing According to the 2010 U.S. Census Bureau, Winter Park contains a total 13,626 housing units. In addition, the Census reported in 2012 that the median value of an owner-occupied home in Winter Park was $391,400. Manufactured Homes After Hurricane Andrew in 1992, the Federal Standard was tightened up to match model code wind design for manufactured homes. Manufactured homes have tie downs as part of their wind design and manufactured buildings are brought to a site and placed on a poured concrete foundation. Currently only a few manufactured homes are found around the city.
Economic Profile and Impact The per-capita income within the City of Winter Park is $58,920.00. The average property value is $229,100.00 (January 2012). These items are important to note because they may decline in a post-disaster environment. The top employers in Winter Park are the following: Employer Type of Business Employees Percent of Total
City Employment Florida Hospital Winter Park Health 1,400 9.44% Rollins College Education 665 4.48% Orange County Schools Education 627 4.23% City of Winter Park Government 538 3.63% Publix Food Retailer 420 2.83% Bonnier Media Company 411 2.77% Other Employers Various 10,773 72.62% Total Labor Force 14,834 100% From The City of Winter Park Comprehensive Annual Financial Report Sources: Labor Force from State of Florida, Department of Labor and Employment Security, Bureau of Labor Market Information. (http:www.labormarketinfo.com) Statistical Programs\ LAUS-Local Area Unemployment Statistics\get detailed statistics\Monthly Data Table per year, Metro Orlando EDC, the Community Redevelopment Agency and CRA Dept.
Populations and Areas Susceptible to Hazards Population The following population segments are especially susceptible to special needs following a community-wide all-hazard event:
• Persons with Special Needs • Disabled Persons
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• Senior Citizens • Manufactured Structures
The following facilities house populations, who have special medical needs, are disabled, or elderly: Name Address Facility Type Winter Park Towers 1111 S. Lakemont Avenue ALF / Retirement / Nursing Manor Care Center 2075 Loch Lomond Drive ALF / Nursing The Mayflower Community 1620 Mayflower Court ALF / Retirement / Nursing DePugh Nursing Center 550 W. Morse Blvd Nursing / Recovery Maitland Health Care 1700 Monroe Avenue Nursing / Recovery Susceptible Areas As described in the hazards analysis, the City of Winter Park is susceptible to the following hazards:
• High winds (hurricanes, tornadoes) • Lightning • Drought • Flooding • Heat waves • Sinkholes • Human Diseases • Hazardous material incidents • Infrastructure Disruptions • Crime (civil disturbances and terrorism) • Major Fires
Community Risk and Critical Infrastructure This section provides for the identification and management of critical facilities.
Many of these critical facilities would be crucial to the immediate emergency response following a major emergency/disaster event, and others would be critical for long-term recovery operations.
Several categories of critical facilities have been identified in City of Winter Park to include: a. Electric distribution system components b. Health/Medical Facilities c. Transportation Networks d. Communications Network Components
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e. Public Buildings f. Emergency Services Facilities g. Water Distribution/Drainage facilities h. Historic Structures i. Landfill and Debris Sites j. Public/Private Supply Centers k. Hazardous materials storage facilities.
In Winter Park, Fire Rescue currently maintains a list of public and private sector facilities that could be utilized during an emergency/disaster response.
Critical Facilities a. Information pertaining to critical facilities will be maintained by
the Office of Emergency Management. b. Continuous update of the critical facilities inventory will be
maintained and updated on the disaster information system. c. Critical facilities may serve as the basis for establishing mutual aid
agreements / statements of understanding with other governmental or non-governmental agencies.
d. Knowledge of critical facilities allows for the implementation of planned mitigation approaches and/or projects in an attempt to reduce vulnerabilities.
Sheltering The responsibility for community sheltering in Orange County is left to the County Emergency Management office. Currently there are no designated public shelters in the city limits of Winter Park. With a very limited number of manufactured homes in Winter Park most residents do not require evacuation during most predictable events. Many even Special Needs Residents have been found to be better off adopting a personal shelter-in-place policy. Some homes are preparing with personal shutters and power generators. Those people requesting local shelters are directed to Orange County Emergency Management for annual updates to their sheltering sites. Being a host County for coastal evacuees, Orange County has a large number of public shelters.
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Emergency Management Support Facilities Emergency Operation Center (The Sandbox) The City of Winter Park works as a partner to the Orange County Office of Emergency Management to coordinate any large-scale emergency response activation in the city. In addition to providing a liaison physically located at the County EOC during Level 2 activations, the city maintains a stand-alone Emergency Operations Center (EOC) physically located within the Fire Rescue side of the Public Safety Facility. The city EOC is designed to focus on Winter Park’s response and recovery efforts to any designated event. Fire Rescue is responsible for maintaining the situational readiness of the EOC. The city EOC is set up to allow all departments a common location to gather and communicate the actions and response of the city to all major events. The facility is equipped with all current communication devices including computers, VoIP phone connections, as well as television video and conferencing capabilities. Community Emergency Alerting Systems The City also has the capability to establish a Citizen Call Center (CCC) when the size or scope of the event warrants a focused citizen information source. The CCC is located in the Public Safety Facility adjacent to the City EOC. In addition to these fixed assets, the City operates a system of outdoor warning devices (tornado sirens and voice-capable speakers) strategically placed through the community. The siren notification system is designed to give the city one more tool to use to alert the residents of impending danger, or an all clear. The city’s Outreach Emergency Alerting System is also available for a more focused means of emergency alerting to residents. The Outreach system can use multiple means notification such as, phone, email, SMS (text) or fax to send vitally important warnings and notifications. Level of Disasters Florida Statute 252 defines a disaster as any natural, technological, or civil emergency that causes damage of sufficient severity and magnitude to result in a declaration of a state of emergency by a City, the County, the Governor, or the President of the United States. F.S. 252 also identifies disasters by the severity of resulting damage, as follows:
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Minor Disaster: Any disaster that is likely to be within the response capabilities of local government and results in only minimal need for State or federal assistance.
Major Disaster: Any disaster that will likely exceed local capabilities and require a broad range of State and federal assistance. The Federal Emergency Management Agency will be notified and potential federal assistance will be predominantly recovery-oriented.
Catastrophic Disaster: Any disaster that will require massive State and federal assistance, including immediate military involvement. Federal assistance will involve response as well as recovery needs.
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Concept of Operations
General Emergency response operations are a normal part of the city’s law enforcement and fire and rescue services. The initial response to any routine incident such as a fire or major law enforcement incident will follow standard operating protocol for the agencies. Incident notifications originate through the 911 answering point and are dispatched to the Fire Department and/or Police Departments for their response. At the time of major disasters, and full Level 3 EOC activation, all emergency response operations will be coordinated through the city EOC. A routine incident advancing beyond normal response capability and/or meeting the following thresholds trigger CEMP implementation:
• Local resource capabilities may be exhausted and a request for external support is anticipated.
• An evacuation of multiple structures or a large area is required.
• Damage caused by the emergency event warrants a damage assessment.
• Augmentation of the command and control capability is desired to coordinate multiple responding agencies or multiple impacted jurisdictions.
• The incident commander on the scene determines that the response will take more than eight hours.
• A legal/statutory threshold has been reached that requires notification of outside agencies.
Based upon the potential threat to the city, these events may trigger an emergency declaration, implementation of the CEMP, and activation of the EOC in accordance with the following procedure. Local State of Emergency Declaration Process
A State of Local Emergency will be requested by the Emergency Manager through the City Manager when an event has occurred, is anticipated to generate major damage in the City of Winter Park, threatens the health and safety of city residents, or is or is anticipated to be beyond normal response capabilities. For the City of Winter Park, coordination of the emergency management functions is the responsibility of the Fire Department.
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The following sequence of events will occur when a declaration is deemed necessary by the Emergency Manager:
1. The Fire Chief, acting in their capacity as the Emergency Manager, will advise of the nature of the event and potential need to declare a State of Emergency and activate the EOC.
2. The City Manager or his designee will advise the Mayor and request signature of a prepared State of Local Emergency Declaration. In the absence of the Mayor, the Vice Mayor is the designee.
3. Upon execution of the State of Local Emergency Declaration, all departments and agencies will be notified.
4. Conference calls will be scheduled with disaster response partners (if necessary).
5. The Communications Department will designate a Public Information Officer for the event and will prepare and release appropriate announcements advising the public of the nature of the emergency.
6. The State of Local Emergency declaration will remain in effect until it expires, or is rescinded by a subsequent declaration of the Mayor.
7. Upon recommendation of the Executive Policy Group or the Emergency Manager, a continuation of the State of Local Emergency may be requested.
Activation of the CEMP and the EOC The City of Winter Park CEMP may be implemented and the EOC activated by the following persons:
1. The Governor of the State of Florida may declare a state of emergency for the State of Florida or any region therein and activate the EOC through consultation with the Mayor.
2. The Mayor may declare a State of Emergency for the City of Winter Park and activate the CEMP.
3. Upon declaration of local emergency by the Mayor, he may direct or order protective preparedness or response measure be taken.
4. In the event of a sudden emergency, which seriously threatens the safety of the City of Winter Park’s citizens, the following action will occur:
a. The Emergency Manager will activate the EOC.
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b. The Emergency Manager will request to the Mayor through the City Manager to issue a Local State of Emergency and implement the CEMP.
c. When exigencies of the situation preclude the timely authorization by the Mayor, the established line of succession will be implemented.
Organization
The City of Winter Park normal day-to-day operations, absent of a declared State of Local Emergency, are under the authority of the Mayor and City Commission and the direction of the City Manager.
The Mayor of Winter Park. The Mayor, as the top elected official of the City of Winter Park, a political subdivision of the State of Florida, is vested with certain authority with regard to emergency management pursuant to Chapter 252, Florida Statutes. One aspect of such authority is the power to declare a "State of Local Emergency".
City Manager. The City Manager administers the daily routine operational business of city government in a manner consistent with policy established by the City Commission. The city government is organized into functional departments and divisions created by the City Commission for the delivery of essential government services.
Direction and control of all government related activities during the response, recovery, and mitigation stages of an emergency event is the responsibility of the Mayor.
Emergency Declaration and Line of Succession. The Mayor or Vice Mayor in the absence of the Mayor, may declare a Local State of Emergency and activate the CEMP. In the event the Mayor is not available to provide continuous leadership authority and responsibility, the following line of succession has been established: Vice Mayor; City Manager or his designee.
When conditions warrant, the Mayor may issue an Executive Order declaring a Local State of Emergency, which thereby activates this Plan. Under emergency conditions, the City of Winter Park transforms to a specialized disaster response organization as explained in (See Appendix 1 Emergency Operations Center Model). The city must be able to respond quickly and effectively to developing events.
When a disaster has occurred, or a potential disaster is first detected, the Emergency Manager, or his designee, would initiate activation of the Comprehensive Emergency Management Plan (CEMP). Communications would then be established with the Orange County Office of Emergency Management to advise them of the status of the city.
Executive Policy Group (EPG). The EPG maintains executive decision making authority throughout all stages of a disaster event. The ongoing administrative and logistical
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implementation of the CEMP is administered through this executive body. The EPG consists of the Mayor, Commissioners, City Manager and City Attorney.
While emergency response actions necessary to protect public health and safety are being implemented, the Senior Staff Group may convene to coordinate and direct overall actions of city personnel.
The Senior Staff Group (SSG) will consist of the following city staff: City Manager, Assistant City Manager, Communications Director, Fire Chief, Police Chief, Public Works Director, Finance Director, Utility Director, Electric Utility Director, Chief Building Official, Parks Director, Fleet Manager and the City Clerk and other as deemed by the City Manager.
The City Manager, with the assistance of any necessary senior staff will contact and coordinate with key governmental agencies in the surrounding area and brief the City Commission on the details of the disaster and expected impact to the community.
The activation of the Emergency Operations Center is recommended by the Emergency Manager to City Manager. Upon notification and activation of the EOC, the Purchasing and Finance Departments will inform all departments monitor and track all expenditures associated to the activation or incident.
When activated, the City of Winter Park Emergency Operations Center (EOC) serves as the central command and control point for emergency-related operations and activities, and requests for deployment of resources. The basic concept for emergency operations calls for a coordinated effort and response by all city personnel and equipment in preparation for, and in response to, the local disaster.
At any time if the city’s resources are overwhelmed, assistance may be requested from local contracted vendors or from Orange County government. If the requested assistance is beyond the county's capability, they will request state and federal assistance from the State Emergency Operations Center (SEOC).
The city’s emergency management program addresses the four integral components of emergency management: preparedness, response, recovery and mitigation. This CEMP addresses these components in detail. To ensure an adequate and timely response by emergency personnel and maximum protection and relief to citizens of the city prior to, during and after a disaster, the CEMP concept provides for complete integration of the city’s plan with that of the county, state and federal government.
The City of Winter Park Emergency Operations Center (EOC) is located on the second floor of fire rescue headquarters and is also referred to as the “Sandbox”. The EOC will be activated for any incident requiring a significant dedication of resources and/or extraordinary inter-department coordination outside the realm of normal, day to day situations handled within the city. The (EOC) concept provides for the coordination of city operations in the event of a major disaster.
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During a defined emergency or threat the Emergency Manager will notify the City Manager and all affected city staff at what level of activation the EOC is operating under. Once a partial or full activation is made, the Emergency Manager will designate an EOC manager who will coordinate the operations at the EOC. The individual Incident Commander will retain command and ultimate decision making authority for the incident. City’s Emergency Operations Center (EOC) Activation Levels:
• Level 3 – Monitoring of the situation – Regular reports updating city staff and officials of the threats to Winter Park will be posted.
• Level 2 – Limited Activation – Only those departments needed to manage the
emergency situation will be required to fill their positions in the EOC. This will be considered a focused activation and may be considered a full activation if the event fails to escalate to a full city-wide activation.
• Level 1 – Full City-Wide Activation – All city departments are required to be
represented in the EOC. Policy Group is placed on notice of the potential for required action related to a LSE and further actions.
Joint Information Center (JIC): When the event involves the response of more than one city department or at the direction of the City Manager a Joint Information Center (JIC) shall be established. The purpose of the JIC is to provide the citizen coordinated information pertaining to the emergency or disaster. The city’s Communications Manager will manage the city JIC. Individual department information officers will work to coordinate the release of all public statements during any EOC activation. The City of Winter Park and all surrounding municipalities are signatories to the Florida Statewide Mutual Aid Agreement. If resources within the city are insufficient for disaster response and recovery; mutual aid may be requested through the Orange County EOC.
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During disaster operations, private sector and private nonprofit organizations provide resources upon request of the Emergency Manager and the EOC Operations Group. Included among these are the American Red Cross, Salvation Army, and various faith-based and non-governmental groups.
Control and Overall Command of an Incident
Coordination of disaster response and recovery activities will be facilitated by using the National Incident Management System (NIMS). The individual departments will utilize the Incident Command System (ICS) allowing for an organized response based on the particular event or situation. The NIMS System will be used to coordinate, response to, and recover from any designated disaster.
In support of direction, control, and coordination activities, separate Field Operations Sites (FOS) may be set up by individual departments to assist in managing the different activities associated with the city’s overall response.
A FOS should be established and staffed by personnel from the specific departments involved in that particular emergency response process. Field Operations Sites will communicate with their representative in the EOC with an ongoing status of operations to their particular EOC representatives.
Those city departments that will typically establish Field Operations Sites for initial and localized coordination are Police, Fire, Public Works, Forestry and Electric Utilities. Many other city departments may find it necessary to set up a field operation whenever the tasks at hand require a number of staff personnel to operate at one location in order to coordinate those personnel working in the field. Whenever possible all departments should operate within a unified command framework when considering the establishment of any FOS. Emergency disaster operations in the field can be confusing and stressful. If individual city departments are operating at the same location to mitigate all or part of the problem the leadership of those individual departments operating at the site should unify their efforts and establish one unified command operation. The unified command option is outlined in the NIMS and should be considered anytime multiple departments are operating on one scene, no matter the level of emergency management involvement or level of EOC activation. Upon activation at Level 1 or 2, the Emergency Operations Center will serves as the centralized direction and control point for all major disasters. Members of the EOC Operations Group maintain continual contact with their department or agency command centers to ensure proper coordination of all disaster response and recovery operations.
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Financial Management
General Responsibilities It is anticipated that response and recovery efforts will generate overtime for city employees. These costs include any emergency personnel deployed out-of-city in support of operations conducted under the provisions of the Statewide Mutual Aid Agreement. It is anticipated that response and recovery costs may be recouped at some level, provided sufficient documentation is available. Therefore, the purpose of the Finance Department process in the City of Winter Park is to ensure the documentation of all costs associated with the preparedness for, response to, and the recovery from a disaster. This documentation is necessary for the facilitation of reimbursement of the costs associated with a disaster. Finance Department
1. Files Requests for Public Assistance on behalf of the city;
2. Coordinates the compilation of all city project worksheets by departments;
3. Interfaces with state and federal personnel throughout the public assistance grants process, e.g., public assistance, HMGP;
4. Is the coordination point for State Public Assistance Coordinator (PAC) and FEMA PAC;
5. Coordinate with Facilities Management to identify permanent work project options with department, state, and federal representatives;
6. Coordinates appropriate financial resources for permanent work project options; and
7. Coordinates appropriate financial resources for all improved or alternative projects.
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City Departments
1. Identifies their recovery projects through damage assessment;
2. Prepares a list of damaged sites and emergency work performed;
3. Prepares project worksheets to restore each site/facility to pre-disaster conditions;
4. Provides needed information to project officials;
5. Public Works coordinates the necessary documentation for project worksheets with project officers; coordinates field inspections of recovery work;
6. Public Works provides a contact person who accompanies the PAC or Project Offices for site damage surveys;
7. Provides cost breakdowns for all completed work;
8. Each department will coordinate all necessary documentation in mutual aid events;
9. Coordinate with the Finance Department for any appeal processes. Winter Park Fire Rescue/Office of Emergency Management
1. Coordinates technical assistance, notification, and training to city personnel;
2. Coordinates the applicant briefing with state and federal personnel;
3. Advertises the FEMA Applicant Briefing to appropriate agencies;
4. Supplies interested parties with technical assistance where necessary;
5. Coordinates with the Finance Department recovery reimbursement training when appropriate to include:
• Applicant process • Necessary documentation • Use of appropriate forms • Local declaration emergency/request for state assistance Initial
damage assessment • State emergency declaration process • Preliminary state/federal damage assessment process • Request for Presidential Disaster Declaration process • Public Law 100-77 (Robert T. Stafford Act) • Emergency Assistance Act of 1988, Public Law 93-288, and Disaster
Act 1974.
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Annex A: Recovery
I. Introduction
Purpose
The Recovery Annex established how the City of Winter Park will recover from emergencies and/or disasters in the short and long term. This plan will address:
• Debris Management • Damage Assessment • County, State, and Federal Assistance Programs • Unmet Needs
Planning Assumptions
1. Emergencies and /or disasters will cause significant damage to Winter Park and will severely damage homes, businesses and infrastructure.
2. A disaster will leave large areas of the city without power, water and wastewater services for long periods of time.
3. There will be significant amounts of debris that must be processed and disposed of in a safe manner as a result of the disaster.
4. Following a disaster, surveying the extent of the impact will be hampered by blocked roads and damaged infrastructure.
5. State and Federal assistance will not address all of the needs of the community and will require creative solutions with assistance from community and faith based organizations.
Phases of Recovery
Short-Term Recovery This phase involves the efforts to restore utilities and address the short-term needs of citizens and visitors. The time frame for short-term recovery is days to weeks after an emergency and/or disaster.
Long-Term Recovery Long-term recovery can take place weeks, months and years after an emergency and/or disaster or it could begin immediately after an emergency. Long-term recovery includes issues not normally resolved or addressed in the Individual Assistance program (Long-term housing, mental health counseling, etc.)
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Annex B: Mitigation
See Orange County Local Mitigation Strategy
(will provide more of a description here)
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Appendix A: EOC and ICS Structure The City of Winter Park uses the NIMS/ICS structure for emergency operations center organization. However, Orange County and the State of Florida structure their emergency operations under the Emergency Support Function Format. This appendix shows how the two relate and overlap.
Mayor and City
Commission
Finance/ Administration
Section
Logistics Section
Planning and Information
Section
Liaison Section
Orange County EOC
Operations City
Departments
City Manager Senior Staff
Group
Coordination Element (EOC Manager)
Operations Section
Law Enforcement
ESF 16
Fire Rescue Health and
Medical ESF 4-8-9
Public Works Streets
Building Maintenance
Utilities Water &
Wastewater
Electric Utility
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Logistics Section
Support Branch
Service Branch
Consists of the following ESFs: ESF 3 – Public Works and Engineering ESF 7 – Resource Support ESF 12 – Energy ESF 20 - Utilities
Consists of the following ESFs: ESF 1 – Transportation ESF 6 – Mass Care ESF 11 – Food and Water ESF 15 – Volunteer and Donation Management ESF 17 – Animal Services
CITY OF WINTER PARK COMPREHENSIVE EMERGENCY MANAGEMENT PLAN (CEMP) 2013
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ESF 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 RECOVERY EPG
DEPARTMENT/AGENCY
Office of the Mayor I - INT - LR P
Chief of Staff S I - INT - LR P
Communications S P S S I - INT - LR S
Human Relations S S I - INT S Neighborhood and Community Affairs S S P I - INT - LR S Governmental Relations S S I - INT - LR S Chief Administrative Office I - INT - LR P Personnel Management S S S I - INT S Minority & Women Business Enterprise S S I - INT - LR S
City Attorney's Office S S I - INT P Audit Services & Management Support S S I - INT S
City Clerk S S S S S I - INT S Economic Development S S S P S I - INT - LR S
Business Development S S S S I - INT S
City Planning S S S S I - INT - LR S
Code Enforcement S S S S P I - INT - LR S
Permitting Services S S S S P I - INT - LR S Downtown Development Board S S S S INT - LR S Community Redevelopment Agency S S S INT - LR S Families, Parks and Recreations S S P S INT - LR
Parks S S P S I - INT - LR S
Recreation S S P S I - INT - LR S
Children and Education S S I - INT S Office of Business & Financial Services S S S S S I - INT - LR P Accounting and Control S S S I - INT - LR S Geographic Information Systems (GIS) S S S P S S S S S S S S I - INT - LR S
Investor Relations S S I - INT - LR S Management and Budget S S S I - INT - LR S
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ESF 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 RECOVERY EPG
DEPARTMENT/AGENCY
Pensions S S I - INT - LR S
Purchasing S P P S S I - INT - LR S
Real Estates S S S I - INT S
Risk Management S S S I - INT S
Treasury S S I - INT S Winter Park Fire Rescue P P S P P P S S I - INT - LR P
WPFR Field Operations P P S P P P S S I - INT - LR S WPFR Support Operations P P S P P P S S I - INT - LR S Office of Emergency Management S P S S S S S P S S S I - INT - LR P Housing & Community Development S S I - INT - LR
WP Police Department S P S P P S I - INT P WP Police Dept. Patrol Operations S P S P P S I - INT - LR S Public Works Department P S S S S I - INT P
Capitol Projects S S S S I - INT - LR S Engineering/Streets and Drainage P S S S I - INT - LR S
Environmental Services P S S S I - INT - LR S
Solid Waste P S S S I - INT - LR S
Stormwater Utility P S S S I - INT - LR S
Wastewater P S S S I - INT - LR S Transportation Department P S S I - INT - LR Transportation Engineering P S S I - INT - LR S Transportation Planning P S S I - INT - LR S
Parking S S S I - INT - LR S
Winter Park Venues S S S INT - LR S
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LEGEND: P = Primary Organization S = Support Organization
RECOVERY PHASES I = Immediate: This phase covers the priority areas for the first seven days after a disaster. INT = Intermediate: This phase may last weeks or months depending on size of the disaster and
area of destruction. LR = Long Recovery: This phase will cover long term cleanup, recovery, and redevelopment. It
may last for months or years. NOTE: For more specific recovery responsibilities see the Recovery Annex to the Comprehensive Emergency Management Plan. EPG = Executive Policy Group NOTE: Agencies/Organizations that are identified as support agencies to the EPG will be called in to the EPG as needed.
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State and Orange County EOC Emergency Support Functions:
ESF 1 – Transportation
ESF 2 – Communications
ESF 3 - Public Works and Engineering
ESF 4 – Firefighting and EMS
ESF 5 – Information and Planning
ESF 6 - Mass Care
ESF 7 - Unified Logistics/Resource Support
ESF 8 - Health & Medical
ESF 9 - Search & Rescue
ESF 10 – Hazardous Materials
ESF 11 - Food & Water
ESF 12 - Energy
ESF 13 - Military Support
ESF 14 - Public Information
ESF 15 - Volunteers & Donations
ESF 16 - Law Enforcement
ESF 17 - Animal Services
ESF 18 - Business, Industry and Economic Stabilization
ESF 19 – Damage Assessment
ESF 20 – Public Utilities
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Appendix B: Glossary Advisory -a National Weather Service message giving storm location, intensity, movement, and precautions to be taken.
Basic Operations Plan -describes the various types of emergencies that are likely to occur within the City of Winter Park and may or may not include neighboring jurisdictions. The Basic Plan further provides procedures for disseminating warnings, coordinating responses, ordering evacuations, opening shelters, and for determining, assessing, and reporting the severity and magnitude of such emergencies. It establishes the concept under which the city will operate in response to actual and technological disasters.
Burn Sites -open areas identified for the collection and open burning of disaster-caused debris.
Catastrophic Disaster -a disaster that will require massive State and Federal assistance, including immediate military involvement in response to a regional event; or a disaster that will overwhelm the operational capability of the City of Winter Park for a localized event.
Clearance Time -is based on the number of people required to evacuate, the number of vehicles which may be used, the suitability of the roads (capacity, elevation, location, etc.) and then any special evacuation considerations such as medical facilities and people with special needs.
Comprehensive Emergency Management Plan (CEMP) -the purpose of the CEMP is to establish uniform policy and procedures for the effective coordination of response to a wide variety of natural and technological disasters.
County Warning Point -is the location that the State will contact in case of an emergency. The primary County Warning Point is located in the Orange County Communications Center.
Disaster Recovery Center (DRC) -locations setup for victims to apply for state and federal assistance programs for which they may be eligible. DRC’s do not usually provide direct services.
Disaster Field Office (DFO) -is established in or near the designated area to support State and Federal response and recovery operations. The DFO houses the Federal Coordinating Officer (FCO) and the Emergency Response Team (ERT), and where possible, the State Coordinating Officer (SCO) and support staff.
Distribution Points -locations where in-kind donations of food, water, and other supplies received from the Resource Staging Centers will be given directly to residents. Distribution Points may be located in parking lots or open fields in the disaster area, as close to victims as possible.
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Emergency Manager -The City of Winter Park Fire Chief is designated as the City’s Emergency Manager. The Emergency Manager has ultimate coordination responsibility over all planning and coordination decisions in the event of an actual or suspected emergency involving city-wide resources.
Emergency Operations Center (EOC) -the site from which local governments exercise direction and control during an emergency.
Emergency Support Function (ESF) -the concept uses a functional approach to group response actions, which are most likely to be needed, under twenty Emergency Support Functions (ESFs). The emergency support functions are designated through uniform statewide guidelines to direct activities. Winter Park uses a modified ESF model for the operations of the EOC. Individual city departments will be the focus of each support function. The State of Florida and Orange County EOC uses the ESF model for their operations.
Field Hospitals/Emergency Clinics -those sites where DMATs (Disaster Medical Assistance Teams) or local hospitals/physicians may setup temporary emergency clinics to provide emergency medical care in the disaster area. The locations are established to supplement the pre-existing medical network.
Hazard Mitigation -is the process of potential improvements that would reduce or remove the hazard vulnerability. Hazardous Material Sites -sites pre-identified in the city as containing hazardous substances. Hurricane- a tropical weather system characterized by pronounced rotary circulation with a constant minimum wind speed of 74 miles per hour (64 knots) that is usually accompanied by rain, thunder and lightning, and storm surge. Hurricanes often spawn tornadoes.
Hurricane Eye -the roughly circular area of comparatively light winds and fair-weather at the center of a hurricane. Eyes are usually 25-30 miles in diameter. The area around the eye is called the wall cloud. (Do not go outdoors while the eye is passing; the full intensity of the storm will reoccur in minutes.)
Hurricane Landfall -the point and time during which the eye of the hurricane passes over the shoreline. After passage of the calm eye, hurricane winds begin again with the same intensity as before but from the opposite direction.
Hurricane Season -the six-month period from June 1st through November 30th is considered to be the hurricane season.
Hurricane Warning -is issued by the National Hurricane Center 24 hours before hurricane conditions (winds greater than 74 mph) are expected. If the hurricane path changes quickly, the warning may be issued 10 to 18 hours or less, before the storm makes landfall.
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A warning will also identify where dangerously high water and waves are forecast even though winds may be less than hurricane force.
Hurricane Watch -issued by the National Hurricane Center. When a hurricane threatens, the watch covers a specified area and time period. A hurricane watch indicates hurricane conditions are possible, usually within 24-36 hours. When a watch is issued, listen for advisories and be prepared to take action if advised to do so.
Individual Assistance -is provided to individuals and private business in the form of grants and low interest loans by the Federal government.
Information Checkpoints - locations where residents and visitors can be directed to get information on the recovery efforts. These may be co-located with distribution points but may also be in additional locations to ensure information is accessible.
In-Place Shelter -means that residents will be advised to remain in their homes with the windows closed and all open air circulation systems turned off. In-place sheltering should not be implemented when the sheltering duration is expected to exceed two hours. If it is determined that sheltering will exceed two hours it's best to evacuate.
Local State of Emergency -will be declared whenever an evacuation is ordered by the Mayor of the City of Winter Park.
Long- Term Recovery Phase – can begin within a week of the disaster impact and may continue for years. Long-term recovery activities include: ongoing human service delivery; rebuilding the economy, infrastructure, and homes; implementation of hazard mitigation projects, and funds recovery. Major Disaster -a disaster that will likely exceed local capabilities and require a broad range of State and Federal assistance.
Mandatory Evacuation Order -will be issued when there is a definite threat to life safety. Failure to comply with a mandatory evacuation order is a misdemeanor under Florida Statute 252.50.
Mass Feeding Sites -temporary locations strategically placed near the disaster area where residents can go for a meal. Food may also be distributed to take home from these locations.
Minor Disaster -a disaster that is likely to be within the response capabilities of local government and to result in only minimal need for State or Federal assistance.
NFIP Flood Zones -areas designated by the National Flood Insurance Program (NFIP) as being vulnerable to velocity and/or freshwater flooding based on the 100 and 500 year storms. Flood Zones include inland areas.
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Post-Impact Response Phase -begins once the disaster occurs and may continue for up to a month. This phase includes the following activities: communications, public information, hazard abatement, search and rescue (SAR), emergency medical service delivery, temporary shelter, impact/needs assessment, security, re-entry, traffic control, debris clearance, resource distribution and volunteer management.
Pre-Impact Response Phase -is the monitoring and preparedness phase before disaster strikes. This phase may begin up to 48 hours before an incident (hurricane) and continues until the disaster occurs. This phase includes hazard monitoring/tracking incident notification, Emergency Operations Center (EOC) activation, public information and warning, evacuation, sheltering (in-place and relocation) and communications and coordination activities.
Primary Agency -each ESF is headed by a primary agency, which has been selected based on its expertise, authorities, resources and capabilities.
Public Assistance -is the reimbursement and emergency assistance provided to State and local governments and private nonprofit entities from the Federal government.
Radio Amateur Civil Emergency Services (RACES) -a volunteer group of amateur radio operators who may be activated by the Office of Emergency Management or ESF-2, to provide communications support in times of emergency.
Recommended Evacuation -will be issued when it is determined that the hazard may cause discomfort to residents and minimal damage to property, but it is not expected to threaten life safety. Resource Staging Centers -location in the region where supply donations and volunteers will be received from the Regional Recovery Center for redistribution to regional distribution points. RSCs may be used as distribution points. Supplies may also be warehoused at the RSC if space permits. Red Cross Service Centers -provide direct services to victims needing long-term recovery
assistance, primarily through the use of vouchers for food, clothing, personal items, furnishings, and rental assistance.
Regional Recovery Center (RRC) -the location where all resources from outside of the area will be directed for redistribution to the Resource Staging Center as requested. The RRC is known by many other names.
Sandbox – The name given to the City’s Emergency Operations Center located on the second floor of Fire Rescue Headquarters – 343 W Canton Avenue.
Saffir-Simpson Hurricane Scale -is used by the National Hurricane Center to provide a continuing assessment of the potential for wind.
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Tropical Storm 39-73 mph Category 1 74-95 mph Category 2 96-110 mph Category 3 111-130 mph Category 4 131-155 mph Category 5 155+ mph
Security Checkpoints -those locations where all traffic will be stopped to check for identification in order to determine access to the disaster area.
Shelters- temporary emergency shelters activated prior to a disaster impact, operated during the disaster and closed as soon as residents can be returned to their homes or relocated to long-term shelters or temporary housing areas.
Short- Term Recovery Phase -may begin immediately after the disaster impact and continues for approximately six months. The Short-Term Recovery Phase includes the implementation of both individual assistance programs, through Disaster Recovery Centers (DRCs) and Red Cross Service Centers, and public assistance programs through damage survey teams and forms completion. Other short-term activities include: sheltering (hotels/motels, mobile homes, tent cities, etc.), on-going human service delivery, debris removal, contractor licensing, permitting and inspections.
Special Needs Assistance Population Program (SNAPP) -the program through which impaired persons who need special assistance in times of emergency are registered, evacuated, and sheltered.
Staging Area -is a location near or in the disaster area where personnel and equipment are assembled to coordinate response before deployment to an operational site within the disaster area.
State of Emergency -is issued by the Governor.
Support Agency -agency in support of one or more ESFs based on their resources and capabilities to support the functional area. Temporary Housing Area -where tents or mobile home units may be setup for residents to live in before they are able to return to their own homes or they find a new home.
Temporary Debris Storage Area -park, open area or landfill space where debris will be held after debris clearance until it can be moved to a landfill, incinerator, or other appropriate disposal location.
Tornadoes -are formed by severe thunderstorms, most frequently in the spring and summer. A tornado can travel for miles along the ground, lift, and suddenly change direction and strike again.
Tornado Warning -a warning is issued when a tornado funnel is sighted or indicated by radar. You should take shelter immediately. Because tornadoes can form and move quickly, there may not be time for a warning. That is why it is important to stay alert during severe storms.
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Tornado Watch -a watch is issued when weather conditions are favorable to the formation of tornadoes, for example, during severe thunderstorms. During a Tornado Watch, keep an eye on the weather and be prepared to take shelter immediately if conditions worsen.
Tropical Storm -an area of low pressure with a definite eye and counterclockwise winds of 39-74 mph. A tropical storm may strengthen to hurricane force in a short period of time. Tropical Storm Warnings -issued by the National Hurricane Center when winds of 55-73 mph (48-63 knots) are expected.
Traffic Control Points -key intersections on the road network where we anticipate needing staff to physically control traffic flow.
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Appendix C: Acronyms CEMP Comprehensive Emergency Management Plan CERT Community Emergency Response Team CFR Code of Federal Register DCA Department of Community Affairs DHRS Department of Health and Rehabilitative Services DMAT Disaster Medical Assistance Team DSR Damage Survey Report DUA Disaster Unemployment Assistance EOC Emergency Operations Center EPG Executive Policy Group ESF Emergency Support Function FCO Federal Coordinating Officer FEMA Federal Emergency Management Agency FNG Florida National Guard FOC Field Operations Center HA Hazard Analysis IAO Individual Assistance Officer IC Incident Command ICS Incident Command System IFG Individual and Family Grant JIC Joint Information Center JIS Joint Information System LHMO Local Hazard Mitigation Offices LMS Local Mitigation Strategy NIMS National Incident Management System NOI Notice of Interest PAO Public Assistance Officer PIO Public Information Officer PSI Pounds Square Inch RIAT Rapid Impact Assessment Team SEOC State EOC
CITY OF WINTER PARK COMPREHENSIVE EMERGENCY MANAGEMENT PLAN (CEMP) 2013
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SERT State Emergency Response Team SERP State Emergency Response Plan SHMART State Hazard Mitigation and Recovery Team SHMO State Hazard Mitigation Officer SOP Standard Operating Procedures TDD Telephonic Device for the Deaf UC Unemployment Compensation USAR Urban Search and Rescue VOAD Volunteer Organizations Active in Disasters WPFR Winter Park Fire Rescue WPPD Winter Park Police Department WPK State Assigned Three-Letter Designator for the City of Winter Park
subject
Discussion of Strategic Plan
motion | recommendation
Review strategic plan scorecard and work plan and provide input.
Background Attached is the draft of the Strategic Plan Scorecard Plan for the Commission’s review and
comments. This draft is based on comments received at the October 22, 2012 Commission
Meeting. You will note that some of the Initiatives that received 3 or more dots from the
commission do not lend themselves to measurement, except for “Is it done?”.
The Measurements and Targets also need to be reviewed and discussed by the Commission.
Also attached is preliminary draft of a Work Plan which takes the initiatives and puts the action
steps to them. Once the initiatives and measures are confirmed, details of the work plan will be
completed.
fiscal impact
TBD
long-term impact
Unknown
strategic objective N/A
Action Items Requiring Discussion
City Manager
December 10, 2012
Initiatives Measures Target
Fiscal Stewardship
Tax base diversification
Assessment of potential efficiencies “right
sizing” of city
Pension Reform
Increase commercial property valuation (new and redeveloped properties)
Departments meeting internally
established benchmarks
Reduce Pension Costs
X% in five year period
95% of departments
meeting or exceeding benchmarks
X% in five year period
Infrastructure
Continue electrical undergrounding program
Adoption of realistic, actionable CIP
Develop parking plan for downtown
Underground Utility Lines
Improve SAIDI
Budget Adopted
Study Completed
4-5 miles per year
<60 minutes per year
Yes/No
Yes/No
Quality of Life
Public Health and Safety
Intelligent Development
Review and update Comprehensive Plan
and Codes as Appropriate
Continue to Implement Economic Development Plan
Develop Master Plan for City
Complete Review
Create New Jobs in WP
Create Plan
Yes/No
Add XX jobs over next 3 years
Yes/No
Environmental
Lifelong Learning Increase partnership with education
institutions “cradle to grave” Are you aware of educational
opportunities in WP? 80% familiar or very
familiar
City of Winter Park Scorecard
Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep On time On Budget SummaryFinancial Stewardship
Tax Base Diversification Dori Stone a. See review of comp plan b. Create Fairbanks Mainstreet brand c. Others???Assessment of potential efficiencies "rightsizing" of City Randy Knight a. Resources Team on‐going b. Evaluate outsourcing cemetery maintenance Complete c. Staff Reorganization d. Evaluate city owned property utilization e. Evaluate 2 ‐ 4 functions per year for process improvementPension Reform Michelle del Valle a. Conduct Shade Meeting for Commission to provide updated State ruling Sep‐12 b. Obtain costs estimates from actuary c. Review with Pension Board Members/Negotiate with Union d. Implement in 2014 Budget
InfrastructureContinue Electric Undergrounding Program Jerry Warren a. Develop Undergrounding Methodology b. Rank and Organize Projects based on Methodology Aug c. Complete other policy discussions d. Design and Construct projectsAdoption of realistic, actionable CIP Wes Hamil Sep‐12Develop a parking plan for downtown Troy Attaway a. Develop Scope and engage extension of staff $xx Sep‐12 b. Conduct Study
Quality of Life
Public Health and Safety
Intelligent DevelopmentReview and update Comprehensive Plan and docs as appropriate Jeff Briggs a. Comp Plan ‐ Administrative Review (in‐house) b. Comp Plan ‐ Economic Development Review (contractor) $xxContinue to implement economic development plan and review Dori Stone a. Economic Development Annual Report Complete b. Presentation of Annual Report to Commission c. Implementation of goals identified in reportDevelop master plan for the city Randy Knight a. Define scope with Commission b. TBD
Environmental
Lifelong LearningIncrease partnerships with educational institutions "cradle to grave" Michelle del Valle on‐going a. Develop Inventory of Learning Opportunities b. Engage Learning Community in Brainstorming c. Communicate/Market Learning Opportunities d. Work with WPHF to create mobile learning/health/play opportunities
City of Winter ParkDraft Work Plan
Timeline Current StatusAnticipated Completion
BudgetTeam Lead
subject
Discussion of Organizational Support
motion | recommendation
Determine how the Commission wants to proceed with organizational support in the future.
background Numerous approaches have been taken over the years to determine which organization to fund and
how much. During the budget process this year, the Commission authorized the funding of the first
quarter and asked that the issue be addressed prior to the end of the quarter.
Attached is a draft policy which reflects the process that has been used for most of the last 20
years. The Commission has also used a policy a couple of years in which of each commission
member got to allocate 20% of the organizational funding pot of money. It has also followed the
policy of simply funding the same organizations and amounts that were funded the previous year
and not consider other requests.
A work session was held October 4, 2012 and after considerable discussion, the Commission asked
that the discussion be expanded to include entities that do not receive direct annual support from
the City, such as the Chamber of Commerce, Casa Feliz, the Winter Park Garden Club, and the
Federation of Garden Clubs. A copy of those minutes is attached.
A 10 year history of funding is attached for the various organizations. Also, attached is the current
list of approved annual fee waivers for use of city facilities.
Currently the approved list of organizations receiving direct General Fund support is as follows:
Winter Park Public Library
Winter Park Historical Association
United Arts of Central Florida
Mead Botanical Garden, Inc.
In addition the City budgeted $270,000 for improvements at the Cady Way pool. While the request
for this funding came from a community group which included the YMCA, the money will be spent
directly on improvements to a city owned facility and will not be given to an outside group.
Action Items Requiring Discussion
City Manager
December 10, 2012
fiscal impact
long-term impact
Unknown.
strategic objective N/A
Exhibit BudgetedNumber 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
I. Library 1,053,540 1,141,335 1,156,350 1,204,050 1,317,950 1,306,212 1,388,712 1,346,212 1,336,212 1,365,212 1,351,560
II. Casa Feliz ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐
III. Chamber of Commerce ‐ 6,000 ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐
IV. WPK Historical Assoc. 60,000 60,000 60,000 38,400 44,100 18,700 25,000 25,000 60,000 70,000 70,000
V. Crealde ‐ operation of Heritage Center 40,000 40,000 40,000 40,000 40,000 35,000 30,000
VI. Winter Park Garden Club (at Mead) ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐
VII. Florida Federation of Garden Clubs (at Mead) ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐
VIII. United Arts 25,000 ‐ 25,000 26,080 ‐ 28,846 15,000 15,000 15,000 15,000 15,000
IX. Welbourne Day Nursery 7,500 5,000 5,000 4,500 4,500 7,000 7,000 7,000 7,000 4,500 2,000
X. Friends of Mead (Now Mead Garden, Inc) ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ 200,000 200,000
XI. YMCA ‐ Operation of Cady Way Pool ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ 270,000
XII. St. Patrick's Day Parade (pays for police at event) ‐ ‐ ‐ ‐ ‐ ‐ ‐ 2,373 3,000 3,000 2,000
XIII. Enzian 25,000 12,500 12,500 10,393 18,000 18,000 24,000 18,000 18,000 12,000 6,000
XIV. Unity Heritage Festival ‐ 10,000 22,200 24,200 23,426 23,226 20,226 10,000 13,000 10,000 5,000
XV. Park Ave Area Assoc. ‐ 7,500 5,000 7,500 10,000 ‐ 6,000 ‐ ‐ ‐ ‐
XV. Crealde 15,500 15500 15,500 9,600 10,000 3,500 ‐ ‐ ‐ ‐ ‐
XV. Bach Festival 18,770 18,770 18,770 11,107 9,900 4,500 ‐ ‐ ‐ ‐ ‐
XV. Youth Advisory Board 8,800 ‐ 5,000 4,500 ‐ 1,700 ‐ ‐ ‐ ‐ ‐
XV. Polasek Museum 5,000 ‐ ‐ 8,000 14,600 1,500 ‐ ‐ ‐ ‐ ‐
XV. WPK Day Nursery 10,000 5,000 5,000 4,500 3,800 1,400 ‐ ‐ ‐ ‐ ‐
XV. WPK Playhouse ‐ 5,000 7,500 3,500 4,000 ‐ ‐ ‐ ‐ ‐ ‐
Totals 115,570 79,270 121,470 113,880 98,226 89,672 72,226 52,373 56,000 244,500 500,000
Funded by CRA. The rest are General fund.$100k for operating and 100k for capitalFor capital upgrades to the Cady Way Pool
History of Organizational Support
Organizational Support Proposed Policy
Purpose: To establish criteria for funding outside non‐profit organizations other than the Winter Park Public Library. To be considered the organization must:
be a 501(c)(3) meet a social, cultural, economic development or other community need in
Winter Park not otherwise met by another entity or must be a conduit fund raiser for such organizations
raise no less than 50% of its operating funds from sources other than the City of Winter Park
allow the City to appoint a member to the organization’s Board if the City’s contribution represents more than 20% of the entities operating budget
refrain from participating in local political issues unless requested to participate by the City Commission
provide a copy of its annual financial statements to the City provide a copy of its annual budget to the City
Simply meeting the above criteria does not obligate the City Commission to fund all or any portion of an organization’s request to be funded. Funding in one year does not guarantee the same level or any funding in future years. Any funding allocated will be at the sole discretion of the City Commission. Application for funding: An applicant must submit its budget request by the May 15th prior to the City’s fiscal year that begins in October. The application must include proof of the organization’s 501(c)(3) status, a copy of its budget and a copy of its most recently completed financial statements. The application should include an explanation of the intended use of the funds requested from the City. Commission Action: The City Commission, as part of the budget process, will consider all applications and determine which, if any, of the applicants to fund and to what amount.
Exhibit I Winter Park Public Library
City Support –
Monetary – To Operating Budget for 2013 = $1,351,560. In addition the City put up $65,000 as matching money for the book inventory system. In addition the City gives the Library $550,000 that the Library immediately returns to the City in the form of rent. See discussion below.
In Kind – City maintains grounds and HVAC system. Percentage of City Support to Organization’s Budget – 63.68% City owned building? – Yes
Purpose – By maintaining a private, non‐profit Library the City does not
participate in the Orange County Library system. As a result the City residents do not pay the OC Library millage of 0.3748. This arrangement also guarantees a Library physically located in the City Limits.
Contract – There is no contract other than the lease agreement. Significant Terms of Lease –
Term – 25 years expiring 10/21/2019 (25 years from C.O. of third floor) Rent ‐ $1 per year (note: this provision was revised on October 27, 2003 to
provide additional rent of $500,000 per year with the City increasing its contribution to the Library by the same amount. This was done to reflect what the in‐kind value of rent to the Library was previously. This allowed the Library to qualify for more State funding. The amount was subsequently adjusted to $550,000 per year which is the same amount used today.
Maintenance – Tennant responsible for the building, grounds and parking area and to protect the building by making any repairs or painting or repair of windows, fixtures or the like which may be necessary to the exterior or interior. City is responsible for Library grounds and the HVAC system.
Insurance – City maintains fire, theft, vandalism and extended casualty insurance insuring it and the Library Association against loss, damage or destruction of the Library and all of the contents thereof. In addition, the City insures for pubic liability against any claim, debt or liability arising from the maintenance or operation of the leased property.
Budget/Audit – The Library must annually submit its budget and its audited financial statements to the city.
City Membership on Board – The Mayor, subject to the approve by the city commission, shall be entitled to appoint one member to serve on the Board of Directors of the Library and he or she shall have the right to vote as a regular board member on any matter regarding the operations and maintenance of the Library.
Out Clause ‐ None except for cause.
Exhibit II Casa Feliz
City Support –
Monetary – none. In Kind – Partial lawn maintenance. See below. Percentage of City Support to Organizations Budget – 0%. Annual budget
approximately $300,000. City owned building? – Yes
Purpose – Preservation of this historic home for the enjoyment of the community.
Provides an additional venue for receptions, parties and small meetings. Contract – There is no contract other than the lease agreement. Significant Terms of Lease –
Term – 99 years expiring 12/31/2104. Rent ‐ $1 per year. Note: The Friends of Casa Feliz raised all the funds
(approximately $1.2 million) necessary to move the home to the present location and restore it to a condition that allowed it to be used as museum and rental facility. The City provided the land
Permitted Use – Primarily for an historic home museum, together with use as meeting space, social events, luncheons, dinners, receptions and educational and cultural event.
Parking – Five spaces are included in the lease. The parking area surrounding the premises, the WP County Club and Clubhouse are for the joint use of tenant and patrons, quests, and invitees using the premises, the WP County Club and Clubhouse and the Winter park Croquet Court and the City shall have the right to restrict and regulate the use thereof in order to insure adequate parking for the WP Country Club and Clubhouse.
Maintenance – Tennant responsible at its own expense and risk to maintain the premises and all improvements on them in good order and condition, including but not limited to making all repairs and replacements necessary to keep the premises and improvements in that condition. In addition, all maintenance, repairs and replacements must be made in recognition of the
fact that the improvements located on the premises have been designated as a historic building.
Grounds and Landscaping – City will provide mowing of grassed area on the premises adjacent to the Golf Course, which mowing shall be at the same interval and level of service as the City provides for its normal park maintenance. Tennant will provide the maintenance and care of the other landscaping on the premises and any mowing required beyond the level of mowing furnished by City.
Utilities – Tenant is responsible for payment of all utilities and garbage removal
Alterations, Additions or Improvements – Tenant may make such alterations, additions or improvements to the premises as will maintain its status and condition as a historic home museum, as originally designed, constructed, maintained and furnished pursuant to the plans and designs of its original architect, Gamble Rogers II, without City’s written consent. All other alterations, additions or improvements require the City’s prior written consent. All alterations, additions and improvements will become City’s property when the lease terminates.
Insurance ‐ Tenant must, at its own expense during the lease term, keep all building and improvements on the premises insured against loss or damage by fire or theft, with extended coverage of the fair market value of the property to be insured per year, to include direct loss by windstorm,, hail, explosion, riot or riot attending a strike, civil commotion, aircraft, vehicles, and smoke, in the total amounts of not less than the full fair insurable value of the buildings and improvements. Tenant must provide and maintain in force liability insurance in the amount of no less than $500,000 per occurrence and $1 million in the aggregate. The policy must cover the City as well as the tenant.
Budget/Audit – The lease does not require either to be provided to the city. City Membership on Board – Not required by lease. Out Clause ‐ None except for cause.
Exhibit III Chamber of Commerce
City Support –
Monetary – None In Kind – Various Fee Waivers. City mows grass. City sets up and breaks down
Community Room for rental meetings. Percentage of City Support to Organizations Budget – n/a City owned building? – Yes
Purpose – Promotes the City of Winter Park through various publications,
meetings and events. The Chamber managers the downstairs portion of the Welcome Center building which includes Welcome Center, the Galloway Room and the rental room on behalf of the City.
Contract – Development Agreement to build the Welcome Center dated 8/22/05.
Set forth the project cost and the allocations of what was to be paid by the City and what was to be paid by the Chamber. The agreement states that the Chamber’s contribution toward the project would constitute its advance payment of rent under the lease agreement.
Operating Agreement – Chamber to operate the downstairs portion of the
building as a Welcome Center, public restrooms, museum and rental room. Chamber provides staffing during normal business hours of the welcome/information desk.
Significant Terms of Lease –
Term – 99 years expiring 8/22/2104. Rent ‐ $900,000 paid in advance as part of building the facility. Parking – City shall provide parking for no less than ten vehicles within a
distance of 100 yards of the Welcome Center.. Maintenance – Chamber shall, during the entire term of the lease, have sole
responsibility for the routine maintenance of the second floor of the premises including, but not limited to, janitorial cleaning and trash removal, light bulb replacement, restroom supplies, repair and maintaining cabinets and walls, carpet and tile, repair and replacement of similar routine maintenance items. During the first 50 years of the lease, all structural and
other Building System maintenance, repair and replacement shall be the responsibility of the City. For the remainder of the lease, such cost shall be shared equally between the City and the Chamber.
Utilities – Chamber shall pay all utilities. Election to Sell/Right of First Refusal – should City elect to sell the Welcome
Center or any portion thereof, Chamber shall have a right of first refusal to purchase the Welcome Center, for its then fair market value, less the remaining value of the Chamber lease. In the event the Chamber wishes to sublease, the City shall have the right to purchase the remaining term of the Chamber’s leasehold.
Insurance ‐ The entire Welcome Center and all contents belonging to the City shall be fully insured by City from fire, wind, flood and other casualty loss at replacement value. Chamber shall provide its own liability insurance for events which may occur on the premises.
Budget/Audit – The lease does not require either to be provided to the city. City Membership on Board – Not required by lease or agreements but Mayor
is ex‐officio Board member. Out Clause ‐ None.
Exhibit IV
Winter Park Historical Association City Support –
Monetary – FY13 budget $70,000. City pays utilities for whole building. Leasehold space is not separately metered.
In Kind – Market value of lease. Fee waiver for Peacock Ball Percentage of City Support to Organizations Budget – 48.39% City owned building? – Yes
Purpose – Promotes the City of Winter Park through various museum exhibits
throughout the year depicting the History of Winter Park. Contract – None other than lease. Significant Terms of Lease –
Term – 10 years expiring 8/31/2017. Rent ‐ $1 per year. Lessee pays pro‐rata share of costs of alarm system. Utilities – City pays utilities, including telephone. Alterations – Any additions or upgrades to the premises performed by the
Lessee must be approved in writing in advance by the City. Maintenance – City is responsible for maintenance and repair of the exterior
of the premises and its structural components, including the foundation, roof, and landscaping thereof. Lessee is responsible for maintaining the interior of the premises in good repair, ordinary wear and tear excepted, and repairing mechanical devices and improvement in place at the time of commencement of the lease, or installed by the City during the term of the lease.
Insurance ‐ Lessee maintains general liability insurance for the benefit and protection of the City and the lessee in an amount not less than $250,000 for injury to any one person and not less than $500,000 for injuries to more than one person and in an amount not less than $100,000 for property damage. The City insures the building and contents.
Budget/Audit – The lease does not require either to be provided to the city however as part of their partnership with the City they do provide the budget and financials.
City Membership on Board – No. Out Clause ‐ Lease may be terminated at any time by mutual written consent
of the parties. Either party may terminate this lease without cause upon giving thirty days prior written notice to the other party.
Exhibit V Crealde Arts, Inc. ‐ Operation of Heritage Center
City Support –
Monetary – $30,000 from CRA to operate Heritage Center In Kind – Lawn maintenance. Percentage of City Support to Organizations Budget – 25.06% of cost of
operating Heritage Center. It is a much smaller percentage of Crealde’s overall budget.
City owned building? – Yes Purpose – Crealde operates the Haninibal Square Heritage Center on behalf of
the City. This facility houses historical pictures of west Winter Park. Crealde runs various children and adult programs in the facility as outlined in Exhibit C of the lease agreement.
Contract – funding agreement. Significant Terms of Lease –
Term – 30 years expiring 01/31/2038. Rent ‐ $1 per year. Parking – The parking areas around the premises are for joint use. No parking
is reserved for the Heritage Center. Maintenance – Tennant perform regular maintenance of the interior of the
premises to ensure such interior is in good order and condition. Such interior maintenance of the premises includes, without limitation , painting as needed, repair of normal wear and tear to the interior of the building, minor plumbing, supply and replacement of light bulbs, janitorial service, and repair of replacement due to wear and tear to the carpet. All repairs, maintenance, and operational responsibility not assigned to tenant with the lease shall be the responsibility of the City. City is responsible maintaining the air conditioning system, ADA lift, and roof.
City is responsible for mowing of any grassed area of the croquet court and
property between the street and Casa Feliz’ front lawn. Utilities – Tennant is responsible for 92% of the utilities. Tennant pays all
garbage charges.
Insurance ‐ City shall obtain and maintain property insurance necessary to insure eh buildings and improvements. Tennant must obtain liability insurance in the amount of $1 million.
Alterations – Tenant may make no alterations, additions, or improvements to the premises without City’s prior written consent.
Budget/Audit – Tenant shall provide City with a financial report of the tenant’s operations each year.
City Membership on Board – No. Out Clause ‐ If after review of the tenant’s operations the City determines the
tenant’s programs and operations do not comport with the intent of the lease, city shall have the right to terminate the lease upon giving one year prior notice.
Exhibit VI Winter Park Garden Club (at Mead)
City Support –
Monetary – None In Kind – below market value rent of land Percentage of City Support to Organizations Budget – n/a City owned building? – No, just land
Purpose – Garden Club. Contract – None other than lease. Significant Terms of Lease –
Term – 25 years expiring 06/30/2031. Rent ‐ $10 per year. Maintenance – Lessee shall make and pay for all repairs to the premises,
including permanent improvements thereon, and all equipment and systems serving the premises.
Utilities – Paid by Garden Club Insurance ‐ Lessee shall provide general liability insurance in an amount not
less than $500,000 and property insurance of not less than $500,000. Budget/Audit – not required City Membership on Board – No. Out Clause ‐ none.
Exhibit VII Florida Federation of Garden Clubs (at Mead)
City Support –
Monetary – None In Kind – below market rate rent of land upon which building sits. Percentage of City Support to Organizations Budget – City owned building? – No, just the land.
Purpose – State headquarters for garden clubs. Contract – None other than lease. Significant Terms of Lease –
Term – 99 years expiring 11/30/2058. Rent ‐ $10 per year. Budget/Audit – not required. City Membership on Board – No. Out Clause ‐ only upon cease of use as state headquarters of garden clubs.
Exhibit VIII United Arts
City Support –
Monetary – $15,000 In Kind – none Percentage of City Support to Organization’s Budget – 0.4%
Purpose – Primary fund raising organization for Central Florida Art and Cultural
organizations. Contract – None. History –
The City used to directly fund various cultural organizations within the City. In the 2008 discussions the Commission decided to discontinue some of the direct funding and just fund the United Arts since that organization supports each of the Winter Park cultural organizations.
At one point, prior to 2008, the United Arts contribution was tied to sales tax revenues. If our sales tax revenue did not reach budget, United Arts did not get their funding.
Exhibit IX Welbourne Day Nursery
City Support –
Monetary – $2,000 from CRA In Kind – none Percentage of City Support to Organizations Budget – City owned building? – no
Purpose – Provides day care services for low income families. Contract – Funding agreement. History –
Was funded from the General Fund until 2007 when the funding was shifted to come from the CRA.
Exhibit X Mead Botanical Garden, Inc.
City Support –
Monetary – $200,000 ($100,000 for operating and $100,000 for capital In Kind – The City has provided various in kind assistance in the construction of
the new stage, including grading, tree plantings, tree trimming and removals, extension of electric system, etc.
City owned building? – yes
Purpose – Provides enhancement to garden in form of plantings, maintenance,
education and programming. Assists in raising funds for capital projects within Mead.
Contract – None, except lease. Significant Terms of Lease –
Term – 10 years expiring 10/22/2022. Contains renewal options through 2062. Rent ‐ $1 per year. City Membership on Board – No. Out Clause ‐ Either party may terminate with or without cause upon 180 days
notice. Fees – City must approve any fees charged for events. Alterations – Tenant must obtain prior written consent from the City
Commission before making any alteration on premises in excess of $25k. Alterations between $5k and 25K must be approved by the City Manager.
Insurance – City provides property and liability insurance on the premises. Tenant provides liability insurance for its operation of the premises.
Exhibit XI YMCA – Operation of Cady Way Pool
City Support –
Monetary – None for operations. $200,000 has been budgeted in 2013 for rehabbing the pool shell and $70,000 toward a geo thermal heating system.
In Kind – The City provides in kind support as outlined in the agreement below. Percentage of City Support to Organization’s Budget – n/a City owned building? – yes
Purpose – The YMCA operates the Cady Way Pool on the City’s behalf. It is open
to the general public and one does not have to be a Y member to utilize the pool.
History – Prior to the agreement the City was losing money each year operating
the pool and was considering shutting it down. The YCMA and the City entered into an agreement for them to operate it and keep it up and running.
Contract – Current contract is for three years through 4/18/2013.
Duties of YMCA – To operate a quality swimming program at their own cost, risk and expense. To staff the pool with an adequate number of qualified lifeguards during all hours of operation. Maintains the pool, locker rooms, and surrounding area.
Insurance – YMCA provides Liability insurance in an amount not less than $1 million.
Costs – YMCA pays for electricity to heat pool, gas, pool chemicals, janitorial supplies, telephone and minor equipment repairs.
Fees – YMCA is allowed to charge fees for entry. City approves the fees. City responsibilities – Provide water at no cost. Provide electricity for
everything other than heating of pool, provide garbage collection, and maintain grounds.
Major repairs – If there are necessary repairs in excess of $2,000 in any given year, the YMCA shall not be liable. I repairs are necessary in order to render the pool operable, the City, at its option, may make such repairs or
not make such repairs. If city elects not to make such repairs, the YMCA may terminate the agreement upon 30 days notice.
Termination – City may terminate with 30 days notice if in its sole discretion it decides to do so.
Exhibit XII St. Patrick’s Day Parade
City Support –
Monetary – $2,000 from the CRA. In Kind – The Parks Department supports the parade with clean up after the
event. Percentage of City Support to Organization’s Budget – approximately 50% City owned building? – n/a, however the parade does happen on a city street.
Purpose – A volunteer group puts on the parade. Their major cost is to provide
event insurance for the parade naming the City as an additional insured. History – The volunteer group has put on the parade for many years. About 5
years ago the City began requiring that they pay for insurance and the police special detail at the event. They were going to discontinue the event and the CRA agreed to fund the Police if the organizers paid for the insurance.
Exhibit XII Enzian – Popcorn Flicks
City Support –
Monetary – $6,000 from the CRA. In Kind – Use of Central Park and Stage. City staff cleans up. Percentage of City Support to Organization’s Budget – minimal City owned building? – n/a.
Purpose – Enzian puts on the Popcorn Flicks monthly in Central Park. History – The City pays Enzian to put on monthly Popcorn Flicks open to the
public. In the current year the budget was cut in half and a sponsor was found to fund the other half so that the event can still take place monthly.
Exhibit XIV Unity Heritage Festival
City Support –
Monetary – $5,000 from the CRA. In Kind – Use of Community Center, Heritage Center and Shady Park. City staff
setup and support Percentage of City Support to Organization’s Budget – approximately 25% City owned building? – n/a.
Purpose – The funds support the hosting of the Unity Heritage Festival. Without
the City funding the event would likely be downsized. History – The event is held on the Martin Luther King, Jr. Holiday and the Sunday
immediately preceding the Holiday. It consists of entertainment, speakers, food, games and information booths.
Exhibit XV Other Entities
These other enitities were funded by the City at various times throughout
the years and for various reasons are no longer agencies receiving direct funding from the City. Park Avenues Area Association, Crealde Art, Back Festival, Youth Advisory Board, Polasek Museum, Winter Park Day Nursery and Winter Park Playhouse.
CityofWinterParkRulesandStandardsforRateAdjustments Approved by City Commission January 26, 2009 Reviewed by City Commission amendments approved on November 12, 2012
The Parks and Recreation Department is responsible for the collection of established and approved fees for City of Winter Park owned parks or facilities with the following exceptions:
RATE ADJUSTMENT CATEGORIES:
1. City Annual Events Following are specific events which are accommodated with no associated Parks and Recreation facility or park rental fees: (This category established by City Commission.) Winter Park High School ROTC Banquet – Civic Center Homecoming ROAR and Parade – Central Park Picnic in the Park – Central Park Winter Park Sports Hall of Fame Sports Hall of Fame – Community Center Welborne Avenue Day Nursery Graduation Ceremony – Civic Center Bridge Builders Monthly Meetings – Community Center AKA Sorority Monthly Meetings – Community Center Ivey Academy Meetings – Community Center Hannibal Square Community Land Trust Monthly Meetings – Community Center Morse Foundation Annual Tiffany Window Display – Central Park Heritage Festival – CRA Annual Festival – Community Center, Shady Park Winter Park Historical Society Annual Peacock Ball Hoop School Christmas Camp – Community Center Winter Park Chamber of Commerce Tree Lighting – Central Park OAR Breakfast- Civic Center Legislative Breakfast – Civic Center Leadership Graduation – Civic Center Youth Leadership Meetings – Civic Center/Farmer’s Market Mayor/City Commission Luncheon Orange County Commission Luncheon – Civic Center Autumn Art Festival – Central Park Sidewalk Art Festival Art Festival – Park Rental Central Park Monthly Meetings –Lake Island
2. Community Based Organization Status Groups may apply for designation in this category on an annual basis. Following are the criteria for application:
Groups must be 501(c)(3) Objective of the organization must be to provide community services to the citizens of Winter Park. All meetings, socials, rentals, and events must be free and open to the public. Facility fees will not be waived for events, programs, or activities where admission is charged. Only the first hour is waived with the second hour and so on discounted.
o Discount is determined by size of event and venue. Designated meeting spaces will be available on weekdays only. The status expires 12 months from date of approval by the City and must be renewed thereafter if applicant
wishes to re-apply for reduced or waived fees.
City of Winter Park, Florida
City Attorney Performance Evaluation SummaryEvaluation Period : 10/1/2011 - 9/30/2012
Score Weight Score Weight Score Weight Score Weight Score Weight Score Weight
Rating Factors:1. Advice 3.00 30% 5.00 15% 3.38 10% 5.00 20% 4.00 25% 4.08 20%
2. Public Meetings 3.00 5% 5.00 20% 3.00 5% 5.00 10% 3.00 25% 3.80 13%
3. Ordinances, Contracts and Other Documents 2.00 5% 5.00 30% 3.00 40% 5.00 30% 3.00 25% 3.60 26%
4. Pending Claims and Litigation 3.00 10% 5.00 30% 3.42 40% 5.00 40% 3.00 25% 3.88 29%
5. Other 1.00 50% 5.00 5% 3.00 5% - 0% - 0% 3.00 12%
Weighted Score 1.95 5.00 3.21 5.00 3.25 3.68
Line Item Rating Levels:
5 Outstanding
4 Above Expectations
3 Meets Expectations
2 Below Expectations
1 Well-below Expectations
Mayor Bradley Comm. Cooper Comm. Leary Comm. McMacken Comm. Sprinkel Average
subject
Lease agreement with Orlando Federal Credit Union (OFCU)
motion | recommendation
Authorize the Mayor to execute the lease with Orlando Federal Credit Union for the use of
approximately 265 square feet in west wing of City Hall.
background The City has had a long partnership with the OFCU as a benefit for City Employees. A little over
100 City Employees are members of the OFCU. Approximately 12 years ago the City partnered with
the OFCU to install an ATM in the City Hall lobby to make their services more convenient to the
employees and other OFCU members in the area.
There is currently no convenient full service branch of the OFCU in the Winter Park area so
employees needing to meet with a representative to secure a loan or transact other OFCU business
must travel to do so. The employees have requested that the City offer space in a city facility like
the City of Orlando and the Orange County Sheriffs Offices does, but until now we have not had the
space to do so. With the Park Administration moving to the Community Center and with the
renovations of City Hall, we now have room to accommodate a small OFCU branch.
In addition to the 100+ City Employee members the OFCU also has approximately 1,000 members
in the 32789 zip code. We also expect that more of our employees would take advantage of the
benefit if there were a branch office here.
The proposed five year lease agreement is for a dollar a year and contains an out clause for any
reason upon 120 days notice. The space being proposed is the former unstaffed lobby of the west
wing of City Hall.
fiscal impact
None.
long-term impact
None.
strategic objective na
Action Items Requiring Discussion
City Manager
December 10, 2012
LEASE
Dated the ________ day of __________________, 2012
Between
CITY OF WINTER PARK
And
ORLANDO FEDERAL CREDIT UNION
Page 1 of 18
LEASE
THIS LEASE (“Lease”) is made and entered into this ____ day of _________, 2012, by and between the City of Winter Park, Florida, a municipal corporation organized under the laws of the State of Florida (“City”), and the Orlando Federal Credit Union, a federal-chartered not-for-profit financial institution (“OFCU”).
WHEREAS, OFCU desires to lease from the City certain space in the first floor of Winter Park City Hall located at 401 Park Avenue South, Winter Park, Florida 32789; and
WHEREAS, the City desires to lease such space to OFCU pursuant to the terms and conditions contained herein.
NOW, THEREFORE, in consideration of the premises and the mutual promises and covenant contained herein, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged by the parties hereto, the City and OFCU hereby agree as follows:
ARTICLE I – LEASED PREMISES
1. Leased Premises. The City hereby leases and lets to OFCU, and OFCU hereby leases and hires from the City, in accordance with the terms, provisions and conditions of this Lease, the following described premises: the area located on the first floor of City Hall as shown on the drawing attached hereto and incorporated herein, by reference, as Exhibit “A”, consisting of a gross leasable area of approximately _______________ square feet (“Leased Premises”).
ARTICLE II – TERM OF LEASE
2. Term of Lease. The term of this Lease shall be five (5) years commencing on
_________, 2012 (Commencement Date), and expiring on _______________, 2017 (Expiration Date). Upon the mutual agreement of the parties, this Lease may be extended for one (1) additional five (5) year term upon such terms and conditions as may be agreed upon by the parties at the time of renewal.
3. Definition of Lease Year. As used in this Lease, the term “Lease Year” means a
period of twelve (12) full, consecutive calendar months. The first Lease year shall begin on the Commencement Date, as defined above.
ARTICLE III – RENT
4. Rent Payments. During the term of this Lease, OFCU covenants and agrees to
pay the City rent in the amount of One Dollar ($1.00) per year, plus applicable sales tax, payable upon the execution of this Lease. All rental payments shall be made payable to the City of
Page 2 of 18
Winter Park and mailed or hand delivered to the City Manager, City of Winter Park, 401 Park Avenue South, Winter Park, Florida 32789.
5. Late Payments. If any Rent due the City is not paid within five (5) days of its
due date, a late fee of Twenty-Five and 00/100 Dollars ($25.00) shall be assessed for the first day in which the payment is late plus an additional late fee of Five and 00/100 Dollars ($5.00) for each day thereafter until payment is received.
6. Returned Check Fee. If any check for rent or other sums due hereunder received
by the City is returned by the bank for insufficient funds, in addition to any other right or remedy available to the City as a result of such default, OFCU shall pay the City a returned check fee of Forty and 00/100 Dollars ($40.00), to reimburse the City for the costs and expenses associated with such returned check
7. Tax on Rent. OFCU shall be responsible for the payment of any applicable sales
and use taxes (or any excise taxes imposed in lieu thereof) which may now or hereafter be levied by the State of Florida or any other governmental unit on all payments due under this Lease that may be classified as rent by such taxing authorities. Such taxes shall be paid by OFCU to the City at the same time that rent payments or other payments classified as rent are made by OFCU to City.
ARTICLE IV -- TAXES
8. Real Estate and Personal Property Taxes. OFCU shall, at its own expense and at all times during the term of this Lease, pay all applicable ad valorem taxes levied against the real property and all applicable taxes on OFCU’s personal property or otherwise arising out of its operation on the Leased Premises. None of the terms, covenants, or conditions of this Lease shall be construed as a release or waiver on the part of the City, as a Florida Municipal Corporation, of any right to assess, levy or collect any license, personal, tangible, occupation, or other tax which City or any other governmental authority may lawfully impose on the business or property of OFCU. If any such taxes are levied against City or City’s property and if City elects to pay the same or if the assessed value of City’s property is increased by inclusion of personal property and trade fixtures placed by OFCU in the Leased Premises and City elects to pay the taxes based on such increase, OFCU shall pay the City upon demand that part of such taxes for which OFCU is primarily liable hereunder. Failure to immediately pay on such demand shall be a material breach of this Lease.
9. Different Method of Assessment. If some method or type of taxation shall
replace the current method of the assessment or imposition of real estate taxes or assessments, or the type thereof, OFCU agrees that OFCU shall pay an equitable share of the same computed in a fashion consistent with the method of computation herein provided.
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ARTICLE V – SECURITY DEPOSIT
10. Security Deposit. OFCU shall not be required to post a security deposit.
ARTICLE VI – USE OF PREMISES
11. Permitted Use. OFCU shall use the Leased Premises only for the purpose of conducting business, which is expressly limited to the operation of a credit union. OFCU shall not use or permit the Leased Premises to be used for any other purpose whatsoever without the prior written consent of the City.
12. Use of Parking Facilities. OFCU‘s on-site employees will be provided parking
decals to park in the City employee designated parking spaces at City Hall or such other locations that has been designated for City employee parking.
13. General Use Requirements.
a. OFCU shall procure and maintain any permits and licenses required for the transaction of its business on the Leased Premises.
b. OFCU shall not commit or suffer any waste and will not make any use of the Leased Premises which would constitute a nuisance or which would violate any municipal, county, state or federal statute, ordinance, rule or regulation.
c. OFCU shall not use the Leased Premises for any purpose that will invalidate any policy of insurance, or increase any premium therefore, now or hereafter written on any improvements located on the Leased Premises or other part of City Hall.
d. OFCU shall keep the Leased Premises neat, clean and free from rubbish, insects and pests at all times, and shall store all trash and garbage in appropriate receptacles.
e. All loading and unloading of supplies shall be done only at such times and only in such areas and through such entrances as may be designated for such purpose by City. Trailers or trucks shall not be permitted to remain parked overnight in any area of City Hall, whether loaded or unloaded.
f. OFCU shall not permit any objectionable or unpleasant odor to emanate from the Leased Premises; solicit business or distribute leaflets or other
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advertising material outside the Leased Premises; take any action which in the exclusive but reasonable judgment of City would constitute a nuisance or would disturb or endanger customers, City Hall visitors, or other tenants or unreasonably interfere with their uses of their respective premises; or do anything which in this exclusive but reasonable judgment of City would tend to injure the reputation of the City.
g. If applicable, OFCU shall be responsible for obtaining and maintaining workmen’s compensation insurance in the amount of the Florida statutory limit.
ARTICLE VII – IMPROVEMENTS
14. Improvements. OFCU shall not construct any Improvements on the Leased Premises without the prior written consent of City. OFCU shall submit two (2) sets of plans and specifications of any proposed improvements to the City’s Public Works Director or his/her designee. The Public Works Director shall have twenty (20) business days from his/her receipt of the plans and specifications to either approve, deny or request changes to the plans, and his/her failure to do so within such time period shall constitute his/her approval of the plans. The Public Works Director’s review (and approval or denial) of plans and specifications pursuant to this section, is based upon the City’s ownership of the Leased Premises and this Lease, and not upon its functioning as a governmental or regulatory body. In addition to any of the requirements of the Lease, OFCU shall submit all required documents, drawings, plans, specifications, etc., to, and obtain all required license(s), permit(s), and approval(s), from the appropriate governmental or regulatory authority having jurisdiction hereof, including but not limited to the City of Winter Park acting in its governmental or regulatory capacity, which are necessary for the construction of improvements within the Leased Premises.
15. Construction Responsibility.
a. City may, from time to time, inspect any construction to the Leased Premises undertaken by OFCU.
b. Prior to any construction by OFCU, City shall have the right to require OFCU to furnish a letter of credit, a performance bond, a payment bond and/or other security acceptable at City’s sole discretion, in an amount equal to the estimated cost of the work to be performed by OFCU.
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c. OFCU shall be responsible for all necessary permits and fees for any OFCU construction, renovation or other construction-type activity to the Leased Premises.
d. OFCU shall obtain and pay for all permits, licenses, fees and meters related to OFCU construction and shall comply with all codes, ordinances and regulations. Prior to any OFCU construction, renovation or construction-type activity on the Leased Premises, OFCU shall require its contractor and/or subcontractor to furnish City evidence of insurance coverage, as required by statute relative to the class of contractor’s license held. The insurance shall include workmen’s compensation coverage required in the State of Florida. OFCU shall limit construction operations to the Leased Premises only, and shall remove all trash, rubbish and surplus material from the project on a regular basis or as instructed by City. Should excessive trash accumulate, City will cause trash to be removed and charged to OFCU at 1.5 times the City’s cost.
e. Any contractor employed by OFCU must be approved by City, which approval shall not be unreasonably withheld.
ARTICLE VIII – PERSONAL PROPERTY, FURNITURE & EQUIPMENT 16. Personal Property/Furniture/Equipment/Removal. OFCU may furnish and
install, at its sole cost and expense, any personal property, furniture and equipment reasonably necessary for the operation of the credit union (“PPF&E”). OFCU shall keep the PPF&E in good condition and repair, normal wear and tear excepted. The PPF&E shall remain the property of OFCU, and at the expiration or earlier termination of the Lease, OFCU shall remove the PPF&E from the Leased Premises and shall repair any damage to the Leased Premises resulting from such removal. If the PPF&E are not removed within thirty (30) days after the end of the Lease, such PPF&E shall be considered abandoned and automatically become the property of the City. All fixtures, whether owned by OFCU or the City, which are affixed to the Leased Premises in such a manner as would damage the Leased Premises if removed, shall remain on the Leased Premises upon the expiration or termination of the Lease.
OFCU agrees that it shall not remove any PPF&E during any time it is in default under
the terms of this Lease and that such removal shall be a material breach of this Lease. If not in default, OFCU may remove such PPF&E from time to time during the term of this Lease, provided that such removal will not cause damage to the Leased Premises.
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OFCU shall give at least ten (10) business days’ notice to City prior to this proposed removal of any PPF&E whose removal may cause damage to the Leased Premises. In order to ensure that OFCU complies with the notice requirement, OFCU hereby agrees that if OFCU removes any property and causes damage to the Leased Premises without having first complied with the notice provisions, OFCU shall be liable for treble damages. City shall have ten (10) business days after receipt of OFCU’s notice to advise OFCU if a security deposit shall be required. If City does not respond within the state time, no security deposit shall be required. If a reasonable security deposit is required and OFCU fails to pay within ten (10) business days of demand, such property shall be conclusively deemed to have become a fixture and part of the Leased Premises and OFCU shall not thereafter attempt to remove it.
Upon removal of any property accompanied by attendant damage, OFCU shall either
repair or authorize City to repair, to City’s satisfaction, any damage within thirty (30) days. Upon satisfactory completion of the repairs the unused portion of the security deposit, if any, shall be returned to OFCU. If the cost of repair exceeds all security deposits held by City, OFCU shall promptly pay the excess to City.
ARTICLE IX – MAINTENANCE AND REPAIRS, UTILITIES
17. Maintenance and Repairs. Other than as provided elsewhere in this Lease, City
agrees to maintain and repair the exterior of the Leased Premises, including the roof (but not the ceiling), foundations and exterior walls of the Leased Premises, but excluding: (a) the interior surface of exterior walls, doors, door closure devices, window and door frames, molding, locks, hardware, plumbing and light fixtures; (b) any condition in the Leased Premises caused by any act or neglect of OFCU or their agents, employees, invitees, licensees or concessionaires; and (c) any repairs which are the responsibility of OFCU under this section.
OFCU shall maintain and repair the interior of the Leased Premises, including the ceiling, interior and interior surface of exterior walls, doors, door closure devices, window and door frames, molding, locks and hardware of the Leased Premises.
If repairs are required to be made by OFCU and OFCU refuses or neglects to commence such repairs and complete the same with reasonable dispatch, City may make or cause such repairs to be made and shall not be responsible to OFCU for any loss or damage that may accrue to OFCU’s stock or business by reason thereof. If City causes such repairs to be made, OFCU agrees that OFCU will, on demand, pay to City the cost thereof, and if OFCU shall default, City shall have the remedies provided for the non-payment of rent under this Lease.
18. Cleaning. OFCU shall keep the Leased Premises in a clean and neat condition. 19. Utilities. City shall arrange for and pay all charges for supplying electricity to the
Leased Premises. OFCU shall arrange for and pay all charges for supplying telephone service to
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the Leased Premises, and OFCU shall hold City harmless from and indemnify City against any and all liability for such charges. City shall also provide and pay for solid waste disposal and refuse removal used on or about or supplied to the Leased Premises. The City shall not be liable in damages or otherwise for any damage to OFCU or to OFCU’s customers, property or revenues resulting from failure or interruption of any utility or other service being furnished to the Leased Premises by City, unless such failure or interruption of utility services is the result of negligence on the part of City or City’s agents and City does not restore such service within a reasonable time after written notice from OFCU of the existence of such problems with utility or other service. In no event, however, shall such failure or interruption entitle OFCU to cancel this Lease.
ARTICLE X – INDEMNIFICATION AND INSURANCE
20. Indemnification. OFCU agrees to indemnify, hold harmless and defend City from and against any and all claims, actions, damages, liabilities and expenses in connection with loss of life, personal injury and/or property damage and/or destruction arising from any occurrence in, upon or at the Leased Premises, or the occupancy or use by OFCU of the Leased Premises or any part thereof, or any act, omission or negligence of OFCU or OFCU’s agents, employees, contractors, sublessees, concessionaires, licensees or invitees. This indemnity and hold harmless agreement shall be effective from and after the Commencement Date until the end of the term of this Lease and thereafter as long as OFCU is in occupancy of any part of the Leased Premises. Additionally, this indemnity and hold harmless agreement shall include indemnity against all costs, expenses and liabilities, including attorney’s fees and attorney’s fees on appeal, incurred by City in connection with any such claim or action or any trial, appellate or bankruptcy court proceeding relative thereto. If any such action or proceeding is instituted against City, OFCU, upon written notice from City, shall defend such action or proceeding by counsel approved in writing by City, such approval not to be unreasonably withheld.
21. Insurance. OFCU, at its own expense, shall keep in force and at all times
maintain during the term of this Lease the types and amounts of insurance described below and shall comply with the insurance requirements described below:
a. Commercial General Liability Insurance. Commercial General Liability
with limits of not less than One (1) Million Dollars ($1,000,000.00) per occurrence, Two (2) Million Dollars ($2,000,000.00) annual aggregate, for Bodily Injury (BI) and Property Damage (PD).
b. Workers’ Compensation/Employer Liability Insurance. Full and complete Workers’ Compensation coverage as required by State of Florida law.
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c. Property Insurance. Replacement Cost coverage for all personal property owned or entrusted to OFCU insuring against fire, vandalism, water damage and other risks commonly insured against under extended coverage insurance.
d. City shall be named as an additional insured on each policy required hereunder, except Workers’ Compensation.
e. OFCU shall provide City with Certificate(s) of Insurance on all the policies of insurance and renewals thereof on an annual basis in a form(s) reasonably acceptable to City.
f. City reserves the right to modify any aspect of the insurance requirements, including the addition of new types of coverage, as the result of reasonable and prudent risk management review of the activities upon or associated with the Leased Premises.
g. City shall be notified in writing of any reduction, cancellation or substantial change of policy or policies at least thirty (30) calendar days prior to the effective date of said action.
h. All insurance policies shall be primary and issued by companies with a Financial Rating of “A-” or better and a Financial Size Category of “Class V” or higher according to the most current edition of Best’s Insurance Reports, who are licensed and authorized to do business under the laws of the State of Florida.
i. City may waive or amend the insurance coverage requirements contained herein.
22. OFCU’s Risk. OFCU agrees to use and occupy the Leased Premises at OFCU’s own risk, and City shall have no responsibility or liability for any loss or damage to fixtures or personal property, or for any loss or damage resulting to OFCU or those claiming by, through, or under OFCU, from breaking, bursting, stopping or leaking of electric cables and wires, and water, gas, sewer or steam pipes.
23. Injury Caused by Third Parties. OFCU agrees that City shall not be
responsible or liable to OFCU, or to those claiming by, through or under OFCU, for any loss or damage that may be occasioned by or through the actions or omissions of persons using, occupying or visiting the Leased Premises.
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ARTICLE XI – DAMAGE TO LEASED PREMISES
24. Partial Damage. If the Leased Premises are partially damaged by fire or other casualty not caused by OFCU, the risk of which is covered by City’s insurance, City shall promptly proceed to restore so much of the Leased Premises as was originally constructed by City to substantially the same condition at the time of such damage, but City shall not be responsible for any delay which may result from any cause beyond the reasonable control of City, and due allowance shall be made for a reasonable time necessary for City to adjust the loss with any insurance companies.
25. Substantial Damage. If the Leased Premises shall be substantially damaged by
fire or other casualty, the risk of which is covered by City’s insurance, City shall, promptly after such damage and the determination of the net amount of insurance proceeds available to City, expend so much as may be necessary of such net amount to restore, with reasonable diligence, to the extent originally constructed by City (consistent, however, with zoning laws and building codes then in existence), so much of the Leased Premises as were originally constructed by City to substantially the condition in which such portion of the Leased Premises was in at the time of such damage except as hereinafter provided, but City shall not be responsible for delay which may result from any cause beyond the reasonable control of City. Should the net amount of insurance proceeds available to City be insufficient to cover the cost of restoring the Leased Premises, in the reasonable estimate of City, City may, but shall have no obligation to, terminate this Lease by giving notice to OFCU not later than a reasonable time after City has determined the estimated net amount of insurance proceeds available to City and the estimated cost of such restoration.
26. Definition of Substantial Damage. The terms “substantial damage” and
“substantially damaged”, as used herein shall refer to damage of such a character that the same cannot, in ordinary course, reasonably be expected to be repaired within sixty (60) calendar days from the time that such work would commence.
27. Damage to Other Portions of City Hall and Uninsured Casualty. If the
building of which the Leased Premises are a part (but not the Leased Premises) shall be substantially damaged by fire or other casualty, or if, as the result of a risk not covered by the forms of hazard insurance at the time then customarily carried on like improvements in the Winter Park area, the Leased Premises are substantially damaged, City shall promptly restore, to the extent originally constructed by City (consistent, however, with zoning laws and building codes then in existence), so much of the building or the Leased Premises as were originally constructed by City to substantially the condition thereof at the time of such damage, unless City, promptly after such loss, gives notice to OFCU of City’s election to terminate this Lease. If City shall give notice, then this Lease shall terminate as of the date provided in such notice with the same force and effect as if such date were the date originally established as the expiration date
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hereof. However, OFCU shall be granted thirty (30) calendar days to remove all possessions from the Leased Premises unless otherwise provided by law.
28. Damage During Last Two Years of Term. If the Leased Premises shall be
substantially damaged by fire or other casualty within the last two (2) years of this Lease or any subsequent term, City shall have the right, by giving notice to OFCU not later than sixty (60) calendar days after such damage, to terminate this Lease, at which time this Lease shall terminate as of the date of such notice with the same force and effect as if such date were the date originally established as the expiration date of this Lease.
ARTICLE XII – ASSIGNMENT AND SUBLETTING
29. Prohibition. Notwithstanding any other provisions of this Lease, OFCU
covenants and agrees that OFCU will not assign this Lease or sublet (which term shall include, without limitation, granting of concessions, licenses and the like) the whole or any part of the Leased Premises without the prior, written consent of the City. In the event OFCU merges with or their assets are acquired by another credit union the City will have the option to allow this lease to be assigned to the new entity or terminate the lease.
ARTICLE XIII – OFCU’S OBLIGATIONS
30. OFCU’s Obligations. OFCU in addition to any other covenants contained herein
also covenants and agrees:
a. To pay all rent and other charges herein reserved at such times and places as the same are due and payable;
b. To pay all utility charges when due; c. To keep and maintain the Leased Premises in the condition herein required
and to surrender the same upon the termination hereof in said condition, reasonable wear and tear excepted.
d. To observe and comply with any and all valid and applicable requirements
of duly-constituted public authorities and with all federal, state and local statutes, ordinances, regulations and standards applicable to OFCU, the City and the Leased Premises;
e. To pay all taxes, assessments and other governmental impositions and
charges of every kind and nature whatsoever, on or before the due date
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established therefor, and all interest and penalties thereon, which shall during the term of this Lease Agreement, be levied, assessed or imposed upon OFCU’s leasehold interest, or upon any leasehold improvements, trade fixtures and other property erected, installed or located thereon, and on the rent and any additional rent payable hereunder, or arising in connection with the use, occupancy or possession of the Leased Premises; provided, however, that OFCU may in good faith contest the amount or applicability of any such tax, assessment, fee or charge and defer payment thereof during such contest to the extent that OFCU is able lawfully to do so provided the same will not result in a lien being placed upon the Leased Premises;
f. To procure and keep in force during the term of this Lease all necessary
occupational licenses and permits as are required by law; g. To use the Leased Premises only for the uses and purposes herein
described; h. To yield and surrender immediate possession of the Leased Premises to
City upon termination of the Lease Agreement, upon its failure to do so, to be thereafter considered a OFCU-at-sufferance provided, however, that nothing contained in this subparagraph shall be deemed to constitute a waiver by city of its right of re-entry, nor shall the receipt of rent or any part thereof or any act in apparent affirmance of OFCU’s continued tenancy operate as a waiver of City’s right to terminate OFCU’s use of the Leased Premises and the facility by eviction action or otherwise;
i. To be solely responsible for securing all federal, state, county or municipal
approvals of an environmental or other nature required for any construction or alteration of the facility and any other leasehold improvements on the Leased Premises, or for any of OFCU’s operations thereon; and
j. Not to grant a security interest or use as security for any loan or credit, any
interest in the City’s property on the Leased Premises, in the Lease or any interest of the OFCU obtained by virtue of this Lease, without the prior written consent of City. Any grant of such security interest shall be deemed null and void.
ARTICLE XIV – CITY’S ACCESS TO LEASED PREMISES
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31. City’s Right of Access. OFCU shall permit City or City’s agents to inspect or
examine the Leased Premises at any reasonable time and shall permit City to make such repairs, alterations, improvements or additions in the Leased Premises or to the building of which the Leased Premises is a part, that City may deem desirable or necessary or which OFCU has covenanted herein to do and has failed to do, without the same being construed as an eviction of OFCU in whole or in part and the rent shall in no manner abate while such repairs, alterations, improvements or additions are being made by reason of loss or interruption of the business of OFCU because of the prosecution of such work.
32. Exhibition of Space to Prospective OFCUs. During the six (6) months prior to
the expiration of the term of this Lease or any renewal term, City may exhibit the Leased Premises to prospective tenants.
ARTICLE XV – DEFAULT
33. OFCU’s Default. In addition to any other breach hereunder which would be a
default, upon the happening of anyone or more of the following events, OFCU shall be in default:
a. OFCU’s failure to pay any installment of Rent or any other sum to be paid
by OFCU under this Lease after the same becomes due and payable; b. OFCU’s failure to comply with any other covenant or condition of this
Lease; c. OFCU’s vacating, abandoning or failing to actively engage in business
operations during normal business hours of the Leased Premises for a period of seven (7) consecutive days without the prior written permission of the City;
d. OFCU being adjudicated as a bankrupt or making an assignment for the benefit of creditors or by operation of law, or becoming insolvent;
e. The dissolution or liquidation, or the commencement of any action or proceeding for the dissolution or liquidation, of OFCU, whether instituted by or against OFCU, or the appointment of a receiver, Trustee, or custodian whether or not judicial proceedings are instituted with such appointment or sufferance, or the commencement of any action or
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proceedings for the appointment of a receiver, Trustee, or custodian to take possession of all or substantially all of the property at OFCU;
f. The placement of any lien or liens upon the Leased Premises or any portion thereof by any revenue offices or similar official of any governmental department or agency or by any person.
34. City’s Default. In addition to any other breach hereunder which would be a
default, the City shall be in default if the City fails to perform any of its obligations under this Lease.
ARTICLE XVI -- TERMINATION
35. For Cause. This Lease may be terminated for cause:
a. By OFCU if the City defaults under this Lease as provided in Section 34 above, and the City does not cure such default within thirty (30) calendar days after written notice from OFCU specifying the default. If the nature of the default is such that it cannot, in the exercise of reasonable diligence, be remedied within thirty (30) calendar days, the City shall have such time as is reasonably necessary to remedy the default, provided that the City promptly takes and diligently pursues such actions as are necessary therefore.
b. By City if OFCU defaults under this Lease as provided in Section 33
above and OFCU does not cure such default within thirty (30) calendar days after written notice from the City specifying the default. If the nature of the default is such that it cannot, in the exercise of reasonable diligence, be remedied within thirty (30) calendar days, OFCU shall have such time as is reasonably necessary to remedy the default, provided OFCU promptly takes and diligently pursues such actions as are necessary therefore.
36. For Convenience. City may terminate this Lease during the Lease Term and any
renewal period, whichever is applicable, at its convenience, upon one hundred twenty (120) calendar days’ prior written notice to OFCU as provided in Section 46.
37. City’s Remedies Cumulative. All of City’s rights and remedies after a default
by OFCU whether expressly stated above or whether available at law or in equity, shall be
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deemed separate and cumulative, and the execution of any one right or the pursuit of any one remedy shall not preclude City from executing any other right or pursuing any other remedy.
ARTICLE XVII – MISCELLANEOUS PROVISIONS
38. Mechanic’s Liens. The estate or interest of City in and to the Leased Premises
shall not be subject to mechanics’ liens of persons or entities not in privity with City. OFCU further agrees immediately to discharge (either by payment or by filing the necessary bond or otherwise) any mechanics’ liens against the Leased Premises, City Hall or City’s interest therein purporting to be for labor, services, or materials furnished to OFCU in, on or about the Leased Premises, and a duly executed instrument by which such mechanic’s lien is satisfied, released from the Leased Premises or City Hall, shall be filed or recorded within ten (10) business days after such mechanic’s lien is filed or recorded.
39. Covenant of Quiet Enjoyment. OFCU, subject to the terms and provisions of
this Lease, on payment or rent and observing, keeping and performing all of the terms and provisions of this Lease on the part of OFCU to be observed, kept and performed, shall lawfully, peaceably and quietly have, hold, occupy and enjoy the Leased Premises during the term of this Lease, without hindrance or ejection by any persons lawfully claiming under City to have title to the Leased Premises superior to OFCU.
40. Surrender of Premises. Upon the termination of this Lease, OFCU shall return
all keys and surrender possession of the Leased Premises in neat and clean condition and in good order, condition and repair.
41. Holding Over. Any holding over by OFCU after the expiration or termination of
the Lease shall be treated as a tenancy at sufferance at double the rent and other charges specified herein, prorated on a daily basis, and shall otherwise be on the terms and conditions set forth in this Lease, so far as applicable.
42. Self-Help. City has the right to pay such sums or to do any act which may be
necessary or appropriate by reason of the failure or neglect of OFCU to perform any of the provisions of this Lease, and OFCU agrees to pay City upon demand all such sums, and if OFCU defaults City has the same rights and remedies as for the failure of OFCU to pay Basic Rent.
43. Signs and Decorations. OFCU shall not, without the City Manager’s prior
written consent: (a) make any changes to or paint the exterior of the Leased Premises; (b) install any exterior decorations or paintings; or (c) erect or install any signs, placards, decorations or advertising media of any type which can be viewed from the exterior of the Leased Premises except for dignified displays of the customary type. All signage is subject to the sign
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regulations of City. Window and/or door lettering and logo identifying the OFCU name and brand will be allowed on the front of the leased space, subject to the City Manager’s approval of the design and size. Since the Leased Premises is public property owned by City, political campaign signs are prohibited on the Leased Premises pursuant to Section 64.252. All signs shall be kept in good condition and in proper operating order at all times.
44. Severability. If any part of this Lease shall, to any extent, be invalid or
unenforceable, the remainder of this Lease shall not be affected thereby, and each term and provision of this Lease shall be valid and be enforced to the fullest extent permitted by law.
45. Binding Effect. Except as otherwise expressly provided, the terms hereof shall
be binding upon and shall inure to the benefit of the heirs, personal representatives, successors and assigns, respectively, of City and OFCU. This reference to successors and assigns of OFCU is not intended to constitute City’s consent to assignment by OFCU, but has reference only to those instances in which City may give consent to a particular assignment as required by the provisions of Article XII hereof.
46. Notices. Whenever notice or demand is to be given, such notice or demand shall
be in writing and shall be hand delivered or sent by certified mail, return receipt requested, postage prepaid:
a. To City: City Manager
City of Winter Park 401 Park Avenue South Winter Park, FL 32789
With a copy to:
City Clerk City of Winter Park 401 Park Avenue South Winter Park, FL 32789
b. To OFCU: President/CEO
Orlando Federal Credit Union 1117 S. Westmoreland Drive Orlando, FL 32805
47. Governing Law/Venue. This Lease shall be interpreted under the laws of the
State of Florida. The location for the settlement of any disputes arising out of this Lease shall be Orange County, Florida.
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48. Attorneys’ Fees. City and OFCU agree that in the event it should become
necessary for either of them to employ an attorney to enforce any rights hereunder, the prevailing party shall be entitled to recover all of its costs and expenses from the other party, including attorneys’ fees which may reasonably be incurred or paid at any time or times in connection therewith.
49. Section Titles, Interpretation. The titles to the sections contained in this Lease
are for convenience and reference only. Any gender used herein shall be deemed to refer to all genders. Use of the singular herein shall be deemed to include the plural, and the plural shall be deemed to include the singular.
50. Waiver. Failure on the part of City or OFCU to complain on any action or non-
action on the part of the other shall never be a waiver of any respective rights hereunder; however, the foregoing shall not apply to provisions of this Lease, where a right of OFCU is dependent upon notice to be given within a specified period. Further, no waiver at any time of any of the provisions hereof by City or OFCU shall be construed as a waiver of any of the other provisions hereof, and a waiver at any time of the provisions hereof shall not be construed as a waiver at any subsequent time of the same provisions. No payment by OFCU or acceptance by City, of a lesser amount than shall be due from OFCU to City shall be treated otherwise than as a payment on account. The acceptance by City of a check for a lesser amount with an endorsement or statement thereon, or upon any letter accompanying such check, that such lesser amount is payment in full, shall be given no effect, and City may accept such check without prejudice to any other rights or remedies which City may have against OFCU.
51. City’s Lien. In addition to any rights that may be given City by Florida law,
OFCU hereby grants to City a security interest in and a lien upon any and all furniture, fixtures, equipment, goods and other personal property of any kind in which OFCU has an interest that is now or hereafter located on the Leased Premises, as security for the payment of all rents and other sums to be paid by OFCU to City hereunder, and for the purpose of securing the performance of OFCU’s duties and obligations in accordance with the terms of this Lease.
52. Entire Agreement. This Lease contains the entire agreement of the parties with
respect to the Leased Premises, and no representations, warranties, inducements, promises or agreements, oral or otherwise, between the parties relative to the Leased Premises not embodied in this Lease shall have any force or effect. This Lease shall not be modified or supplemented except in writing executed by all parties.
53. Time of Essence. Time is of the essence of this Lease and every provision
hereof.
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54. Discrimination Not Permitted. City, for itself, it successors and assigns, and
OFCU covenant and agree that: (a) no person shall be unlawfully discriminated against in the use of the Leased Premises and the furnishing of services thereon.
55. Radon. Radon is a naturally occurring radioactive gas that, when it has
accumulated in a building in sufficient quantities, may present health risks to persons who are exposed to it over time. Levels of radon that exceed federal and state guidelines have been found in buildings in Florida. Additional information regarding radon and radon testing may be obtained from your county public health unit.
IN WITNESS WHEREOF, this Lease has been executed as of the date and year stated
above.
“CITY” CITY OF WINTER PARK By: _____________________________________ Kenneth W. Bradley, Mayor
Attest: __________________________________ Cynthia Bonham, City Clerk APPROVED AS TO FORM AND LEGALITY for the use and reliance of the City of Winter Park, Florida, only. Date: ________________________________, 2012 __________________________________________ City Attorney
Page 18 of 18
“OFCU” ORLANDO FEDERAL CREDIT UNION By: ______________________________________ John M. Neusaenger, President/CEO
Attest: ______________________________________ Printed Name: __________________________ Title: _________________________________ STATE OF FLORIDA COUNTY OF ORANGE The foregoing instrument was acknowledged before me this ____ day of ________________________, 2012, by John M. Neusaenger, President/CEO of the Orlando Federal Credit Union, a federally chartered not-for-profit financial institution, on behalf of the institution. He is personally known to me or has produced _________________________ as identification. _________________________________________ Notary Public My Commission expires; ____________________
subject
Ordinance authorizing the refunding of CRA Redevelopment Notes, Series 2003-1, 2003-2,
2005-1 and 2005-2 – Second Reading
motion | recommendation
Approve ordinance authorizing the refunding of CRA Redevelopment Notes, Series 2003-1,
2003-2, 2005-1 and 2005-2
summary
The City has an opportunity to refund the outstanding CRA Redevelopment Notes, Series 2003-1,
2003-2, 2005-1 and 2005-2 in order to reduce annual debt service costs for the CRA. The City’s
Financial Advisor (PFM) had prepared a preliminary analysis (attached) using a refunding rate of
2.25%. At this rate, net present value savings were estimated at 8.60% of the refunded debt. The
City’s Debt Management Policy sets a minimum target net present value savings of at least 5% for
an advance refunding (the 2005-1 and 2005-2 series notes are callable at par at 01/01/2014). The
minimum savings target for a current refunding is lower at 3%. Refunding the 2003-1 and 2003-2
notes would be a current refunding since we have passed the call date for those notes (callable at
par at and after 12/30/2009). This refunding would not extend the maturity of the debt.
PFM’s preliminary analysis did not include refunding the 2005-1 series note as there did not initially
appear to be adequate savings. PFM has solicited proposals from banks to refund this debt.
Responses are being reviewed and preliminarily it appears rates will be favorable enough to include
the Series 2005-1 note in the refunding transaction. Total annual debt service could be reduced by
about $60,000 per year by refunding these notes.
All proposals received required the City to provide a covenant to budget and appropriate non-ad
valorem General Fund revenues as a backup pledge. This means that if tax increment revenue of
the CRA were ever less than adequate to cover the CRA’s debt service, the City would have to cover
the shortfall. Staff did not believe this provision to be unreasonable since the City would not allow
the CRA to ever default on its debt.
At the December 10 Commission meeting staff will be bringing a resolution for approval. This
resolution will incorporate the terms negotiated with the best proposal to finance the refunding. An
analysis of the proposals received and calculation of debt service savings will be included with the
agenda item. Closing on the note is anticipated to occur later in the week of December 10.
Regular Meeting
3:30 p.m. January 11, 2010
Commission Chambers
Regular Meeting
3:30 p.m. January 11, 2010
Commission Chambers
Public Hearing
Wes Hamil, Finance Director
December 10, 2012
board comments
N/A
Ordinance No. ____________
ORDINANCE NO. ___‐12
AN ORDINANCE OF THE CITY OF WINTER PARK, FLORIDA, AUTHORIZING THE ISSUANCE BY THE WINTER PARK COMMUNITY REDEVELOPMENT AGENCY OF A NOT TO EXCEED $6,000,000 REDEVELOPMENT REFUNDING REVENUE NOTE, FOR THE PURPOSE OF REFUNDING CERTAIN OUTSTANDING DEBT OF THE COMMUNITY REDEVELOPMENT AGENCY; AUTHORIZING AN INTERLOCAL AGREEMENT BETWEEN THE CITY AND THE COMMUNITY REDEVELOPMENT AGENCY; AND PROVIDING AN EFFECTIVE DATE.
BE IT ENACTED BY THE PEOPLE OF THE CITY OF WINTER PARK, FLORIDA:
SECTION 1. AUTHORITY FOR THIS ORDINANCE. This ordinance is enacted
pursuant to the provisions of Chapter 166, Part 1, Florida Statutes; Chapter 163, Part III, Florida
Statutes; and other applicable provisions of law.
SECTION 2. DEFINITIONS. When used in this resolution, capitalized terms not
otherwise defined shall have the meanings specified in a resolution adopted on even date
herewith (the “CRA Resolution”) by the Winter Park Community Redevelopment Agency (the
ʺIssuerʺ).
ʺNon‐Ad Valorem Revenuesʺ means all revenues of the City not derived from ad
valorem taxation, and which are lawfully available to pay debt service on the Note (as
hereinafter defined).
“Refunded Bonds” shall mean, collectively, the Winter Park Community
Redevelopment Agency’s Redevelopment Revenue Bond, Series 2003‐1, Redevelopment
Revenue Bond, Series 2003‐2, Redevelopment Revenue Bond, Series 2005‐1 and
Redevelopment Revenue Bond, Series 2005‐2 (Taxable).
SECTION 3. FINDINGS. It is hereby ascertained, determined and declared that:
A. On even date herewith, the Issuer authorized the issuance of a not to
exceed $6,000,000 Redevelopment Refunding Revenue Note, Series 2012 (the “Note”) for
the purpose of refunding the Refunded Bonds.
B. The Issuer received proposals from certain banks to purchase the Note in
consideration for the City agreeing to budget and appropriate Non‐Ad Valorem
Revenues in the event Tax Increment Revenues are insufficient to debt service on the
Note.
Ordinance No. ____________
C. It is necessary, desirable and in the best interests of the citizens of the City
of Winter Park, Florida (the “City”) that the City Commission approves issuance by the
Issuer of the Note and entering into the Interlocal Agreement.
SECTION 4. AUTHORIZATION OF THE NOTE. Pursuant to Section 163.385,
Florida Statutes, the City Commission hereby approves issuance by the Issuer of the Note for
the purpose of refunding the Refunded Bonds. The Note will be issued in an amount not to
exceed $6,000,000, and will mature no later than January 1, 2025, together with such other terms
and conditions as shall be determined by the CRA Resolution.
SECTION 5. INTERLOCAL AGREEMENT. The Issuer has received proposals for
the purchase of the Note. Such proposals require that the City provide a covenant to budget
and appropriate Non‐Ad Valorem Revenues as may be necessary, from time to time, in order to
ensure timely and full payment of debt service on the Note in the event the Tax Increment
Revenues pledged by the Issuer to payment of the Note are insufficient to pay debt service on
any interest or principal payment date. The City hereby determines that the proposed interest
rates provided by the banks are favorable and that obtaining such lower interest rate is in the
best interests of the Issuer, the City and its citizenry. Accordingly, the City authorizes the
execution of an interlocal agreement, the form of which shall be hereafter approved by
resolution of the City.
SECTION 6. REPEAL OF INCONSISTENT PROVISIONS. All ordinances,
resolutions or parts thereof in conflict with this ordinance are hereby repealed to the extent of
such conflict.
[Remainder of page intentionally left blank]
Ordinance No. ____________
SECTION 7. EFFECTIVE DATE. This ordinance shall take effect immediately
upon its final passage and adoption.
ENACTED after reading by title at a regular meeting of the City Commission of the City
of Winter Park, Florida, held in City Hall, Winter Park, Florida, on this 10th day of December,
2012.
Mayor Kenneth W. Bradley ATTEST: ______________________________________ City Clerk Cynthia S. Bonham
Oct 18, 2012 5:37 pm Prepared by Public Financial Management, Inc. (Finance 7.002 Winter_Park:2012) Page 1
SOURCES AND USES OF FUNDS
Winter Park Community Redevelopment AgencyRedevelopment Refunding Revenue Bond, Series 2012
Sources: 2012A 2012B 2012D Total
Bond Proceeds:Par Amount 1,950,000.00 1,825,000.00 1,480,000.00 5,255,000.00
Other Sources of Funds:Contribution 195,032.00 181,949.50 122,212.26 499,193.76
2,145,032.00 2,006,949.50 1,602,212.26 5,754,193.76
Uses: 2012A 2012B 2012D Total
Refunding Escrow Deposits:Cash Deposit 2,122,140.80 1,989,280.93 122,213.23 4,233,634.96SLGS Purchases 1,462,236.00 1,462,236.00
2,122,140.80 1,989,280.93 1,584,449.23 5,695,870.96
Delivery Date Expenses:Cost of Issuance 18,553.76 17,364.41 14,081.83 50,000.00
Other Uses of Funds:Additional Proceeds 4,337.44 304.16 3,681.20 8,322.80
2,145,032.00 2,006,949.50 1,602,212.26 5,754,193.76
Oct 18, 2012 5:37 pm Prepared by Public Financial Management, Inc. (Finance 7.002 Winter_Park:2012) Page 2
BOND SUMMARY STATISTICS
Winter Park Community Redevelopment AgencyRedevelopment Refunding Revenue Bond, Series 2012
Dated Date 12/18/2012Delivery Date 12/18/2012Last Maturity 01/01/2025
Arbitrage Yield 2.249913%True Interest Cost (TIC) 2.249913%Net Interest Cost (NIC) 2.250000%All-In TIC 2.423533%Average Coupon 2.250000%
Average Life (years) 6.029Duration of Issue (years) 5.579
Par Amount 5,255,000.00Bond Proceeds 5,255,000.00Total Interest 712,907.19Net Interest 712,907.19Total Debt Service 5,967,907.19Maximum Annual Debt Service 574,112.50Average Annual Debt Service 495,833.51
Underwriter's Fees (per $1000) Average Takedown Other Fee
Total Underwriter's Discount
Bid Price 100.000000
Par Average Average PV of 1 bpBond Component Value Price Coupon Life change
Bond Component 5,255,000.00 100.000 2.250% 6.029 2,890.25
5,255,000.00 6.029 2,890.25
All-In ArbitrageTIC TIC Yield
Par Value 5,255,000.00 5,255,000.00 5,255,000.00 + Accrued Interest + Premium (Discount) - Underwriter's Discount - Cost of Issuance Expense -50,000.00 - Other Amounts
Target Value 5,255,000.00 5,205,000.00 5,255,000.00
Target Date 12/18/2012 12/18/2012 12/18/2012Yield 2.249913% 2.423533% 2.249913%
Oct 18, 2012 5:37 pm Prepared by Public Financial Management, Inc. (Finance 7.002 Winter_Park:2012) Page 3
SUMMARY OF BONDS REFUNDED
Winter Park Community Redevelopment AgencyRedevelopment Refunding Revenue Bond, Series 2012
Maturity Interest Par Call CallBond Date Rate Amount Date Price
Redevelopment Revenue Bond, Series 2003-1, 2003_1:BOND 01/01/2013 3.840% 155,000.00 12/18/2012 100.000
01/01/2014 3.840% 160,000.00 12/18/2012 100.00001/01/2015 3.840% 170,000.00 12/18/2012 100.00001/01/2016 3.840% 175,000.00 12/18/2012 100.00001/01/2017 3.840% 180,000.00 12/18/2012 100.00001/01/2018 3.840% 190,000.00 12/18/2012 100.00001/01/2019 3.840% 195,000.00 12/18/2012 100.00001/01/2020 3.840% 205,000.00 12/18/2012 100.00001/01/2021 3.840% 210,000.00 12/18/2012 100.00001/01/2022 3.840% 220,000.00 12/18/2012 100.00001/01/2023 3.840% 225,000.00 12/18/2012 100.000
2,085,000.00
Redevelopment Revenue Bond, Series 2003-2, 2003_2:BOND 01/01/2013 3.780% 145,000.00 12/18/2012 100.000
01/01/2014 3.780% 150,000.00 12/18/2012 100.00001/01/2015 3.780% 160,000.00 12/18/2012 100.00001/01/2016 3.780% 165,000.00 12/18/2012 100.00001/01/2017 3.780% 170,000.00 12/18/2012 100.00001/01/2018 3.780% 175,000.00 12/18/2012 100.00001/01/2019 3.780% 185,000.00 12/18/2012 100.00001/01/2020 3.780% 190,000.00 12/18/2012 100.00001/01/2021 3.780% 195,000.00 12/18/2012 100.00001/01/2022 3.780% 205,000.00 12/18/2012 100.00001/01/2023 3.780% 215,000.00 12/18/2012 100.000
1,955,000.00
Redevelopment Revenue Bond, Series 2005-2 (Taxable), 2005_2:BOND 01/01/2013 5.910% 79,956.82
01/01/2014 5.910% 80,445.8601/01/2015 5.910% 85,200.22 07/01/2014 100.00001/01/2016 5.910% 90,235.55 07/01/2014 100.00001/01/2017 5.910% 95,568.47 07/01/2014 100.00001/01/2018 5.910% 101,216.56 07/01/2014 100.00001/01/2019 5.910% 107,198.46 07/01/2014 100.00001/01/2020 5.910% 113,533.89 07/01/2014 100.00001/01/2021 5.910% 120,243.75 07/01/2014 100.00001/01/2022 5.910% 127,350.15 07/01/2014 100.00001/01/2023 5.910% 134,876.55 07/01/2014 100.00001/01/2024 5.910% 142,847.75 07/01/2014 100.00001/01/2025 5.910% 151,290.05 07/01/2014 100.000
1,429,964.08
5,469,964.08
Oct 18, 2012 5:37 pm Prepared by Public Financial Management, Inc. (Finance 7.002 Winter_Park:2012) Page 4
SUMMARY OF REFUNDING RESULTS
Winter Park Community Redevelopment AgencyRedevelopment Refunding Revenue Bond, Series 2012
Dated Date 12/18/2012Delivery Date 12/18/2012Arbitrage yield 2.249913%Escrow yield 0.236002%
Bond Par Amount 5,255,000.00True Interest Cost 2.249913%Net Interest Cost 2.250000%Average Coupon 2.250000%Average Life 6.029
Par amount of refunded bonds 5,469,964.08Average coupon of refunded bonds 4.457864%Average life of refunded bonds 5.780
PV of prior debt to 12/18/2012 @ 2.249913% 6,216,125.39Net PV Savings 470,254.43Percentage savings of refunded bonds 8.597030%Percentage savings of refunding bonds 8.948705%
Oct 18, 2012 5:37 pm Prepared by Public Financial Management, Inc. (Finance 7.002 Winter_Park:2012) Page 5
SUMMARY OF REFUNDING RESULTS
Winter Park Community Redevelopment AgencyRedevelopment Refunding Revenue Bond, Series 2012A
---Refunding of 2003 CRA Bond
Dated Date 12/18/2012Delivery Date 12/18/2012Arbitrage yield 2.249913%Escrow yield
Bond Par Amount 1,950,000.00True Interest Cost 2.249908%Net Interest Cost 2.250000%Average Coupon 2.250000%Average Life 5.723
Par amount of refunded bonds 2,085,000.00Average coupon of refunded bonds 3.840000%Average life of refunded bonds 5.413
PV of prior debt to 12/18/2012 @ 2.249913% 2,286,946.84Net PV Savings 146,252.71Percentage savings of refunded bonds 7.014518%Percentage savings of refunding bonds 7.500139%
Oct 18, 2012 5:37 pm Prepared by Public Financial Management, Inc. (Finance 7.002 Winter_Park:2012) Page 6
SUMMARY OF REFUNDING RESULTS
Winter Park Community Redevelopment AgencyRedevelopment Refunding Revenue Bond, Series 2012B
---Refunding of 2003-2 CRA Bond
Dated Date 12/18/2012Delivery Date 12/18/2012Arbitrage yield 2.249913%Escrow yield
Bond Par Amount 1,825,000.00True Interest Cost 2.249908%Net Interest Cost 2.250000%Average Coupon 2.250000%Average Life 5.729
Par amount of refunded bonds 1,955,000.00Average coupon of refunded bonds 3.780000%Average life of refunded bonds 5.415
PV of prior debt to 12/18/2012 @ 2.249913% 2,138,025.21Net PV Savings 131,380.27Percentage savings of refunded bonds 6.720218%Percentage savings of refunding bonds 7.198919%
Oct 18, 2012 5:37 pm Prepared by Public Financial Management, Inc. (Finance 7.002 Winter_Park:2012) Page 7
SUMMARY OF REFUNDING RESULTS
Winter Park Community Redevelopment AgencyRedevelopment Refunding Revenue Bond, Series 2012D
---Refunding of 2005-2 CRA Bond
Dated Date 12/18/2012Delivery Date 12/18/2012Arbitrage yield 2.249913%Escrow yield 0.236002%
Bond Par Amount 1,480,000.00True Interest Cost 2.249922%Net Interest Cost 2.250000%Average Coupon 2.250000%Average Life 6.803
Par amount of refunded bonds 1,429,964.08Average coupon of refunded bonds 5.910000%Average life of refunded bonds 6.814
PV of prior debt to 12/18/2012 @ 2.249913% 1,791,153.34Net PV Savings 192,621.45Percentage savings of refunded bonds 13.470370%Percentage savings of refunding bonds 13.014963%
Oct 18, 2012 5:37 pm Prepared by Public Financial Management, Inc. (Finance 7.002 Winter_Park:2012) Page 8
SAVINGS
Winter Park Community Redevelopment AgencyRedevelopment Refunding Revenue Bond, Series 2012
Present ValuePrior Prior Prior Refunding Annual to 12/18/2012
Date Debt Service Receipts Net Cash Flow Debt Service Savings Savings @ 2.2499125%
12/18/2012 499,193.76 -499,193.76 -499,193.76 -499,193.7601/01/2013 499,193.76 499,193.76 499,193.76 498,790.6107/01/2013 111,157.71 111,157.71 63,388.44 47,769.27 47,199.7201/01/2014 501,603.57 501,603.57 504,118.75 -2,515.18 45,254.09 -2,457.5507/01/2014 102,873.54 102,873.54 54,112.50 48,761.04 47,113.6801/01/2015 518,073.76 518,073.76 514,112.50 3,961.26 52,722.30 3,784.8507/01/2015 94,067.87 94,067.87 48,937.50 45,130.37 42,640.8901/01/2016 524,303.42 524,303.42 523,937.50 365.92 45,496.29 341.8907/01/2016 84,922.91 84,922.91 43,593.75 41,329.16 38,185.3901/01/2017 530,491.38 530,491.38 518,593.75 11,897.63 53,226.79 10,870.3307/01/2017 75,429.86 75,429.86 38,250.00 37,179.86 33,591.6801/01/2018 541,646.42 541,646.42 533,250.00 8,396.42 45,576.28 7,501.7007/01/2018 65,483.41 65,483.41 32,681.25 32,802.16 28,980.7601/01/2019 552,681.87 552,681.87 532,681.25 20,000.62 52,802.78 17,474.0007/01/2019 55,075.20 55,075.20 27,056.25 28,018.95 24,207.0801/01/2020 563,609.09 563,609.09 547,056.25 16,552.84 44,571.79 14,141.8007/01/2020 44,193.27 44,193.27 21,206.25 22,987.02 19,420.3301/01/2021 569,437.02 569,437.02 541,206.25 28,230.77 51,217.79 23,585.1307/01/2021 32,922.57 32,922.57 15,356.25 17,566.32 14,512.3601/01/2022 585,272.72 585,272.72 550,356.25 34,916.47 52,482.79 28,525.2307/01/2022 21,060.87 21,060.87 9,337.50 11,723.37 9,470.9401/01/2023 595,937.42 595,937.42 564,337.50 31,599.92 43,323.29 25,244.5807/01/2023 8,691.77 8,691.77 3,093.75 5,598.02 4,422.4001/01/2024 151,539.52 151,539.52 138,093.75 13,445.77 19,043.79 10,503.9107/01/2024 4,470.62 4,470.62 1,575.00 2,895.62 2,236.9101/01/2025 155,760.67 155,760.67 141,575.00 14,185.67 17,081.29 10,836.74
6,989,900.22 499,193.76 6,490,706.46 5,967,907.19 522,799.27 522,799.27 461,931.63
Savings Summary
PV of savings from cash flow 461,931.63Plus: Refunding funds on hand 8,322.80
Net PV Savings 470,254.43
Oct 18, 2012 5:37 pm Prepared by Public Financial Management, Inc. (Finance 7.002 Winter_Park:2012) Page 9
SAVINGS
Winter Park Community Redevelopment AgencyRedevelopment Refunding Revenue Bond, Series 2012A
---Refunding of 2003 CRA Bond
Present ValuePrior Prior Prior Refunding Annual to 12/18/2012
Date Debt Service Receipts Net Cash Flow Debt Service Savings Savings @ 2.2499125%
12/18/2012 195,032.00 -195,032.00 -195,032.00 -195,032.0001/01/2013 195,032.00 195,032.00 195,032.00 194,874.4907/01/2013 37,056.00 37,056.00 23,521.88 13,534.12 13,372.7501/01/2014 197,056.00 197,056.00 196,937.50 118.50 13,652.62 115.7807/01/2014 33,984.00 33,984.00 19,968.75 14,015.25 13,541.7501/01/2015 203,984.00 203,984.00 199,968.75 4,015.25 18,030.50 3,836.4407/01/2015 30,720.00 30,720.00 17,943.75 12,776.25 12,071.4901/01/2016 205,720.00 205,720.00 202,943.75 2,776.25 15,552.50 2,593.9307/01/2016 27,360.00 27,360.00 15,862.50 11,497.50 10,622.9201/01/2017 207,360.00 207,360.00 200,862.50 6,497.50 17,995.00 5,936.4707/01/2017 23,904.00 23,904.00 13,781.25 10,122.75 9,145.8201/01/2018 213,904.00 213,904.00 208,781.25 5,122.75 15,245.50 4,576.8707/01/2018 20,256.00 20,256.00 11,587.50 8,668.50 7,658.6301/01/2019 215,256.00 215,256.00 206,587.50 8,668.50 17,337.00 7,573.4407/01/2019 16,512.00 16,512.00 9,393.75 7,118.25 6,149.8401/01/2020 221,512.00 221,512.00 214,393.75 7,118.25 14,236.50 6,081.4307/01/2020 12,576.00 12,576.00 7,087.50 5,488.50 4,636.9001/01/2021 222,576.00 222,576.00 212,087.50 10,488.50 15,977.00 8,762.5207/01/2021 8,544.00 8,544.00 4,781.25 3,762.75 3,108.5801/01/2022 228,544.00 228,544.00 214,781.25 13,762.75 17,525.50 11,243.5707/01/2022 4,320.00 4,320.00 2,418.75 1,901.25 1,535.9601/01/2023 229,320.00 229,320.00 217,418.75 11,901.25 13,802.50 9,507.68
2,555,496.00 195,032.00 2,360,464.00 2,201,109.38 159,354.62 159,354.62 141,915.27
Savings Summary
PV of savings from cash flow 141,915.27Plus: Refunding funds on hand 4,337.44
Net PV Savings 146,252.71
Oct 18, 2012 5:37 pm Prepared by Public Financial Management, Inc. (Finance 7.002 Winter_Park:2012) Page 10
SAVINGS
Winter Park Community Redevelopment AgencyRedevelopment Refunding Revenue Bond, Series 2012B
---Refunding of 2003-2 CRA Bond
Present ValuePrior Prior Prior Refunding Annual to 12/18/2012
Date Debt Service Receipts Net Cash Flow Debt Service Savings Savings @ 2.2499125%
12/18/2012 181,949.50 -181,949.50 -181,949.50 -181,949.5001/01/2013 181,949.50 181,949.50 181,949.50 181,802.5607/01/2013 34,209.00 34,209.00 22,014.06 12,194.94 12,049.5401/01/2014 184,209.00 184,209.00 180,531.25 3,677.75 15,872.69 3,593.4807/01/2014 31,374.00 31,374.00 18,731.25 12,642.75 12,215.6201/01/2015 191,374.00 191,374.00 188,731.25 2,642.75 15,285.50 2,525.0607/01/2015 28,350.00 28,350.00 16,818.75 11,531.25 10,895.1601/01/2016 193,350.00 193,350.00 191,818.75 1,531.25 13,062.50 1,430.6907/01/2016 25,231.50 25,231.50 14,850.00 10,381.50 9,591.8201/01/2017 195,231.50 195,231.50 189,850.00 5,381.50 15,763.00 4,916.8407/01/2017 22,018.50 22,018.50 12,881.25 9,137.25 8,255.4301/01/2018 197,018.50 197,018.50 192,881.25 4,137.25 13,274.50 3,696.3907/01/2018 18,711.00 18,711.00 10,856.25 7,854.75 6,939.6801/01/2019 203,711.00 203,711.00 195,856.25 7,854.75 15,709.50 6,862.4807/01/2019 15,214.50 15,214.50 8,775.00 6,439.50 5,563.4301/01/2020 205,214.50 205,214.50 198,775.00 6,439.50 12,879.00 5,501.5407/01/2020 11,623.50 11,623.50 6,637.50 4,986.00 4,212.3701/01/2021 206,623.50 206,623.50 196,637.50 9,986.00 14,972.00 8,342.7107/01/2021 7,938.00 7,938.00 4,500.00 3,438.00 2,840.2901/01/2022 212,938.00 212,938.00 199,500.00 13,438.00 16,876.00 10,978.2607/01/2022 4,063.50 4,063.50 2,306.25 1,757.25 1,419.6301/01/2023 219,063.50 219,063.50 207,306.25 11,757.25 13,514.50 9,392.65
2,389,416.50 181,949.50 2,207,467.00 2,060,257.81 147,209.19 147,209.19 131,076.11
Savings Summary
PV of savings from cash flow 131,076.11Plus: Refunding funds on hand 304.16
Net PV Savings 131,380.27
Oct 18, 2012 5:37 pm Prepared by Public Financial Management, Inc. (Finance 7.002 Winter_Park:2012) Page 11
SAVINGS
Winter Park Community Redevelopment AgencyRedevelopment Refunding Revenue Bond, Series 2012D
---Refunding of 2005-2 CRA Bond
Present ValuePrior Prior Prior Refunding Annual to 12/18/2012
Date Debt Service Receipts Net Cash Flow Debt Service Savings Savings @ 2.2499125%
12/18/2012 122,212.26 -122,212.26 -122,212.26 -122,212.2601/01/2013 122,212.26 122,212.26 122,212.26 122,113.5607/01/2013 39,892.71 39,892.71 17,852.50 22,040.21 21,777.4201/01/2014 120,338.57 120,338.57 126,650.00 -6,311.43 15,728.78 -6,166.8007/01/2014 37,515.54 37,515.54 15,412.50 22,103.04 21,356.3001/01/2015 122,715.76 122,715.76 125,412.50 -2,696.74 19,406.30 -2,576.6507/01/2015 34,997.87 34,997.87 14,175.00 20,822.87 19,674.2401/01/2016 125,233.42 125,233.42 129,175.00 -3,941.58 16,881.29 -3,682.7307/01/2016 32,331.41 32,331.41 12,881.25 19,450.16 17,970.6501/01/2017 127,899.88 127,899.88 127,881.25 18.63 19,468.79 17.0207/01/2017 29,507.36 29,507.36 11,587.50 17,919.86 16,190.4401/01/2018 130,723.92 130,723.92 131,587.50 -863.58 17,056.28 -771.5607/01/2018 26,516.41 26,516.41 10,237.50 16,278.91 14,382.4401/01/2019 133,714.87 133,714.87 130,237.50 3,477.37 19,756.28 3,038.0807/01/2019 23,348.70 23,348.70 8,887.50 14,461.20 12,493.8101/01/2020 136,882.59 136,882.59 133,887.50 2,995.09 17,456.29 2,558.8307/01/2020 19,993.77 19,993.77 7,481.25 12,512.52 10,571.0601/01/2021 140,237.52 140,237.52 132,481.25 7,756.27 20,268.79 6,479.9007/01/2021 16,440.57 16,440.57 6,075.00 10,365.57 8,563.4801/01/2022 143,790.72 143,790.72 136,075.00 7,715.72 18,081.29 6,303.4107/01/2022 12,677.37 12,677.37 4,612.50 8,064.87 6,515.3501/01/2023 147,553.92 147,553.92 139,612.50 7,941.42 16,006.29 6,344.2507/01/2023 8,691.77 8,691.77 3,093.75 5,598.02 4,422.4001/01/2024 151,539.52 151,539.52 138,093.75 13,445.77 19,043.79 10,503.9107/01/2024 4,470.62 4,470.62 1,575.00 2,895.62 2,236.9101/01/2025 155,760.67 155,760.67 141,575.00 14,185.67 17,081.29 10,836.74
2,044,987.72 122,212.26 1,922,775.46 1,706,540.00 216,235.46 216,235.46 188,940.25
Savings Summary
PV of savings from cash flow 188,940.25Plus: Refunding funds on hand 3,681.20
Net PV Savings 192,621.45
Oct 18, 2012 5:37 pm Prepared by Public Financial Management, Inc. (Finance 7.002 Winter_Park:2012) Page 12
BOND DEBT SERVICE
Winter Park Community Redevelopment AgencyRedevelopment Refunding Revenue Bond, Series 2012A
---Refunding of 2003 CRA Bond
Period AnnualEnding Principal Coupon Interest Debt Service Debt Service
07/01/2013 23,521.88 23,521.8801/01/2014 175,000 2.250% 21,937.50 196,937.50 220,459.3807/01/2014 19,968.75 19,968.7501/01/2015 180,000 2.250% 19,968.75 199,968.75 219,937.5007/01/2015 17,943.75 17,943.7501/01/2016 185,000 2.250% 17,943.75 202,943.75 220,887.5007/01/2016 15,862.50 15,862.5001/01/2017 185,000 2.250% 15,862.50 200,862.50 216,725.0007/01/2017 13,781.25 13,781.2501/01/2018 195,000 2.250% 13,781.25 208,781.25 222,562.5007/01/2018 11,587.50 11,587.5001/01/2019 195,000 2.250% 11,587.50 206,587.50 218,175.0007/01/2019 9,393.75 9,393.7501/01/2020 205,000 2.250% 9,393.75 214,393.75 223,787.5007/01/2020 7,087.50 7,087.5001/01/2021 205,000 2.250% 7,087.50 212,087.50 219,175.0007/01/2021 4,781.25 4,781.2501/01/2022 210,000 2.250% 4,781.25 214,781.25 219,562.5007/01/2022 2,418.75 2,418.7501/01/2023 215,000 2.250% 2,418.75 217,418.75 219,837.50
1,950,000 251,109.38 2,201,109.38 2,201,109.38
Oct 18, 2012 5:37 pm Prepared by Public Financial Management, Inc. (Finance 7.002 Winter_Park:2012) Page 13
BOND DEBT SERVICE
Winter Park Community Redevelopment AgencyRedevelopment Refunding Revenue Bond, Series 2012B
---Refunding of 2003-2 CRA Bond
Period AnnualEnding Principal Coupon Interest Debt Service Debt Service
07/01/2013 22,014.06 22,014.0601/01/2014 160,000 2.250% 20,531.25 180,531.25 202,545.3107/01/2014 18,731.25 18,731.2501/01/2015 170,000 2.250% 18,731.25 188,731.25 207,462.5007/01/2015 16,818.75 16,818.7501/01/2016 175,000 2.250% 16,818.75 191,818.75 208,637.5007/01/2016 14,850.00 14,850.0001/01/2017 175,000 2.250% 14,850.00 189,850.00 204,700.0007/01/2017 12,881.25 12,881.2501/01/2018 180,000 2.250% 12,881.25 192,881.25 205,762.5007/01/2018 10,856.25 10,856.2501/01/2019 185,000 2.250% 10,856.25 195,856.25 206,712.5007/01/2019 8,775.00 8,775.0001/01/2020 190,000 2.250% 8,775.00 198,775.00 207,550.0007/01/2020 6,637.50 6,637.5001/01/2021 190,000 2.250% 6,637.50 196,637.50 203,275.0007/01/2021 4,500.00 4,500.0001/01/2022 195,000 2.250% 4,500.00 199,500.00 204,000.0007/01/2022 2,306.25 2,306.2501/01/2023 205,000 2.250% 2,306.25 207,306.25 209,612.50
1,825,000 235,257.81 2,060,257.81 2,060,257.81
Oct 18, 2012 5:37 pm Prepared by Public Financial Management, Inc. (Finance 7.002 Winter_Park:2012) Page 14
BOND DEBT SERVICE
Winter Park Community Redevelopment AgencyRedevelopment Refunding Revenue Bond, Series 2012D
---Refunding of 2005-2 CRA Bond
Period AnnualEnding Principal Coupon Interest Debt Service Debt Service
07/01/2013 17,852.50 17,852.5001/01/2014 110,000 2.250% 16,650.00 126,650.00 144,502.5007/01/2014 15,412.50 15,412.5001/01/2015 110,000 2.250% 15,412.50 125,412.50 140,825.0007/01/2015 14,175.00 14,175.0001/01/2016 115,000 2.250% 14,175.00 129,175.00 143,350.0007/01/2016 12,881.25 12,881.2501/01/2017 115,000 2.250% 12,881.25 127,881.25 140,762.5007/01/2017 11,587.50 11,587.5001/01/2018 120,000 2.250% 11,587.50 131,587.50 143,175.0007/01/2018 10,237.50 10,237.5001/01/2019 120,000 2.250% 10,237.50 130,237.50 140,475.0007/01/2019 8,887.50 8,887.5001/01/2020 125,000 2.250% 8,887.50 133,887.50 142,775.0007/01/2020 7,481.25 7,481.2501/01/2021 125,000 2.250% 7,481.25 132,481.25 139,962.5007/01/2021 6,075.00 6,075.0001/01/2022 130,000 2.250% 6,075.00 136,075.00 142,150.0007/01/2022 4,612.50 4,612.5001/01/2023 135,000 2.250% 4,612.50 139,612.50 144,225.0007/01/2023 3,093.75 3,093.7501/01/2024 135,000 2.250% 3,093.75 138,093.75 141,187.5007/01/2024 1,575.00 1,575.0001/01/2025 140,000 2.250% 1,575.00 141,575.00 143,150.00
1,480,000 226,540.00 1,706,540.00 1,706,540.00
Oct 18, 2012 5:37 pm Prepared by Public Financial Management, Inc. (Finance 7.002 Winter_Park:2012) Page 15
PRIOR BOND DEBT SERVICE
Winter Park Community Redevelopment AgencyRedevelopment Refunding Revenue Bond, Series 2012A
---Refunding of 2003 CRA Bond
AnnualPeriod Debt DebtEnding Principal Coupon Interest Service Service
01/01/2013 155,000 3.840% 40,032 195,032 195,03207/01/2013 37,056 37,05601/01/2014 160,000 3.840% 37,056 197,056 234,11207/01/2014 33,984 33,98401/01/2015 170,000 3.840% 33,984 203,984 237,96807/01/2015 30,720 30,72001/01/2016 175,000 3.840% 30,720 205,720 236,44007/01/2016 27,360 27,36001/01/2017 180,000 3.840% 27,360 207,360 234,72007/01/2017 23,904 23,90401/01/2018 190,000 3.840% 23,904 213,904 237,80807/01/2018 20,256 20,25601/01/2019 195,000 3.840% 20,256 215,256 235,51207/01/2019 16,512 16,51201/01/2020 205,000 3.840% 16,512 221,512 238,02407/01/2020 12,576 12,57601/01/2021 210,000 3.840% 12,576 222,576 235,15207/01/2021 8,544 8,54401/01/2022 220,000 3.840% 8,544 228,544 237,08807/01/2022 4,320 4,32001/01/2023 225,000 3.840% 4,320 229,320 233,640
2,085,000 470,496 2,555,496 2,555,496
Oct 18, 2012 5:37 pm Prepared by Public Financial Management, Inc. (Finance 7.002 Winter_Park:2012) Page 16
PRIOR BOND DEBT SERVICE
Winter Park Community Redevelopment AgencyRedevelopment Refunding Revenue Bond, Series 2012B
---Refunding of 2003-2 CRA Bond
Period AnnualEnding Principal Coupon Interest Debt Service Debt Service
01/01/2013 145,000 3.780% 36,949.50 181,949.50 181,949.5007/01/2013 34,209.00 34,209.0001/01/2014 150,000 3.780% 34,209.00 184,209.00 218,418.0007/01/2014 31,374.00 31,374.0001/01/2015 160,000 3.780% 31,374.00 191,374.00 222,748.0007/01/2015 28,350.00 28,350.0001/01/2016 165,000 3.780% 28,350.00 193,350.00 221,700.0007/01/2016 25,231.50 25,231.5001/01/2017 170,000 3.780% 25,231.50 195,231.50 220,463.0007/01/2017 22,018.50 22,018.5001/01/2018 175,000 3.780% 22,018.50 197,018.50 219,037.0007/01/2018 18,711.00 18,711.0001/01/2019 185,000 3.780% 18,711.00 203,711.00 222,422.0007/01/2019 15,214.50 15,214.5001/01/2020 190,000 3.780% 15,214.50 205,214.50 220,429.0007/01/2020 11,623.50 11,623.5001/01/2021 195,000 3.780% 11,623.50 206,623.50 218,247.0007/01/2021 7,938.00 7,938.0001/01/2022 205,000 3.780% 7,938.00 212,938.00 220,876.0007/01/2022 4,063.50 4,063.5001/01/2023 215,000 3.780% 4,063.50 219,063.50 223,127.00
1,955,000 434,416.50 2,389,416.50 2,389,416.50
Oct 18, 2012 5:37 pm Prepared by Public Financial Management, Inc. (Finance 7.002 Winter_Park:2012) Page 17
PRIOR BOND DEBT SERVICE
Winter Park Community Redevelopment AgencyRedevelopment Refunding Revenue Bond, Series 2012D
---Refunding of 2005-2 CRA Bond
Period AnnualEnding Principal Coupon Interest Debt Service Debt Service
01/01/2013 79,956.82 5.910% 42,255.44 122,212.26 122,212.2607/01/2013 39,892.71 39,892.7101/01/2014 80,445.86 5.910% 39,892.71 120,338.57 160,231.2807/01/2014 37,515.54 37,515.5401/01/2015 85,200.22 5.910% 37,515.54 122,715.76 160,231.3007/01/2015 34,997.87 34,997.8701/01/2016 90,235.55 5.910% 34,997.87 125,233.42 160,231.2907/01/2016 32,331.41 32,331.4101/01/2017 95,568.47 5.910% 32,331.41 127,899.88 160,231.2907/01/2017 29,507.36 29,507.3601/01/2018 101,216.56 5.910% 29,507.36 130,723.92 160,231.2807/01/2018 26,516.41 26,516.4101/01/2019 107,198.46 5.910% 26,516.41 133,714.87 160,231.2807/01/2019 23,348.70 23,348.7001/01/2020 113,533.89 5.910% 23,348.70 136,882.59 160,231.2907/01/2020 19,993.77 19,993.7701/01/2021 120,243.75 5.910% 19,993.77 140,237.52 160,231.2907/01/2021 16,440.57 16,440.5701/01/2022 127,350.15 5.910% 16,440.57 143,790.72 160,231.2907/01/2022 12,677.37 12,677.3701/01/2023 134,876.55 5.910% 12,677.37 147,553.92 160,231.2907/01/2023 8,691.77 8,691.7701/01/2024 142,847.75 5.910% 8,691.77 151,539.52 160,231.2907/01/2024 4,470.62 4,470.6201/01/2025 151,290.05 5.910% 4,470.62 155,760.67 160,231.29
1,429,964.08 615,023.64 2,044,987.72 2,044,987.72
Oct 18, 2012 5:37 pm Prepared by Public Financial Management, Inc. (Finance 7.002 Winter_Park:2012) Page 18
ESCROW REQUIREMENTS
Winter Park Community Redevelopment AgencyRedevelopment Refunding Revenue Bond, Series 2012A
---Refunding of 2003 CRA Bond
Period PrincipalEnding Interest Redeemed Total
12/18/2012 37,140.80 2,085,000.00 2,122,140.80
37,140.80 2,085,000.00 2,122,140.80
Oct 18, 2012 5:37 pm Prepared by Public Financial Management, Inc. (Finance 7.002 Winter_Park:2012) Page 19
ESCROW REQUIREMENTS
Winter Park Community Redevelopment AgencyRedevelopment Refunding Revenue Bond, Series 2012B
---Refunding of 2003-2 CRA Bond
Period PrincipalEnding Interest Redeemed Total
12/18/2012 34,280.93 1,955,000.00 1,989,280.93
34,280.93 1,955,000.00 1,989,280.93
Oct 18, 2012 5:37 pm Prepared by Public Financial Management, Inc. (Finance 7.002 Winter_Park:2012) Page 20
ESCROW REQUIREMENTS
Winter Park Community Redevelopment AgencyRedevelopment Refunding Revenue Bond, Series 2012D
---Refunding of 2005-2 CRA Bond
Period PrincipalEnding Principal Interest Redeemed Total
01/01/2013 79,956.82 42,255.44 122,212.2607/01/2013 39,892.71 39,892.7101/01/2014 80,445.86 39,892.71 120,338.5707/01/2014 37,515.54 1,269,561.40 1,307,076.94
160,402.68 159,556.40 1,269,561.40 1,589,520.48
Subject
Ordinance authorizing the refunding of outstanding Orange Avenue Improvement Revenue Bond,
Series 2007 and outstanding Park Avenue Refunding Improvement Revenue Bond, Series 2010 –
Second Reading
motion | recommendation
Approve ordinance authorizing the refunding of outstanding Orange Avenue Improvement Revenue
Bond, Series 2007 and outstanding Park Avenue Refunding Improvement Revenue Bond, Series 2010
summary
The City has an opportunity to refund the outstanding Orange Avenue Improvement Revenue Bond,
Series 2007 and outstanding Park Avenue Refunding Improvement Revenue Bond, Series 2010. The
City’s Financial Advisor (PFM) had prepared a preliminary analysis (attached) using a refunding rate
of 2.31%. At this rate, net present value savings were estimated at 8.96% of the refunded debt.
The City’s Debt Management Policy sets a minimum target net present value savings of at least 3%
for a current refunding. This refunding would not extend the maturity of the debt.
The preliminary analysis by PFM projects annual debt service savings of about $18,000 for the
Orange Avenue Bond (paid by property owners along the improved portion of Orange Avenue) and
$13,000 for the Park Avenue Bond (paid roughly 75% by the City and 25% by property owners).
PFM has solicited proposals from banks to refund this debt. Responses are being reviewed and
responses are being evaluated.
At the December 10 Commission meeting staff will be bringing a resolution for approval. This
resolution will incorporate the terms negotiated with the best proposal to finance the refunding. An
analysis of the proposals received and calculation of debt service savings will be included with the
agenda item. Closing on the note is anticipated to occur later in the week of December 10.
board comments
N/A
Regular Meeting
3:30 p.m.
January 11, 2010 Commission Chambers
Regular Meeting
3:30 p.m.
January 11, 2010 Commission Chambers
Public Hearing
Wes Hamil, Finance Director
December 10, 2012
{25851/006/00712795.DOCv3}
1
ORDINANCE NO. ___‐12
AN ORDINANCE OF THE CITY OF WINTER PARK, FLORIDA, AUTHORIZING THE ISSUANCE OF REFUNDING NOTES FOR THE PURPOSE OF REFUNDING THE OUTSTANDING ORANGE AVENUE IMPROVEMENT REVENUE BOND, SERIES 2007 AND OUTSTANDING PARK AVENUE REFUNDING IMPROVEMENT REVENUE BOND, SERIES 2010 OF THE CITY; PROVIDING FOR THE PAYMENT OF SUCH REFUNDING NOTES FROM NON‐AD VALOREM REVENUES BUDGETED, APPROPRIATED AND DEPOSITED AS PROVIDED IN A RESOLUTION ADOPTED ON EVEN DATE HEREWITH; AND PROVIDING AN EFFECTIVE DATE.
BE IT ENACTED BY THE PEOPLE OF THE CITY OF WINTER PARK, FLORIDA:
SECTION 1. AUTHORITY FOR THIS ORDINANCE. This ordinance is enacted pursuant to the provisions of Chapter 166, Parts I and II, Florida Statutes; Sections 2.11 and 2.14
of the Charter Laws of the City of Winter Park, Florida; and other applicable provisions of law.
SECTION 2. FINDINGS. It is hereby ascertained, determined and declared that:
A. On December 14, 2007, the City of Winter Park, Florida (the ʺIssuerʺ),
issued its Orange Avenue Improvement Revenue Bond, Series 2007 (the ʺSeries 2007
Bondʺ), to finance the cost of the acquisition and/or construction of streetscape
improvements to a portion of Orange Avenue located within the Issuer. On July 15,
2010, the Issuer issued its Park Avenue Refunding Improvement Revenue Bond, Series
2010 (the “Series 2010 Bond,” and together with the Series 2007 Bond, the “Refunded
Bonds”), to finance and/or refinance the cost of the acquisition and construction of
certain improvements to Park Avenue located within the Issuer.
B. The Series 2007 Bond was issued pursuant to Ordinance 2726‐07 in an
aggregate principal amount of $2,230,000 of which $1,840,000 remains currently
outstanding. The Series 2010 Bond was issued pursuant to Ordinance 2801‐10 in an
aggregate principal amount of $2,370,000 of which $1,995,000 remains currently
outstanding.
C. Based upon the advice of Public Financial Management, Inc., Orlando,
Florida, the financial advisor to the Issuer (the ʺFinancial Advisorʺ), it is financially
advantageous to refund the outstanding Refunded Bonds. Such refunding of the
Refunded Bonds will result in a savings with respect to the debt service that would
otherwise be attributable to the Refunded Bonds.
D. The notes to be issued to refund the Refunded Bonds will be secured by a
covenant to budget and appropriate legally available non‐ad valorem revenues.
{25851/006/00712795.DOCv3}
2
SECTION 3. AUTHORIZATION OF THE NOTES. The issuance by the Issuer of not exceeding $2,000,000 Non‐Ad Valorem Refunding Revenue Note, Series 2012A and not
exceeding $2,200,000 Non‐Ad Valorem Refunding Revenue Note, Series 2012B (collectively, the
“Refunding Notes”), for the purpose and secured as specified above; to be dated, to bear
interest at a rate or rates not exceeding the maximum legal rate per annum, to be payable, to
mature, to be subject to redemption and to have such other characteristics as shall be provided
by subsequent resolution of the City Commission prior to their delivery; is hereby authorized.
The City Commission may adopt a specific bond resolution (including any resolutions
supplemental to the bond resolution), supplemental to this ordinance, which sets forth the fiscal
details of the Refunding Notes and other covenants and provisions necessary for the issuance of
the Refunding Notes.
SECTION 4. REPEAL OF INCONSISTENT PROVISIONS. All ordinances, resolutions or parts thereof in conflict with this ordinance are hereby repealed to the extent of
such conflict.
SECTION 5. EFFECTIVE DATE. This ordinance shall take effect immediately upon
its final passage and adoption.
ENACTED after reading by title at a regular meeting of the City Commission of the City
of Winter Park, Florida, held in City Hall, Winter Park, Florida, on this 10th day of December,
2012.
Mayor ATTEST: ______________________________________ City Clerk
Oct 18, 2012 5:45 pm Prepared by Public Financial Management, Inc. (Finance 7.002 Winter_Park:2012) Page 1
SOURCES AND USES OF FUNDS
City of Winter Park, FloridaRevenue Bond, Series 2012
Sources: 2012A 2012B Total
Bond Proceeds:Par Amount 1,870,000.00 2,055,000.00 3,925,000.00
1,870,000.00 2,055,000.00 3,925,000.00
Uses: 2012A 2012B Total
Refunding Escrow Deposits:Cash Deposit 1,843,777.93 2,027,298.50 3,871,076.43
Delivery Date Expenses:Cost of Issuance 23,821.66 26,178.34 50,000.00
Other Uses of Funds:Additional Proceeds 2,400.41 1,523.16 3,923.57
1,870,000.00 2,055,000.00 3,925,000.00
Oct 18, 2012 5:45 pm Prepared by Public Financial Management, Inc. (Finance 7.002 Winter_Park:2012) Page 2
BOND SUMMARY STATISTICS
City of Winter Park, FloridaRevenue Bond, Series 2012
Dated Date 12/18/2012Delivery Date 12/18/2012Last Maturity 12/01/2027
Arbitrage Yield 2.306214%True Interest Cost (TIC) 2.306214%Net Interest Cost (NIC) 2.312083%All-In TIC 2.528008%Average Coupon 2.312083%
Average Life (years) 6.428Duration of Issue (years) 5.867
Par Amount 3,925,000.00Bond Proceeds 3,925,000.00Total Interest 583,301.53Net Interest 583,301.53Total Debt Service 4,508,301.53Maximum Annual Debt Service 401,837.50Average Annual Debt Service 301,502.61
Underwriter's Fees (per $1000) Average Takedown Other Fee
Total Underwriter's Discount
Bid Price 100.000000
Par Average Average PV of 1 bpBond Component Value Price Coupon Life change
Bond Component 3,925,000.00 100.000 2.312% 6.428 2,262.90
3,925,000.00 6.428 2,262.90
All-In ArbitrageTIC TIC Yield
Par Value 3,925,000.00 3,925,000.00 3,925,000.00 + Accrued Interest + Premium (Discount) - Underwriter's Discount - Cost of Issuance Expense -50,000.00 - Other Amounts
Target Value 3,925,000.00 3,875,000.00 3,925,000.00
Target Date 12/18/2012 12/18/2012 12/18/2012Yield 2.306214% 2.528008% 2.306214%
Oct 18, 2012 5:45 pm Prepared by Public Financial Management, Inc. (Finance 7.002 Winter_Park:2012) Page 3
SUMMARY OF BONDS REFUNDED
City of Winter Park, FloridaRevenue Bond, Series 2012
Maturity Interest Par Call CallBond Date Rate Amount Date Price
Orange Avenue Improvement Revenue Bond, Series 2007, 2007:BOND 12/01/2013 4.348% 90,000.00 12/18/2012 100.000
12/01/2014 4.348% 95,000.00 12/18/2012 100.00012/01/2015 4.348% 100,000.00 12/18/2012 100.00012/01/2016 4.348% 100,000.00 12/18/2012 100.00012/01/2017 4.348% 105,000.00 12/18/2012 100.00012/01/2018 4.348% 110,000.00 12/18/2012 100.00012/01/2019 4.348% 115,000.00 12/18/2012 100.00012/01/2020 4.348% 120,000.00 12/18/2012 100.00012/01/2021 4.348% 125,000.00 12/18/2012 100.00012/01/2022 4.348% 130,000.00 12/18/2012 100.00012/01/2023 4.348% 135,000.00 12/18/2012 100.00012/01/2024 4.348% 145,000.00 12/18/2012 100.00012/01/2025 4.348% 150,000.00 12/18/2012 100.00012/01/2026 4.348% 155,000.00 12/18/2012 100.00012/01/2027 4.348% 165,000.00 12/18/2012 100.000
1,840,000.00
Park Avenue Refunding Improvement Revenue Bond, Series 2010, 2010:BOND 07/01/2013 3.490% 195,000.00 12/18/2012 100.000
07/01/2014 3.490% 200,000.00 12/18/2012 100.00007/01/2015 3.490% 205,000.00 12/18/2012 100.00007/01/2016 3.490% 215,000.00 12/18/2012 100.00007/01/2017 3.490% 220,000.00 12/18/2012 100.00007/01/2018 3.490% 225,000.00 12/18/2012 100.00007/01/2019 3.490% 235,000.00 12/18/2012 100.00007/01/2020 3.490% 245,000.00 12/18/2012 100.00007/01/2021 3.490% 255,000.00 12/18/2012 100.000
1,995,000.00
3,835,000.00
Oct 18, 2012 5:45 pm Prepared by Public Financial Management, Inc. (Finance 7.002 Winter_Park:2012) Page 4
SUMMARY OF REFUNDING RESULTS
City of Winter Park, FloridaRevenue Bond, Series 2012
Dated Date 12/18/2012Delivery Date 12/18/2012Arbitrage yield 2.306214%Escrow yield
Bond Par Amount 3,925,000.00True Interest Cost 2.306214%Net Interest Cost 2.312083%Average Coupon 2.312083%Average Life 6.428
Par amount of refunded bonds 3,835,000.00Average coupon of refunded bonds 4.029569%Average life of refunded bonds 6.671
PV of prior debt to 12/18/2012 @ 2.306214% 4,264,737.73Net PV Savings 343,661.29Percentage savings of refunded bonds 8.961181%Percentage savings of refunding bonds 8.755702%
Oct 18, 2012 5:45 pm Prepared by Public Financial Management, Inc. (Finance 7.002 Winter_Park:2012) Page 5
SAVINGS
City of Winter Park, FloridaRevenue Bond, Series 2012A
---Refunding of Orange Avenue Improvement Revenue Bond, Series 2007
Present ValuePrior Refunding to 12/18/2012
Date Debt Service Debt Service Savings @ 2.3062142%
07/01/2013 40,001.60 21,167.36 18,834.24 18,639.7107/01/2014 168,046.60 150,437.50 17,609.10 17,050.3007/01/2015 169,024.70 152,750.00 16,274.70 15,395.3407/01/2016 169,785.40 150,000.00 19,785.40 18,335.7207/01/2017 165,437.40 147,250.00 18,187.40 16,468.8507/01/2018 165,980.70 149,437.50 16,543.20 14,636.4307/01/2019 166,306.60 146,562.50 19,744.10 17,106.6107/01/2020 166,415.10 148,625.00 17,790.10 15,062.4907/01/2021 166,306.20 150,562.50 15,743.70 13,025.7107/01/2022 165,979.90 147,437.50 18,542.40 15,020.4407/01/2023 165,436.20 149,250.00 16,186.20 12,815.4207/01/2024 164,675.10 146,000.00 18,675.10 14,472.6507/01/2025 168,587.90 152,625.00 15,962.90 12,094.7107/01/2026 167,174.60 149,125.00 18,049.60 13,383.8307/01/2027 165,543.90 150,562.50 14,981.40 10,865.2107/01/2028 168,587.10 151,875.00 16,712.10 11,861.09
2,543,289.00 2,263,667.36 279,621.64 236,234.50
Savings Summary
PV of savings from cash flow 236,234.50Plus: Refunding funds on hand 2,400.41
Net PV Savings 238,634.91
Oct 18, 2012 5:45 pm Prepared by Public Financial Management, Inc. (Finance 7.002 Winter_Park:2012) Page 6
SAVINGS
City of Winter Park, FloridaRevenue Bond, Series 2012B
---Refunding of Park Aveneue Refunding Improvement Revenue Bond, Series 2010
Present ValuePrior Refunding to 12/18/2012
Date Debt Service Debt Service Savings @ 2.3062142%
07/01/2013 264,625.50 257,034.17 7,591.33 7,895.1007/01/2014 262,820.00 251,400.00 11,420.00 11,171.8007/01/2015 260,840.00 247,100.00 13,740.00 13,092.9007/01/2016 263,685.50 247,800.00 15,885.50 14,759.3207/01/2017 261,182.00 248,400.00 12,782.00 11,611.7007/01/2018 258,504.00 243,900.00 14,604.00 12,937.1207/01/2019 260,651.50 249,400.00 11,251.50 9,741.3207/01/2020 262,450.00 249,700.00 12,750.00 10,764.1907/01/2021 263,899.50 249,900.00 13,999.50 11,529.77
2,358,658.00 2,244,634.17 114,023.83 103,503.22
Savings Summary
PV of savings from cash flow 103,503.22Plus: Refunding funds on hand 1,523.16
Net PV Savings 105,026.38
Oct 18, 2012 5:45 pm Prepared by Public Financial Management, Inc. (Finance 7.002 Winter_Park:2012) Page 7
BOND DEBT SERVICE
City of Winter Park, FloridaRevenue Bond, Series 2012A
---Refunding of Orange Avenue Improvement Revenue Bond, Series 2007
PeriodEnding Principal Coupon Interest Debt Service
07/01/2013 21,167.36 21,167.3607/01/2014 105,000 2.500% 45,437.50 150,437.5007/01/2015 110,000 2.500% 42,750.00 152,750.0007/01/2016 110,000 2.500% 40,000.00 150,000.0007/01/2017 110,000 2.500% 37,250.00 147,250.0007/01/2018 115,000 2.500% 34,437.50 149,437.5007/01/2019 115,000 2.500% 31,562.50 146,562.5007/01/2020 120,000 2.500% 28,625.00 148,625.0007/01/2021 125,000 2.500% 25,562.50 150,562.5007/01/2022 125,000 2.500% 22,437.50 147,437.5007/01/2023 130,000 2.500% 19,250.00 149,250.0007/01/2024 130,000 2.500% 16,000.00 146,000.0007/01/2025 140,000 2.500% 12,625.00 152,625.0007/01/2026 140,000 2.500% 9,125.00 149,125.0007/01/2027 145,000 2.500% 5,562.50 150,562.5007/01/2028 150,000 2.500% 1,875.00 151,875.00
1,870,000 393,667.36 2,263,667.36
Oct 18, 2012 5:45 pm Prepared by Public Financial Management, Inc. (Finance 7.002 Winter_Park:2012) Page 8
BOND DEBT SERVICE
City of Winter Park, FloridaRevenue Bond, Series 2012B
---Refunding of Park Aveneue Refunding Improvement Revenue Bond, Series 2010
PeriodEnding Principal Coupon Interest Debt Service
07/01/2013 235,000 2.000% 22,034.17 257,034.1707/01/2014 215,000 2.000% 36,400.00 251,400.0007/01/2015 215,000 2.000% 32,100.00 247,100.0007/01/2016 220,000 2.000% 27,800.00 247,800.0007/01/2017 225,000 2.000% 23,400.00 248,400.0007/01/2018 225,000 2.000% 18,900.00 243,900.0007/01/2019 235,000 2.000% 14,400.00 249,400.0007/01/2020 240,000 2.000% 9,700.00 249,700.0007/01/2021 245,000 2.000% 4,900.00 249,900.00
2,055,000 189,634.17 2,244,634.17
Oct 18, 2012 5:45 pm Prepared by Public Financial Management, Inc. (Finance 7.002 Winter_Park:2012) Page 9
PRIOR BOND DEBT SERVICE
City of Winter Park, FloridaRevenue Bond, Series 2012A
---Refunding of Orange Avenue Improvement Revenue Bond, Series 2007
PeriodEnding Principal Coupon Interest Debt Service
07/01/2013 40,001.60 40,001.6007/01/2014 90,000 4.348% 78,046.60 168,046.6007/01/2015 95,000 4.348% 74,024.70 169,024.7007/01/2016 100,000 4.348% 69,785.40 169,785.4007/01/2017 100,000 4.348% 65,437.40 165,437.4007/01/2018 105,000 4.348% 60,980.70 165,980.7007/01/2019 110,000 4.348% 56,306.60 166,306.6007/01/2020 115,000 4.348% 51,415.10 166,415.1007/01/2021 120,000 4.348% 46,306.20 166,306.2007/01/2022 125,000 4.348% 40,979.90 165,979.9007/01/2023 130,000 4.348% 35,436.20 165,436.2007/01/2024 135,000 4.348% 29,675.10 164,675.1007/01/2025 145,000 4.348% 23,587.90 168,587.9007/01/2026 150,000 4.348% 17,174.60 167,174.6007/01/2027 155,000 4.348% 10,543.90 165,543.9007/01/2028 165,000 4.348% 3,587.10 168,587.10
1,840,000 703,289.00 2,543,289.00
Oct 18, 2012 5:45 pm Prepared by Public Financial Management, Inc. (Finance 7.002 Winter_Park:2012) Page 10
PRIOR BOND DEBT SERVICE
City of Winter Park, FloridaRevenue Bond, Series 2012B
---Refunding of Park Aveneue Refunding Improvement Revenue Bond, Series 2010
PeriodEnding Principal Coupon Interest Debt Service
07/01/2013 195,000 3.490% 69,625.50 264,625.5007/01/2014 200,000 3.490% 62,820.00 262,820.0007/01/2015 205,000 3.490% 55,840.00 260,840.0007/01/2016 215,000 3.490% 48,685.50 263,685.5007/01/2017 220,000 3.490% 41,182.00 261,182.0007/01/2018 225,000 3.490% 33,504.00 258,504.0007/01/2019 235,000 3.490% 25,651.50 260,651.5007/01/2020 245,000 3.490% 17,450.00 262,450.0007/01/2021 255,000 3.490% 8,899.50 263,899.50
1,995,000 363,658.00 2,358,658.00
Oct 18, 2012 5:45 pm Prepared by Public Financial Management, Inc. (Finance 7.002 Winter_Park:2012) Page 11
ESCROW REQUIREMENTS
City of Winter Park, FloridaRevenue Bond, Series 2012A
---Refunding of Orange Avenue Improvement Revenue Bond, Series 2007
Period PrincipalEnding Interest Redeemed Total
12/18/2012 3,777.93 1,840,000.00 1,843,777.93
3,777.93 1,840,000.00 1,843,777.93
Oct 18, 2012 5:45 pm Prepared by Public Financial Management, Inc. (Finance 7.002 Winter_Park:2012) Page 12
ESCROW REQUIREMENTS
City of Winter Park, FloridaRevenue Bond, Series 2012B
---Refunding of Park Aveneue Refunding Improvement Revenue Bond, Series 2010
Period PrincipalEnding Interest Redeemed Total
12/18/2012 32,298.50 1,995,000.00 2,027,298.50
32,298.50 1,995,000.00 2,027,298.50
subject
Resolution providing for the issuance of up to $2,000,000 in Series 2012A bond and $2,200,000 in
2012B bond to refund the outstanding Orange Avenue Improvement Revenue Bond, Series 2007 and
the outstanding Park Avenue Refunding Improvement Revenue Bond, Series 2010.
motion | recommendation
Approve resolution providing for the issuance of up to $2,000,000 in Series 2012A bond and
$2,200,000 in 2012B bond to refund the outstanding Orange Avenue Improvement Revenue Bond,
Series 2007 and the outstanding Park Avenue Refunding Improvement Revenue Bond, Series 2010.
summary
The City’s Financial Advisor, Public Financial Management (PFM), solicited rates to refund the outstanding
Orange Avenue Improvement Revenue Bond, Series 2007 and the outstanding Park Avenue Refunding
Improvement Revenue Bond, Series 2010. Responses were received from three banks and the one from
SunTrust was determined by PFM and City staff to provide the terms most favorable to the City. SunTrust
is proposing a rate of 2.09% to refund the Orange Avenue Improvement Revenue Bond, Series 2007
(4.348%) and 1.57% to refund the Park Avenue Refunding Improvement Revenue Bonds, Series 2010
(3.49%).
The Orange Avenue Improvement Revenue Bond, Series 2007 is being refunded for net present value
savings of $278,955.25, or 15.16% of the refunded bond. Annual debt service savings will be about
$20,000 per year on average.
The Park Avenue Refunding Improvement Revenue Bond, Series 2010 is being refunded for net present
value savings of $120,390.52, or 5.79% of the refunded bond. Annual debt service savings will be about
$15,000 per year on average.
Attached for review are the following:
The resolution documenting terms agreed to between the City and SunTrust
A summary of proposals received for the refunding transactions
PFM’s analysis of debt service savings based on the SunTrust proposals
board comments
N/A
Regular Meeting
3:30 p.m.
January 11, 2010 Commission Chambers
Regular Meeting
3:30 p.m.
January 11, 2010 Commission Chambers
Public Hearing
Wes Hamil
Finance
December 10, 2012
{25851/006/00712526.DOCv5}
1
RESOLUTION NO. ___‐12
A RESOLUTION OF THE CITY COMMISSION OF THE CITY
OF WINTER PARK, FLORIDA AUTHORIZING THE
ISSUANCE OF A NOT TO EXCEED $2,000,000 NON‐AD
VALOREM REFUNDING REVENUE NOTE, SERIES 2012A
AND A NOT TO EXCEED $2,200,000 NON‐AD VALOREM
REFUNDING REVENUE NOTE, SERIES 2012B FOR THE
PURPOSE OF REFUNDING CERTAIN OUTSTANDING
DEBT OF THE CITY AS DESCRIBED HEREIN AND PAYING
COSTS RELATED THERETO; PROVIDING THAT THE
NOTES SHALL BE LIMITED OBLIGATIONS OF THE CITY
PAYABLE FROM NON‐AD VALOREM REVENUES
BUDGETED AND APPROPRIATED AS PROVIDED HEREIN;
PROVIDING FOR THE RIGHTS, SECURITIES AND
REMEDIES FOR THE OWNERS OF THE NOTES;
AUTHORIZING THE PRIVATE NEGOTIATED SALE OF
SUCH NOTES TO SUNTRUST BANK PURSUANT TO THE
TERMS AND CONDITIONS DESCRIBED HEREIN; MAKING
SUCH DETERMINATIONS AS ARE REQUIRED TO AFFORD
SUCH NOTES ʺBANK QUALIFIEDʺ STATUS;
AUTHORIZING OTHER REQUIRED ACTIONS; AND
PROVIDING AN EFFECTIVE DATE.
BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF WINTER PARK,
FLORIDA:
SECTION 1. AUTHORITY FOR THIS RESOLUTION. This Resolution is adopted
pursuant to the provisions of the Constitution and laws of the State of Florida, Chapter 166, Part
II, Florida Statutes, the municipal charter of the City of Winter Park, Florida (the ʺIssuerʺ), and
other applicable provisions of law (collectively, the ʺActʺ).
SECTION 2. DEFINITIONS. All capitalized undefined terms shall have the same
meaning as set forth in this Resolution. In addition, the following terms, unless the context
otherwise requires, shall have the meanings specified in this section. Words importing the
singular number shall include the plural number in each case and vice versa.
ʺBalloon Indebtednessʺ shall mean Debt, 25% or more of the original principal of which
matures during any one Fiscal Year.
ʺBusiness Dayʺ shall mean any day except any Saturday or Sunday or day on which the
Principal Office of the Original Purchaser is lawfully closed.
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2
ʺCity Clerkʺ shall mean the City Clerk or the Deputy City Clerk of the Issuer.
ʺCity Managerʺ shall mean the City Manager or the Assistant City Manager of the Issuer.
ʺCodeʺ shall mean the Internal Revenue Code of 1986, as amended, and any Treasury
Regulations, whether temporary, proposed or final, promulgated thereunder or applicable
thereto.
ʺCommissionʺ shall mean the City Commission of the City of Winter Park, Florida.
ʺDebtʺ shall mean at any date (without duplication) all of the following to the extent that
they are secured by or payable in whole or in part from any Non‐Ad Valorem Revenues: (A) all
obligations of the Issuer for borrowed money or evidenced by bonds, debentures, notes or other
similar instruments; (B) all obligations of the Issuer to pay the deferred purchase price of
property of services, except trade accounts payable under normal trade terms and which arise
in the ordinary course of business; (C) all obligations of the Issuer as lessee under capitalized
leases; and (D) all indebtedness of other Persons to the extent guaranteed by, or secured by,
Non‐Ad Valorem Revenues of the Issuer. Notwithstanding anything herein to the contrary, no
obligations of the Issuer which are payable directly or indirectly from a covenant to budget and
appropriate Non‐Ad Valorem Revenues shall be considered to be ʺDebtʺ for purposes of
Section 21 of this Resolution if the Issuer does not reasonably expect to apply Non‐Ad Valorem
Revenues to the payment of debt service, directly or indirectly, on such obligations.
ʺDebt Service Fundʺ shall mean the Debt Service Fund established with respect to the
Note pursuant to Section 11 hereof.
ʺFiscal Yearʺ shall mean the period commencing on October 1 of each year and
continuing through the next succeeding September 30, or such other period as may be
prescribed by law.
“Finance Director” shall mean Finance Director or the Assistant Finance Director of the
Issuer.
ʺ2012A Maturity Dateʺ shall mean December 1, 2027.
“2012B Maturity Date” shall mean July 1, 2021
ʺMayorʺ shall mean the Mayor of the Issuer, or, in the Mayorʹs absence, the Vice Mayor.
ʺNon‐Ad Valorem Revenuesʺ shall mean all legally available revenues of the Issuer
other than ad valorem tax revenues.
{25851/006/00712526.DOCv5}
3
ʺ2012A Noteʺ shall mean the Non‐Ad Valorem Refunding Revenue Note, Series 2012A
authorized by Section 4 hereof.
ʺ2012B Noteʺ shall mean the Non‐Ad Valorem Refunding Revenue Note, Series 2012B
authorized by Section 4 hereof.
ʺNotesʺ shall mean, collectively, the 2012A Note and the 2012B Note.
ʺNote Counselʺ shall mean Bryant Miller Olive P.A., or other national recognized bond
counsel firm.
ʺOriginal Purchaserʺ shall mean SunTrust Bank, Orlando, Florida.
ʺOwnerʺ or ʺOwnersʺ shall mean the Person or Persons in whose name or names the
Note shall be registered on the books of the Issuer kept for that purpose in accordance with
provisions of this Resolution.
ʺPersonʺ shall mean natural persons, firms, trusts, estates, associations, corporations,
partnerships and public bodies.
ʺPledged Revenuesʺ shall mean the Non‐Ad Valorem Revenues budgeted, appropriated
and deposited in the Debt Service Fund as provided herein.
ʺPrime Rateʺ shall mean the per annum rate which the Original Purchaser announces
from time to time to be its prime rate, as in effect from time to time. The Original Purchaserʹs
prime rate is a reference or benchmark rate, is purely discretionary and does not necessarily
represent the lowest or best rate charged to borrowing customers. The Original Purchaser may
make commercial loans or other loans at rates of interest at, above or below the Original
Purchaserʹs prime rate. Each change in the Original Purchaserʹs prime rate shall be effective
from and including the date such change is announced as being effective.
ʺPrincipal Officeʺ shall mean with respect to the Original Purchaser, 200 S. Orange
Avenue, Suite 600, Orlando, Florida 32801, or such other office as the Original Purchaser may
designate to the Issuer in writing.
ʺRefunded 2007 Bondʺ shall mean the outstanding Orange Avenue Improvement
Revenue Bond, Series 2007.
ʺRefunded 2010 Bondʺ shall mean the outstanding Park Avenue Refunding
Improvement Revenue Bond, Series 2010.
ʺRefunded Bondsʺ shall mean, collectively, the Refunded 2007 Bond and the Refunded
2010 Bond.
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4
ʺResolutionʺ shall mean this resolution, pursuant to which the Note is authorized to be
issued, including any supplemental resolution(s).
ʺRevenue Fundʺ shall mean the fund established pursuant to Section 11 hereof.
ʺStateʺ shall mean the State of Florida.
SECTION 3. FINDINGS.
(A) For the benefit of its citizens, the Issuer finds, determines and declares that it is
necessary for the continued preservation of the welfare and convenience of the Issuer and its
citizens to refund the Refunded Bonds. Issuance of the Notes to refund the Refunded Bonds
satisfies a public purpose.
(B) Debt service on the Notes will be secured by a covenant to budget, appropriate
and deposit Non‐Ad Valorem Revenues as provided herein. The Pledged Revenues will be
sufficient to pay the principal and interest on the Notes herein authorized, as the same become
due, and to make all deposits required by this Resolution.
(C) The Issuer shall never be required to levy ad valorem taxes or use the proceeds
thereof to pay debt service on the Notes or to make any other payments to be made hereunder
or to maintain or continue any of the activities of the Issuer which generate user service charges,
regulatory fees or any Non‐Ad Valorem Revenues. The Notes shall not constitute a lien on any
property owned by or situated within the city limits of the Issuer.
(D) It is estimated that the Non‐Ad Valorem Revenues will be available after
satisfying funding requirements for obligations having an express lien on or pledge thereof and
after satisfying funding requirements for essential governmental services of the Issuer, in
amounts sufficient to provide for the payment of the principal of and interest on the Notes and
all other payment obligations hereunder.
(E) The Issuer has received an offer from the Original Purchaser to purchase the
Notes.
(F) In consideration of the purchase and acceptance of the Notes authorized to be
issued hereunder by those who shall be the Owners thereof from time to time, this Resolution
shall constitute a contract between the Issuer and the Original Purchaser or any subsequent
Owner.
SECTION 4. AUTHORIZATION OF NOTES AND REFUNDING. Subject and
pursuant to the provisions of this Resolution, an obligation of the Issuer to be known as the
ʺCity of Winter Park, Florida Non‐Ad Valorem Refunding Revenue Note, Series 2012Aʺ is
{25851/006/00712526.DOCv5}
5
hereby authorized to be issued under and secured by this Resolution in the principal amount of
not to exceed $2,000,000 for the purpose of refunding the Refunded 2007 Bond and paying the
costs of issuing the 2012A Note. Additionally, subject and pursuant to the provisions of this
Resolution, an obligation of the Issuer to be known as the ʺCity of Winter Park, Florida Non‐Ad
Valorem Refunding Revenue Note, Series 2012Bʺ is hereby authorized to be issued under and
secured by this Resolution in the principal amount of not to exceed $2,200,000 for the purpose of
refunding the Refunded 2010 Bond and paying the costs of issuing the 2012B Note. The
refunding of the Refunded Bonds is hereby authorized.
Because of the characteristics of the Notes, prevailing market conditions, and additional
savings to be realized from an expeditious sale of the Notes, it is in the best interest of the Issuer
to accept the offer of the Original Purchaser to purchase the Notes at a private negotiated sale,
which was based upon a competitive selection process. Prior to the issuance of the Notes, the
Issuer shall receive from the Original Purchaser a Purchaser’s Certificate, in substantially the
form attached hereto as Exhibit B and a Disclosure Letter containing the information required
by Section 218.385, Florida Statutes, in substantially the form attached hereto as Exhibit C.
SECTION 5. THIS RESOLUTION TO CONSTITUTE CONTRACT. In consideration
of the acceptance of the Notes authorized to be issued hereunder by those who shall hold the
same from time to time, this Resolution shall be deemed to be and shall constitute a contract
between the Issuer and such holders. The covenants and agreements herein set forth to be
performed by the Issuer shall be for the equal benefit, protection and security of the legal
holders of the Notes, all of which shall be of equal rank and without preference, priority or
distinction of the Notes over any other thereof, except as expressly provided therein and herein.
SECTION 6. DESCRIPTION OF THE NOTES. The Notes shall be dated the date of its
execution and delivery, which shall be a date agreed upon by the Issuer and the Original
Purchaser, subject to the following terms:
(A) Interest Rate. The 2012A Note shall have a fixed interest rate of 2.09% (subject to
adjustment upon the occurrence of certain events as provided in the 2012A Note) calculated on
a 30/360‐day basis. The 2012B Note shall have a fixed interest rate of 1.57% (subject to
adjustment upon the occurrence of certain events as provided in the 2012B Note) calculated on a
30/360‐day basis.
(B) Principal and Interest Payment Dates. Interest on the 2012A Note shall be paid
semiannually on June 1 and December 1 of each year, commencing June 1, 2013. Principal on
the 2012A Note shall be paid on December 1 of each year, commencing on December 1, 2013,
with a final maturity of the 2012A Maturity Date.
Interest on the 2012B Note shall be paid semiannually on July 1 and January 1 of each
year, commencing July 1, 2013. Principal on the 2012B Note shall be paid on July 1 of each year,
commencing July 1, 2013, with a final maturity of the 2012B Maturity Date.
{25851/006/00712526.DOCv5}
6
(C) Prepayment of the Notes. The Notes shall be subject to prepayment as described
in the Notes.
(D) Form of the Notes. The Notes are to be in substantially the form set forth in
Exhibit A attached hereto, together with such non‐material changes as shall be approved by the
Mayor, such approval to be conclusively evidenced by the execution thereof by the Mayor.
(E) Original Denomination. The Notes shall originally be issued in a single
denomination equal to the original principal amount authorized hereunder.
SECTION 7. EXECUTION AND AUTHENTICATION OF NOTES. The Notes shall
be executed in the name of the Issuer by its Mayor and the corporate seal of the Issuer or a
facsimile thereof shall be affixed thereto or reproduced thereon and attested by its City Clerk.
The authorized signatures for the Mayor and City Clerk shall be either manual or in facsimile.
In case any one or more of the officers who shall have signed or sealed any of the Notes shall
cease to be such officer of the Issuer before the Notes so signed and sealed shall have been
actually sold and delivered, such Notes may nevertheless be sold and delivered as herein
provided and may be issued as if the person who signed or sealed such Notes had not ceased to
hold such office. Any Notes may be signed and sealed on behalf of the Issuer by such person as
at the actual time of the execution of such Notes shall hold the proper office, although at the
date of such Notes such person may not have held such office or may not have been so
authorized.
SECTION 8. REGISTRATION AND EXCHANGE OF THE NOTES; PERSONS
TREATED AS OWNER. The Notes are initially registered to the Original Purchaser. So long
as the Notes shall remain unpaid, the Issuer will keep books for the registration and transfer of
the Notes. The Notes shall be transferable only upon such registration books. Notwithstanding
anything herein to the contrary, the Original Purchaser may in the future make transfers or
enter into participation agreements or securitization transactions with respect to the Notes;
provided, however, the Notes must be in minimum denominations of $100,000 upon any such
transaction.
The Person in whose name the Notes shall be registered shall be deemed and regarded
as the absolute Owner thereof for all purposes, and payment of principal and interest on such
Notes shall be made only to or upon the written order of the Owner. All such payments shall
be valid and effectual to satisfy and discharge the liability upon such Notes to the extent of the
sum or sums so paid.
SECTION 9. PAYMENT OF PRINCIPAL AND INTEREST; LIMITED OBLIGATION.
The Issuer promises that it will promptly pay the principal of and interest on the Notes at the
place, on the dates and in the manner provided therein according to the true intent and
meaning hereof and thereof. The Notes are secured by a pledge of and lien upon the Pledged
{25851/006/00712526.DOCv5}
7
Revenues in the manner and to the extent described herein. The Notes shall not be or constitute
general obligations or indebtedness of the Issuer as a ʺbondʺ within the meaning of Article VII,
Section 12 of the Constitution of Florida, but shall be payable solely from the Pledged Revenues
in accordance with the terms hereof. No holder of the Notes issued hereunder shall ever have
the right to compel the exercise of any ad valorem taxing power or the use of ad valorem tax
revenues to pay such Notes, or be entitled to payment of such Notes from any funds of the
Issuer except from the Pledged Revenues as described herein.
SECTION 10. COVENANT TO BUDGET AND APPROPRIATE. The Issuer
covenants and agrees and has a positive and affirmative duty to appropriate in its annual
budget, by amendment, if necessary, from Non‐Ad Valorem Revenues, and to deposit into the
Debt Service Fund, amounts sufficient to pay principal of and interest on the Notes not being
paid from other amounts as the same shall become due. Such covenant and agreement on the
part of the Issuer to budget, appropriate and deposit such amounts of Non‐Ad Valorem
Revenues shall be cumulative to the extent not paid, and shall continue until such Non‐Ad
Valorem Revenues or other legally available funds in amounts sufficient to make all such
required payments shall have been budgeted, appropriated, deposited and actually paid. No
lien upon or pledge of such budgeted Non‐Ad Valorem Revenues shall be in effect until such
monies are budgeted, appropriated and deposited as provided herein. The Issuer further
acknowledges and agrees that the obligations of the Issuer to include the amount of such
amendments in each of its annual budgets and to pay such amounts from Non‐Ad Valorem
Revenues may be enforced in a court of competent jurisdiction in accordance with the remedies
set forth herein.
Until such monies are budgeted, appropriated and deposited as provided herein, such
covenant to budget and appropriate does not create any lien upon or pledge of such Non‐Ad
Valorem Revenues, nor does it preclude the Issuer from pledging in the future its Non‐Ad
Valorem Revenues, nor does it require the Issuer to levy and collect any particular Non‐Ad
Valorem Revenues, nor does it give the holder of the Notes a prior claim on the Non‐Ad
Valorem Revenues as opposed to claims of general creditors of the Issuer. Such covenant to
budget and appropriate Non‐Ad Valorem Revenues is subject in all respects to the prior
payment of obligations secured by a pledge of such Non‐Ad Valorem Revenues heretofore or
hereafter entered into (including the payment of debt service on bonds and other debt
instruments). Anything in this Resolution to the contrary notwithstanding, it is understood and
agreed that all obligations of the Issuer hereunder shall be payable from the portion of Non‐Ad
Valorem Revenues budgeted, appropriated and deposited as provided for herein and nothing
herein shall be deemed to pledge ad valorem tax power or ad valorem taxing revenues or to
permit or constitute a mortgage or lien upon any assets owned by the Issuer and no holder of
the Notes nor any other Person, may compel the levy of ad valorem taxes on real or personal
property within the boundaries of the Issuer or the use or application of ad valorem tax
revenues in order to satisfy any payment obligations hereunder or to maintain or continue any
of the activities of the Issuer which generate user service charges, regulatory fees, or any other
Non‐Ad Valorem Revenues. Notwithstanding any provisions of this Resolution or the Notes to
{25851/006/00712526.DOCv5}
8
the contrary, the Issuer shall never be obligated to maintain or continue any of the activities of
the Issuer which generate user service charges, regulatory fees or any Non‐Ad Valorem
Revenues. Until such monies are budgeted, appropriated and deposited as provided herein,
neither this Resolution nor the obligations of the Issuer hereunder shall be construed as a
pledge of or a lien on all or any legally available Non‐Ad Valorem Revenues of the Issuer, but
shall be payable solely as provided herein subject to the availability of Non‐Ad Valorem
Revenues after satisfaction of funding requirements for obligations having an express lien on or
pledge of such revenues, payment of services and programs which are for essential public
purposes affecting the health, welfare and safety of the inhabitants of the Issuer, and the
provisions of Section 166.241, Florida Statutes.
If in any fiscal year the Non‐Ad‐Valorem Revenues are insufficient to satisfy the Issuer’s
obligation to budget, appropriate and make payments under this Section 10 and to satisfy the
Issuer’s obligations to budget, appropriate and make payments under any other debt or other
obligations of the Issuer secured by or payable from a covenant to budget and appropriate Non‐
Ad Valorem Revenues (“Other Covenant Debt”), then the Issuer shall budget, appropriate and
make payments from the available Non‐Ad Valorem Revenues pro‐rata among the Notes and
the Other Covenant Debt.
SECTION 11. ESTABLISHMENT OF ACCOUNTS. (A) There is hereby created and
established a Debt Service Fund, which fund shall be a trust fund held by the Finance Director,
which shall be held solely for the benefit of the holder of the Notes. The Debt Service Fund
shall be deemed to be held in trust for the purposes provided herein for such Debt Service
Fund. The money in such Debt Service Fund shall be continuously secured in the same manner
as state and municipal deposits are authorized to be secured by the laws of the State. The
designation and establishment of the Debt Service Fund in and by this Resolution shall not be
construed to require the establishment of a completely independent, self‐balancing fund as such
term is commonly defined and used in governmental accounting, but rather is intended solely
to constitute an earmarking of certain revenues and assets of the Issuer for certain purposes and
to establish certain priorities for application of such revenues and assets as herein provided.
The Issuer may at any time and from time to time appoint one or more depositaries to hold, for
the benefit of the Owners of the Notes, the Debt Service Fund established hereby. Such
depository or depositaries shall perform at the direction of the Issuer the duties of the Issuer in
depositing, transferring and disbursing moneys to and from such Debt Service Fund as herein
set forth, and all records of such depository in performing such duties shall be open at all
reasonable times to inspection by the Issuer and its agent and employees. Any such depository
shall be a bank or trust company duly authorized to exercise corporate trust powers and subject
to examination by federal or state authority, of good standing, and having a combined capital,
surplus and undivided profits aggregating not less than fifty million dollars ($50,000,000).
(B) Until applied in accordance with this Resolution, the Pledged Revenues of the
Issuer on deposit in the Debt Service Fund, plus any earnings thereon, shall be pledged to the
repayment of the Notes.
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9
(C) The Finance Director is hereby authorized, if so required by the Original
Purchaser, to establish the Debt Service Fund with the Original Purchaser and to provide for the
payment of debt service on the Notes through an auto debit from the Debt Service Fund.
SECTION 12. APPLICATION OF PROCEEDS OF NOTES. Proceeds from the sale of
the 2012A Note shall be used to refund the Refunded 2007 Bond and pay related associated
costs of issuance (including but not limited to legal and financial advisory fees and expenses).
Proceeds from the sale of the 2012B Note shall be used to refund the Refunded 2010 Bond and
pay related associated costs of issuance (including but not limited to legal and financial
advisory fees and expenses).
The funds and accounts created and established by this Resolution shall constitute trust
funds for the purpose provided herein for such funds. Moneys on deposit to the credit of all
funds and accounts created hereunder may be invested pursuant to applicable law and the
Issuerʹs written investment policy and shall mature not later than the dates on which such
moneys shall be needed to make payments in the manner herein provided. The securities so
purchased as an investment of funds shall be deemed at all times to be a part of the account
from which the said investment was withdrawn, and the interest accruing thereon and any
profit realized therefrom shall be credited to such fund or account, except as expressly provided
in this Resolution, and any loss resulting from such investment shall likewise be charged to said
fund or account.
SECTION 13. TAX COVENANT. The Issuer covenants to the Owner of the Notes
provided for in this Resolution that the Issuer will not make any use of the proceeds of the
Notes at any time during the term of the Notes which, if such use had been reasonably expected
on the date the Notes was issued, would have caused such Notes to be an ʺarbitrage bondʺ
within the meaning of the Code. The Issuer will comply with the requirements of the Code and
any valid and applicable rules and regulations promulgated thereunder necessary to ensure the
exclusion of interest on the Notes from the gross income of the holders thereof for purposes of
federal income taxation.
SECTION 14. AMENDMENT. This Resolution shall not be modified or amended in
any respect subsequent to the issuance of the Notes, except with the written consent of all of the
Owners of the Notes.
SECTION 15. LIMITATION OF RIGHTS. With the exception of any rights herein
expressly conferred, nothing expressed or mentioned in or to be implied from this Resolution or
the Notes are intended or shall be construed to give to any Person other than the Issuer and the
Owner any legal or equitable right, remedy or claim under or with respect to this Resolution or
any covenants, conditions and provisions herein contained; this Resolution and all of the
covenants, conditions and provisions hereof being intended to be and being for the sole and
exclusive benefit of the Issuer and the Owner.
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10
SECTION 16. NOTES MUTILATED, DESTROYED, STOLEN OR LOST. In case any
of the Notes shall become mutilated, or be destroyed, stolen or lost, the Issuer shall issue and
deliver a new Note of like tenor as the Note so mutilated, destroyed, stolen or lost, in exchange
and in substitution for such mutilated Note, or in lieu of and in substitution for the Note
destroyed, stolen or lost and upon the Owner furnishing the Issuer proof of ownership thereof
and indemnity reasonably satisfactory to the Issuer and complying with such other reasonable
regulations and conditions as the Issuer may prescribe and paying such expenses as the Issuer
may incur. The Note so surrendered shall be canceled.
SECTION 17. IMPAIRMENT OF CONTRACT. The Issuer covenants with the Owner
of the Notes that it will not, without the written consent of the Owner of the Notes, enact any
ordinance or adopt any resolution which repeals, impairs or amends in any manner adverse to
the Owner the rights granted to the Owner of the Notes hereunder.
SECTION 18. FINANCIAL INFORMATION. Not later than 270 days after the close of
each Fiscal Year, the Issuer shall provide the Owners of the Notes with its Comprehensive
Annual Financial Report including annual financial statements for each Fiscal Year of the Issuer,
prepared in accordance with applicable law and generally accepted accounting principles and
audited by an independent certified public accountant. All accounting terms not specifically
defined or specified herein shall have the meanings attributed to such terms under generally
accepted accounting principles as in effect from time to time, consistently applied.
The Issuer shall annually provide to the Owners of the Notes a copy of its budget within
30 days of its adoption and such other financial information as may be reasonably requested by
such Owners.
In addition, on an annual basis upon delivery of the financial statements described
above, the Finance Director of the Issuer will provide a certificate evidencing compliance with
Section 21 hereof to the Original Purchaser.
SECTION 19. EVENTS OF DEFAULT; REMEDIES OF OWNERS OF THE NOTES.
The following shall constitute “Events of Default”: (i) if the Issuer fails to pay any payment of
principal of or interest on any Note as the same becomes due and payable; (ii) if the Issuer
defaults in the performance or observance of the requirements set forth in Section 21 hereof; (iii)
if the Issuer defaults in the performance or observance of any covenant or agreement contained
in this Resolution or the Notes (other than set forth in (i) and (ii) above) and fails to cure the
same within thirty (30) days; (iv) filing of a petition by or against the Issuer relating to
bankruptcy, reorganization, arrangement or readjustment of debt of the Issuer or for any other
relief relating to the Issuer under the United States Bankruptcy Code, as amended, or any other
insolvency act or law now or hereafter existing, or the involuntary appointment of a receiver or
trustee for the Issuer, and the continuance of any such event for 90 days undismissed or
undischarged; or (v) the Issuer admits in writing its inability to pay its debts generally as they
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11
become due or files a petition in bankruptcy or makes and assignment for the benefit of its
creditors or consents to the appointment of a receiver or trustee for itself.
Upon the occurrence of an Event of Default as described in (i) above, the interest rate
shall be adjusted to be equal to the Prime Rate plus 8%. Upon the occurrence of an Event of
Default as described in (ii), (iii), (iv) or (v) above, the interest rate shall be adjusted to be equal to
the Prime Rate plus 5%.
Upon the occurrence and during the continuation of any Event of Default, the Owners of
the Notes may, in addition to any other remedies set forth in this Resolution or the Notes, either
at law or in equity, by suit, action, mandamus or other proceeding in any court of competent
jurisdiction, protect and enforce any and all rights under the laws of the State, or granted or
contained in this Resolution, and may enforce and compel the performance of all duties
required by this Resolution, or by any applicable statutes to be performed by the Issuer.
SECTION 20. ANTI‐DILUTION TEST. While the Notes are outstanding under the
provisions of this Resolution, the Issuer covenants that it will not incur any additional Debt
unless the combined maximum annual debt service on Debt does not exceed 50% of the Non‐
Ad Valorem Revenues for any twelve (12) consecutive months out of the eighteen (18) months
immediately preceding the proposed date of issuance of such additional Debt (based on
amounts shown in the annual audit reports for such Fiscal Years). Upon the issuance of any
additional Debt the Finance Director shall provide a certificate evidencing compliance with the
provisions of this Section 20.
For the purposes of the covenants contained in this Section 20, annual debt service
means, with respect to Debt that bears interest at a fixed interest rate, the actual annual debt
service, and, with respect to Debt which bears interest at a variable interest rate, annual debt
service shall be determined assuming that such obligations bear interest at the higher of 6.00%
per annum or the actual interest rate borne during the month immediately preceding the date of
calculation; provided, however, annual debt service on Debt that constitutes Balloon
Indebtedness, whether bearing interest at a fixed or variable interest rate, shall be determined
assuming such Debt is amortized over 20 years on an approximately level annual debt service
basis. The foregoing notwithstanding, for purposes of calculating annual debt service, any
indebtedness which bears interest at a variable rate with respect to which the Issuer has entered
into an interest rate swap or interest rate cap for a notional amount equal to the principal
amount of such variable rate indebtedness shall be treated for purposes of this Section 20 as
bearing interest at a fixed rate equal to the fixed rate payable by the Issuer under the interest
rate swap, or the capped rate provided by the interest rate cap.
SECTION 21. MAINTENANCE OF NON‐AD VALOREM REVENUES. To the extent
permitted by applicable law without causing the Notes to be subject to approval by referendum
pursuant to the Florida Constitution, the Issuer covenants to maintain and collect Non‐Ad
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12
Valorem Revenues sufficient to cover essential governmental services of the Issuer plus 120% of
the maximum annual debt service coming due in each year on all Debt.
SECTION 22. BANK QUALIFIED. The Issuer hereby designates the Notes as
ʺqualified tax‐exempt obligationsʺ within the meaning of Section 265(b)(3) of the Code. The
Issuer and any subordinate entities of the Issuer and any issuer of ʺtax‐exemptʺ debt that issues
ʺon behalf ofʺ the Issuer do not reasonably expect during the calendar year 2012 to issue more
than $10,000,000 of ʺtax‐exemptʺ obligations including each of the Notes, exclusive of any
private activity bonds as defined in Section 141(a) of the Code (other than qualified 501(c)(3)
bonds as defined in Section 145 of the Code).
SECTION 23. SEVERABILITY OF INVALID PROVISIONS. If any one or more of the
covenants, agreements or provisions herein contained shall be held contrary to any express
provision of law or contrary to the policy of express law, though not expressly prohibited, or
against public policy, or shall for any reason whatsoever be held invalid, then such covenants,
agreements or provisions shall be null and void and shall be deemed separable from the
remaining covenants, agreements or provisions and shall in no way affect the validity of any of
the other provisions hereof or of the Notes issued hereunder.
SECTION 24. BUSINESS DAYS. In any case where the due date of interest on or
principal of the Notes is not a Business Day, then payment of such principal or interest need not
be made on such date but may be made on the next succeeding Business Day, provided that
credit for payments made shall not be given until the payment is actually received by the
Owners.
SECTION 25. RULES OF INTERPRETATION. Unless expressly indicated otherwise,
references to sections or articles are to be construed as references to sections or articles of this
instrument as originally executed. Use of the words ʺherein,ʺ ʺhereby,ʺ ʺhereunder,ʺ ʺhereof,ʺ
ʺhereinbefore,ʺ ʺhereinafterʺ and other equivalent words refer to this Resolution and not solely
to the particular portion in which any such word is used.
SECTION 26. CAPTIONS. The captions and headings in this Resolution are for
convenience only and in no way define, limit or describe the scope or intent of any provisions or
sections of this Resolution.
SECTION 27. GENERAL AUTHORITY. The Mayor, City Manager, Assistant City
Manager and Finance Director of the Issuer, or any of them, are hereby authorized, in
connection with the issuance and sale of the Notes and the transactions specified in the Notes
documents, to do all things and to take any and all actions on behalf of the Issuer; to execute
and deliver the Notes documents; to provide disclosures concerning the Issuer; and to finalize
and close the transactions specified in all such agreements or arrangements (including any
amendments or modifications thereof), including, without limitation, the execution and
delivery of any and all documents and instruments deemed appropriate by any of such officers,
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13
and the making of any appropriate statements, representations, certifications and confirmations
on behalf of the Issuer, and in their respective capacities as officers thereof, necessary,
appropriate or convenient to effectuate and expedite the issuance and delivery of the Notes, the
consummation of the transactions specified by the Notes documents, and any and all of the
covenants, agreements and conditions of the Issuer; the approval of the Issuer and all corporate
power and authority for such actions to be conclusively evidenced by the execution and
delivery thereof by any of such officers.
SECTION 28. REPEAL OF INCONSISTENT PROVISIONS. All resolutions or parts
thereof in conflict with this Resolution are hereby repealed to the extent of such conflict.
SECTION 29. EFFECTIVE DATE. This Resolution shall take effect immediately upon
its passage.
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14
ADOPTED after reading by title at a regular meeting of the City Commission of the City
of Winter Park, Florida, held in City Hall, Winter Park, Florida, on this 10th day of December,
2012.
CITY OF WINTER PARK, FLORIDA
(SEAL)
By
Mayor
ATTESTED:
By
City Clerk
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A‐1
EXHIBIT A
[FORM OF NOTE]
Dated: ____________ 1, 2012 $_________
Maturity Date:
Interest Rate _____%
(subject to adjustment as described herein)
STATE OF FLORIDA
CITY OF WINTER PARK, FLORIDA
NON‐AD VALOREM REFUNDING REVENUE NOTE, SERIES 2012[A][B]
KNOW ALL MEN BY THESE PRESENTS that City of Winter Park, Florida (the ʺIssuerʺ),
a municipal corporation created and existing pursuant to the Constitution and the laws of the
State of Florida, for value received, promises to pay from the sources hereinafter provided, to
the order of SunTrust Bank, or its registered assigns (hereinafter, the ʺOwnerʺ), the principal
sum of $___________, on the dates and in the amounts as hereinafter described, together with
interest on the principal balance at the ʺInterest Rateʺ described below, calculated on a 30/360‐
day basis, however, that such interest rate shall in no event exceed the maximum interest rate
permitted by applicable law. This Note shall have a final ʺMaturity Dateʺ of __________ 1, 20__.
The Interest Rate is equal to ____% (subject to adjustment as described herein).
Principal of and interest on this Note is payable in lawful money of the United States of
America at such place as the Owners may designate to the Issuer in writing.
The Issuer promises to pay the Owner interest on amounts outstanding at the interest
rate described above, but in no event shall it exceed the maximum interest rate permitted by
applicable law. Such interest shall be paid semi‐annually, commencing [December][July] 1,
2013, and on each subsequent [June 1][January 1] and [December 1][July 1] thereafter until the
Maturity Date.
Principal on this Note shall amortize on [December][July] 1 of the following years:
Year Principal Amortization
The Issuer may prepay this Note in whole or in part at anytime upon two (2) Business
Days’ prior written notice to the Owner. Such prepayment notice shall specify the amount of
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A‐2
the prepayment which is to be made. In the event of a prepayment of the Note under this
paragraph, the Issuer may be required to pay the Owner an additional fee (a prepayment
charge or premium) determined in the manner provided below, to compensate the Owner for
all losses, costs and expenses incurred in connection with such prepayment.
The fee shall be equal to the present value of the difference between (1) the amount that
would have been realized by the Owner on the prepaid amount for the remaining term of the
Note at the Federal Reserve H.15 Statistical Release rate for fixed‐rate payers in interest rate
swaps for a term corresponding to the term of the Note, interpolated to the nearest month, if
necessary, that was in effect three Business Days prior to the origination date of the Note and (2)
the amount that would be realized by the Owner by reinvesting such prepaid funds for the
remaining term of the Note at the Federal Reserve H.15 Statistical Release rate for fixed‐rate
payers in interest rate swaps, interpolated to the nearest month, that was in effect three Business
Days prior to the prepayment date; both discounted at the same interest rate utilized in
determining the applicable amount in (2). Should the present value have no value or a negative
value, the Issuer may prepay at par with no additional prepayment charge or premium. Should
the Federal Reserve no longer release rates for fixed‐rate payers in interest rate swaps, the
Owner may substitute the Federal Reserve H.15 Statistical Release with another similar index.
The Owner shall provide the Issuer with a written statement explaining the calculation of the
premium due, which statement shall, in absence of manifest error, be conclusive and binding.
If any date for the payment of principal and interest hereon shall fall on a day which is
not a Business Day (as defined in the Resolution hereinafter defined) the payment due on such
date shall be due on the next succeeding day which is a Business Day, but the Issuer shall not
receive credit for the payment until it is actually received by the Owner.
All payments by the Issuer pursuant to this Note shall apply first to accrued interest,
then to other charges due the Owner, and the balance thereof shall apply to principal.
THIS NOTE DOES NOT CONSTITUTE A GENERAL INDEBTEDNESS OF THE ISSUER
WITHIN THE MEANING OF ANY CONSTITUTIONAL, STATUTORY OR CHARTER
PROVISION OR LIMITATION, AND IT IS EXPRESSLY AGREED BY THE HOLDER OF THIS
NOTE THAT SUCH NOTEHOLDER SHALL NEVER HAVE THE RIGHT TO REQUIRE OR
COMPEL THE EXERCISE OF THE AD VALOREM TAXING POWER OF THE ISSUER OR
TAXATION OF ANY REAL OR PERSONAL PROPERTY THEREIN OR THE USE OF AD
VALOREM TAX REVENUES FOR THE PAYMENT OF THE PRINCIPAL OF AND INTEREST
ON THIS NOTE OR THE MAKING OF ANY OTHER PAYMENTS PROVIDED FOR IN THE
RESOLUTION.
This Note is issued pursuant to Constitution of the State of Florida, Chapter 166, Part II,
Florida Statutes, the municipal charter of the Issuer, and other applicable provisions of law, and
Ordinance No. __‐12 enacted by the Issuer on December 10, 2010, as amended and
supplemented from time to time, as particularly supplemented by Resolution No. __‐12
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A‐3
adopted by the Issuer on December 10, 2012 (collectively referred to herein as the ʺResolutionʺ),
and is subject to all the terms and conditions of the Resolution. All terms, conditions and
provisions of the Resolution including, without limitation, remedies in the Event of Default are
by this reference thereto incorporated herein as a part of this Note. Payment of the Note is
secured by a covenant to budget, appropriate and deposit Non‐Ad Valorem Revenues of the
Issuer, in the manner and to the extent described in the Resolution. Terms used herein in
capitalized form and not otherwise defined herein shall have the meanings ascribed thereto in
the Resolution.
This Note may be exchanged or transferred by the Owner hereof but only upon the
registration books maintained by the Issuer and in the manner provided in the Resolution.
The Issuer to the extent permitted by law hereby waives presentment, demand, protest
and notice of dishonor.
The Interest Rate on this Note may be adjusted as provided below; provided, however,
the Interest Rate on this Note shall not exceed the maximum interest rate permitted by
applicable law:
(1) Upon the occurrence of a Determination of Taxability and for as long as this Note
remains outstanding, the Interest Rate on this Note shall be converted to the Taxable
Rate. In addition, upon a Determination of Taxability, the Issuer shall pay to the
Owner (i) an additional amount equal to the difference between (A) the amount of
interest actually paid on the Note during the Taxable Period and (B) the amount of
interest that would have been paid during the Taxable Period had the Note borne
interest at the Taxable Rate, and (ii) an amount equal to any interest, penalties on
overdue interest and additions to tax (as referred to in Subchapter A of Chapter 68 of
the Code) owed by the Owner as a result of the Determination of Taxability.
“Determination of Taxability” shall mean a final decree or judgment of any
federal court or a final action of the Internal Revenue Service determining that
interest paid or payable on the Note is or was includable in the gross income of the
Owner of the Note for federal income tax purposes; provided, that no such decree,
judgment, or action will be considered final for this purpose, however, unless the
Issuer has been given written notice and, if it is so desired and is legally allowed, has
been afforded the opportunity to contest the same, either directly or in the name of
any Owner of the Note, and until the conclusion of any appellate review, if sought.
“Taxable Period” shall mean the period of time between (a) the date that interest
on the Note is deemed to be includable in the gross income of the Owner thereof for
federal income tax purposes as a result of a Determination of Taxability, and (b) the
date of the Determination of Taxability.
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ʺTaxable Rateʺ shall mean, upon a Determination of Taxability, the interest rate
per annum that shall provide the Owner with the same after tax yield that the
Owner would have otherwise received had the Determination of Taxability not
occurred, taking into account the increased taxable income of the Owner as a result
of such Determination of Taxability. The Owner shall provide the Issuer with a
written statement explaining the calculation of the Taxable Rate, which statement
shall, in the absence of manifest error, be conclusive and binding on the Issuer.
(2) So long as no Determination of Taxability shall have occurred, upon the occurrence
of a Loss of BQ Status and for as long as the Note remains outstanding, the Interest
Rate on the Note shall be converted to the Adjusted BQ Rate. In addition, upon a
Loss of BQ Status, the Issuer shall pay to the Owner (i) an additional amount equal
to the difference between (A) the amount of interest actually paid on the Note during
the period of time from the date of issuance of the Note and the next succeeding
interest payment date, and (B) the amount of interest that would have been paid
during the period in clause (A) had the Note borne interest at the Adjusted BQ Rate,
and (ii) an amount equal to any interest, penalties on overdue interest and additions
to tax (as referred to in Subchapter A of Chapter 68 of the Code) owed by the Owner
as a result of the Loss of BQ Status.
“Adjusted BQ Rate” shall mean, upon a Loss of BQ Status, the interest rate per
annum that shall provide the Owner with the same after tax yield that the Owner
would have otherwise received had the Loss of BQ Status not occurred, taking into
account the increased taxable income of the Owner as a result of such Loss of BQ
Status. The Owner shall provide the Issuer with a written statement explaining the
calculation of the Adjusted BQ Rate, which statement shall, in the absence of
manifest error, be conclusive and binding on the Issuer.
ʺLoss of BQ Statusʺ shall mean a determination by the Owner that the Note is
not a ʺqualified tax‐exempt obligationʺ within the meaning of Section 265(b)(3) of the
Code (or any successor provision).
(3) If the Maximum Federal Corporate Tax Rate decreases the Interest Rate otherwise
borne by this Note may be adjusted (increased) to the product obtained by
multiplying the Interest Rate otherwise borne by this Note by a fraction, (i) the
numerator of which is equal to one (1) minus the Maximum Federal Corporate Tax
Rate in effect as of the date of adjustment and (ii) the denominator of which is equal
to .65 (while the Maximum Federal Corporate Tax Rate is 35%, the multiplier would
be 1.00). Such adjustment, if exercised by the Owner, shall be retroactive to the date
of such decrease in the Maximum Federal Corporate Tax Rate.
“Maximum Federal Corporate Tax Rate” means the maximum rate of income
taxation imposed on corporations pursuant to Section 11(b) of the Code, determined
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A‐5
without regard to tax rate or tax benefit make‐up provisions such as the last two
sentences of Section 11 (b) (1) of the Code, as in effect from time to time (or, if as a
result of a change in the Code the rate of income taxation imposed on corporations
shall not be applicable to the Owner, the maximum statutory rate of federal income
taxation which could apply to the Owner). The Maximum Federal Corporate Tax
Rate on the date of issuance of the Note is 35%.
(4) Upon the occurrence of an Event of Default as described in the Resolution, the Interest Rate shall be adjusted as described in the Resolution.
It is hereby certified, recited and declared that all acts, conditions and prerequisites
required to exist, happen and be performed precedent to and in the execution, delivery and the
issuance of this Note do exist, have happened and have been performed in due time, form and
manner as required by law, and that the issuance of this Note is in full compliance with and
does not exceed or violate any constitutional or statutory limitation.
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A‐6
IN WITNESS WHEREOF, the City of Winter Park, Florida, has issued this Bond and has
caused the same to be executed by its Mayor, and its corporate seal to be impressed, imprinted
or otherwise reproduced hereon and attested by its City Clerk, all as of _____________, 2012.
THE CITY OF WINTER PARK, FLORIDA
(SEAL)
Mayor
ATTESTED:
City Clerk
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B‐1
EXHIBIT B
FORM OF LENDERʹS CERTIFICATE
This is to certify that SUNTRUST BANK (the “Lender”) has made a loan (the “Loan”) to
the City of Winter Park, Florida (the “Issuer”). The Loan is evidenced by the Issuer’s the Non‐
Ad Valorem Refunding Revenue Note, Series 2012A (the “2012A Note”) and the Issuer’s Non‐
Ad Valorem Refunding Revenue Note, Series 2012B (the “2012B Note” and together with the
Series 2012A Note, the “Notes”), both dated _______________, 2012. The Lender acknowledges
that the Loan is being made as a direct loan and not through the purchase of a municipal
security and that the Issuer will not make a filing with the Municipal Securities Rulemaking
Board’s Electronic Municipal Market Access repository. Any capitalized undefined terms used
herein not otherwise defined shall have the meaning set forth in a resolution adopted by the
City Council of the Issuer on December 10, 2012 (the “Resolution”).
The Lender has conducted its own investigation, to the extent it deems satisfactory or
sufficient, into matters relating to business affairs or conditions (either financial or otherwise) of
the Issuer in connection with the Loan and no inference should be drawn that the Lender, in the
acceptance of said Notes, is relying on Note Counsel or Issuer’s Counsel as to any such matters
other than the legal opinion rendered by Note Counsel, Bryant Miller Olive P.A., and by
Issuer’s Counsel, Brown, Garganese, Weiss & D’Agresta, P.A.
We acknowledge that no CUSIP numbers or credit ratings have been obtained with
respect to the Notes. We further acknowledge that we are making the Loan for our own
account, we do not currently intend to syndicate the Loan, and we will take no action to cause
the Notes to be characterized as securities.
We are not acting as a broker or other intermediary and are funding the Loan with our
own capital and for our own account and not with a present view to a resale or other
distribution to the public. The Notes will only be sold to an Accredited Investor as such term is
defined in the Securities Act of 1933, as amended, and Regulation D. We are a bank as
contemplated by Section 517.061(7), Florida Statutes. We are not purchasing the Notes for the
direct or indirect promotion of any scheme or enterprise with the intent of violating or evading
any provision of Chapter 517, Florida Statutes.
We are an “accredited investor” as such term is defined in the Securities Act of 1933, as
amended, and Regulation D thereunder.
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B‐2
This Certificate is furnished by us as Lender based solely on our knowledge on the day
hereof and is solely for the benefit of the Issuer and may not be relied upon by, or published or
communicated to, any other person without our express written consent. We disclaim any
obligation to supplement this letter to reflect any facts or circumstances that may hereafter come
to our attention.
Dated this __th day of December, 2012.
SUNTRUST BANK
By:
Name: Brian S. Orth
Title: First Vice President
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C‐1
EXHIBIT C
FORM OF DISCLOSURE LETTER
Following a competitive selection process, the undersigned, as purchaser, proposes to
negotiate with the City of Winter Park, Florida (the ʺIssuerʺ) for the private purchase of its
$__________ Non‐Ad Valorem Refunding Revenue Note, Series 2012A (the ʺ2012A Noteʺ) and
$__________ Non‐Ad Valorem Refunding Revenue Note, Series 2012B (the ʺ2012B Noteʺ, and
together with the 2012A Note, the ʺNotesʺ). Prior to the award of the Notes, the following
information is hereby furnished to the Issuer:
1. Set forth is an itemized list of the nature and estimated amounts of expenses to
be incurred for services rendered to us (the ʺPurchaserʺ) in connection with the issuance of the
Notes (such fees and expenses to be paid by the Issuer):
Akerman Senterfitt
Purchaser’s Counsel Fees ‐‐ $9,000
2. (a) No other fee, bonus or other compensation is estimated to be paid by the
Purchaser in connection with the issuance of the Notes to any person not regularly employed or
retained by the Purchaser (including any ʺfinderʺ as defined in Section 218.386(1)(a), Florida
Statutes), except as specifically enumerated as expenses to be incurred by the Purchaser, as set
forth in paragraph (1) above.
(b) No person has entered into an understanding with the Purchaser, or to
the knowledge of the Purchaser, with the Issuer, for any paid or promised compensation or
valuable consideration, directly or indirectly, expressly or implied, to act solely as an
intermediary between the Issuer and the Purchaser or to exercise or attempt to exercise any
influence to effect any transaction in the purchase of the Notes.
3. The amount of the underwriting spread expected to be realized by the Purchaser
is $0.
4. The management fee to be charged by the Bank is $0.
5. Truth‐in‐Bonding Statement:
The 2012A Note is being issued primarily to refund the City of Winter Park, Florida
Orange Avenue Improvement Revenue Bond, Series 2007. The 2012B Note is being issued
primarily to refund the City of Winter Park, Florida Park Avenue Refunding Improvement
Revenue Bond, Series 2010.
{25851/006/00712526.DOCv5}
C‐2
Unless earlier prepaid, the 2012A Note is expected to be repaid by December 1, 2027; at
an interest rate of 2.09%, total interest paid over the life of the 2012A Note is estimated to be
$____________.
Unless earlier prepaid, the 2012B Note is expected to be repaid by July 1, 2021; at an
interest rate of 1.57%, total interest paid over the life of the 2012B Note is estimated to be
$____________.
The Notes will be payable solely from the a covenant to budget, appropriate and deposit
Non‐Ad Valorem Revenues of the Issuer, in the manner and to the extent described in
Resolution No. ___‐12 of the Issuer adopted on December 10, 2012 (the ʺResolutionʺ). See the
Resolution for a definition of Non‐Ad Valorem Revenues. In reliance upon schedules provided
by Public Financial Management Inc., issuance of the Notes is estimated to result in an annual
maximum of approximately $____________ of revenues of the Issuer not being available to
finance the services of the Issuer during the life of the Notes. This paragraph is provided
pursuant to Section 218.385, Florida Statutes.
6. The name and address of the Bank is as follows:
SunTrust Bank
200 South Orange Avenue, Suite 600
Orlando, Florida 32801
IN WITNESS WHEREOF, the undersigned has executed this Disclosure Letter on behalf
of the Bank this __ day of December, 2012.
SUNTRUST BANK
By:
Name: Brian S. Orth
Title: First Vice President
City of Winter Park -- Non-Ad Valorem Revenue Refunding Note, Series 2012 A&BBank Loan RFP Summary
BB&T SunTrust Bank JP MorganProposal Requirements
Contact Information
Michael SmithVice President
255 S. Orange AvenueOrlando, FL 32801
(407) 241-3570 phone
Brian S. OrthFirst Vice President
200 S. Orange Avenue Suite 600Orlando, FL 32801
Office: 407.237.6764
Scott RickerSenior Vice President
450 S. Orange AvenueOrlando, FL 32801
407-236-5398 phone
Tax Exempt Fixed Interest RateSeries A, Final Maturity on 12/1/2027: 2.44%Series B, Final Maturity on 7/1/2021: 1.79%
Series A, Final Maturity on 12/1/2027: 2.09%Series B, Final Maturity on 7/1/2021: 1.57%
Series A, No BidSeries B, Final Maturity on 7/1/2021: Option 1: 1.45%Option 2: 1.57%Option 3: 1.50%
Calculation No Calculation provided No Calculation provided No Calculation provided
Rate Locked to Closing, or Date to be set
Rates are valid for a closing date not later than 45 days after 11/13/2012.
Rate locked until 12/15/2012Rates subject to change based on market conditions until rate lock agreement is entered into.
Day Count 30/360 30/360 30/360
Prepayment PenaltyPrepayment allowed in whole on a scheduled payment date with a 1% prepayment premium.
Make whole call provision
Option 1: Non CallableOption 2: Callable at par 11/1/2015Option 3: Callable at par 11/1/2018
Legal/Other Fees $3,500 (per series) $4,500 (per series) $3,000
Amount Series A: $1,900,000Series B: $2,100,000
Series A: $1,900,000Series B: $2,100,000
$2,100,000
Other Conditions
None The Borrower covenants to maintain and collect non ad valorem revenues sufficient to cover essential government services plus 120% of the maximum annual debt service coming due each year on all outstanding debts.
ABT: MADS on all non ad-valorem debt cannot be more than 50% of non ad-valorem revenues.
ACH Direct Debit of payments from SunTrust account
After-tax yield maintenance (Corporate Tax Rate Change Language)
Anti-Dilution Test: 1.) Non-ad valorem revenues shall cover maximum annual debt service on these revenues by 1.50x (detailed calculation in proposal)
After-tax yield maintenance (Corporate Tax Rate Change Language)
Prepared by: Public Financial Management, Inc. 12/4/2012
Nov 29, 2012 1:28 pm Prepared by Public Financial Management, Inc. (Finance 7.003 Winter_Park:2012) Page 1
SOURCES AND USES OF FUNDS
City of Winter Park, FloridaRevenue Bond, Series 2012
Sources: 2012A 2012B Total
Bond Proceeds:Par Amount 1,895,000.00 2,080,000.00 3,975,000.00
1,895,000.00 2,080,000.00 3,975,000.00
Uses: 2012A 2012B Total
Refunding Escrow Deposits:Cash Deposit 1,843,777.93 2,027,298.50 3,871,076.43
Delivery Date Expenses:Cost of Issuance 48,836.48 51,163.52 100,000.00
Other Uses of Funds:Additional Proceeds 2,385.59 1,537.98 3,923.57
1,895,000.00 2,080,000.00 3,975,000.00
Nov 29, 2012 1:28 pm Prepared by Public Financial Management, Inc. (Finance 7.003 Winter_Park:2012) Page 2
BOND SUMMARY STATISTICS
City of Winter Park, FloridaRevenue Bond, Series 2012
Dated Date 12/18/2012Delivery Date 12/18/2012Last Maturity 12/01/2027
Arbitrage Yield 1.888820%True Interest Cost (TIC) 1.888820%Net Interest Cost (NIC) 1.893796%All-In TIC 2.326724%Average Coupon 1.893796%
Average Life (years) 6.367Duration of Issue (years) 5.912
Par Amount 3,975,000.00Bond Proceeds 3,975,000.00Total Interest 479,331.48Net Interest 479,331.48Total Debt Service 4,454,331.48Maximum Annual Debt Service 397,344.00Average Annual Debt Service 297,893.24
Underwriter's Fees (per $1000) Average Takedown Other Fee
Total Underwriter's Discount
Bid Price 100.000000
Par Average Average PV of 1 bpBond Component Value Price Coupon Life change
Bond Component 3,975,000.00 100.000 1.894% 6.367 2,306.25
3,975,000.00 6.367 2,306.25
All-In ArbitrageTIC TIC Yield
Par Value 3,975,000.00 3,975,000.00 3,975,000.00 + Accrued Interest + Premium (Discount) - Underwriter's Discount - Cost of Issuance Expense -100,000.00 - Other Amounts
Target Value 3,975,000.00 3,875,000.00 3,975,000.00
Target Date 12/18/2012 12/18/2012 12/18/2012Yield 1.888820% 2.326724% 1.888820%
Nov 29, 2012 1:28 pm Prepared by Public Financial Management, Inc. (Finance 7.003 Winter_Park:2012) Page 3
SUMMARY OF BONDS REFUNDED
City of Winter Park, FloridaRevenue Bond, Series 2012
Maturity Interest Par Call CallBond Date Rate Amount Date Price
Orange Avenue Improvement Revenue Bond, Series 2007, 2007:BOND 12/01/2013 4.348% 90,000.00 12/18/2012 100.000
12/01/2014 4.348% 95,000.00 12/18/2012 100.00012/01/2015 4.348% 100,000.00 12/18/2012 100.00012/01/2016 4.348% 100,000.00 12/18/2012 100.00012/01/2017 4.348% 105,000.00 12/18/2012 100.00012/01/2018 4.348% 110,000.00 12/18/2012 100.00012/01/2019 4.348% 115,000.00 12/18/2012 100.00012/01/2020 4.348% 120,000.00 12/18/2012 100.00012/01/2021 4.348% 125,000.00 12/18/2012 100.00012/01/2022 4.348% 130,000.00 12/18/2012 100.00012/01/2023 4.348% 135,000.00 12/18/2012 100.00012/01/2024 4.348% 145,000.00 12/18/2012 100.00012/01/2025 4.348% 150,000.00 12/18/2012 100.00012/01/2026 4.348% 155,000.00 12/18/2012 100.00012/01/2027 4.348% 165,000.00 12/18/2012 100.000
1,840,000.00
Park Avenue Refunding Improvement Revenue Bond, Series 2010, 2010:BOND 07/01/2013 3.490% 195,000.00 12/18/2012 100.000
07/01/2014 3.490% 200,000.00 12/18/2012 100.00007/01/2015 3.490% 205,000.00 12/18/2012 100.00007/01/2016 3.490% 215,000.00 12/18/2012 100.00007/01/2017 3.490% 220,000.00 12/18/2012 100.00007/01/2018 3.490% 225,000.00 12/18/2012 100.00007/01/2019 3.490% 235,000.00 12/18/2012 100.00007/01/2020 3.490% 245,000.00 12/18/2012 100.00007/01/2021 3.490% 255,000.00 12/18/2012 100.000
1,995,000.00
3,835,000.00
Nov 29, 2012 1:28 pm Prepared by Public Financial Management, Inc. (Finance 7.003 Winter_Park:2012) Page 4
SUMMARY OF REFUNDING RESULTS
City of Winter Park, FloridaRevenue Bond, Series 2012A
---Refunding of Orange Avenue Improvement Revenue Bond, Series 2007
Dated Date 12/18/2012Delivery Date 12/18/2012Arbitrage yield 1.888820%Escrow yield
Bond Par Amount 1,895,000.00True Interest Cost 2.090062%Net Interest Cost 2.090000%Average Coupon 2.090000%Average Life 8.317
Par amount of refunded bonds 1,840,000.00Average coupon of refunded bonds 4.348000%Average life of refunded bonds 8.744
PV of prior debt to 12/18/2012 @ 1.888820% 2,200,221.27Net PV Savings 278,955.25Percentage savings of refunded bonds 15.160611%Percentage savings of refunding bonds 14.720594%
Nov 29, 2012 1:28 pm Prepared by Public Financial Management, Inc. (Finance 7.003 Winter_Park:2012) Page 5
SUMMARY OF REFUNDING RESULTS
City of Winter Park, FloridaRevenue Bond, Series 2012B
---Refunding of Park Aveneue Refunding Improvement Revenue Bond, Series 2010
Dated Date 12/18/2012Delivery Date 12/18/2012Arbitrage yield 1.888820%Escrow yield
Bond Par Amount 2,080,000.00True Interest Cost 1.569946%Net Interest Cost 1.570000%Average Coupon 1.570000%Average Life 4.591
Par amount of refunded bonds 1,995,000.00Average coupon of refunded bonds 3.490000%Average life of refunded bonds 4.759
PV of prior debt to 12/18/2012 @ 1.888820% 2,170,200.94Net PV Savings 120,390.52Percentage savings of refunded bonds 6.034613%Percentage savings of refunding bonds 5.788006%
Nov 29, 2012 1:28 pm Prepared by Public Financial Management, Inc. (Finance 7.003 Winter_Park:2012) Page 6
SAVINGS
City of Winter Park, FloridaRevenue Bond, Series 2012A
---Refunding of Orange Avenue Improvement Revenue Bond, Series 2007
Present ValuePrior Refunding to 12/18/2012
Date Debt Service Debt Service Savings @ 1.8888203%
07/01/2013 40,001.60 17,932.49 22,069.11 21,882.0507/01/2014 168,046.60 148,456.00 19,590.60 19,064.6207/01/2015 169,024.70 151,104.75 17,919.95 17,106.9207/01/2016 169,785.40 148,701.25 21,084.15 19,790.2607/01/2017 165,437.40 146,297.75 19,139.65 17,624.8907/01/2018 165,980.70 143,894.25 22,086.45 19,990.6707/01/2019 166,306.60 146,438.50 19,868.10 17,644.4007/01/2020 166,415.10 148,878.25 17,536.85 15,279.9807/01/2021 166,306.20 146,265.75 20,040.45 17,161.8307/01/2022 165,979.90 148,601.00 17,378.90 14,603.6907/01/2023 165,436.20 145,884.00 19,552.20 16,145.5407/01/2024 164,675.10 143,167.00 21,508.10 17,448.7707/01/2025 168,587.90 150,345.50 18,242.40 14,527.9507/01/2026 167,174.60 147,419.50 19,755.10 15,456.3407/01/2027 165,543.90 144,493.50 21,050.40 16,178.6407/01/2028 168,587.10 146,515.25 22,071.85 16,663.11
2,543,289.00 2,224,394.74 318,894.26 276,569.66
Savings Summary
PV of savings from cash flow 276,569.66Plus: Refunding funds on hand 2,385.59
Net PV Savings 278,955.25
Nov 29, 2012 1:28 pm Prepared by Public Financial Management, Inc. (Finance 7.003 Winter_Park:2012) Page 7
SAVINGS
City of Winter Park, FloridaRevenue Bond, Series 2012B
---Refunding of Park Aveneue Refunding Improvement Revenue Bond, Series 2010
Present ValuePrior Refunding to 12/18/2012
Date Debt Service Debt Service Savings @ 1.8888203%
07/01/2013 264,625.50 257,507.24 7,118.26 7,372.3607/01/2014 262,820.00 248,888.00 13,932.00 13,691.0907/01/2015 260,840.00 245,434.00 15,406.00 14,825.6007/01/2016 263,685.50 246,980.00 16,705.50 15,749.0607/01/2017 261,182.00 243,447.50 17,734.50 16,383.4207/01/2018 258,504.00 244,915.00 13,589.00 12,324.9207/01/2019 260,651.50 246,304.00 14,347.50 12,748.4607/01/2020 262,450.00 247,614.50 14,835.50 12,916.0807/01/2021 263,899.50 248,846.50 15,053.00 12,841.55
2,358,658.00 2,229,936.74 128,721.26 118,852.54
Savings Summary
PV of savings from cash flow 118,852.54Plus: Refunding funds on hand 1,537.98
Net PV Savings 120,390.52
Nov 29, 2012 1:28 pm Prepared by Public Financial Management, Inc. (Finance 7.003 Winter_Park:2012) Page 8
BOND DEBT SERVICE
City of Winter Park, FloridaRevenue Bond, Series 2012A
---Refunding of Orange Avenue Improvement Revenue Bond, Series 2007
PeriodEnding Principal Coupon Interest Debt Service
07/01/2013 17,932.49 17,932.4907/01/2014 110,000 2.090% 38,456.00 148,456.0007/01/2015 115,000 2.090% 36,104.75 151,104.7507/01/2016 115,000 2.090% 33,701.25 148,701.2507/01/2017 115,000 2.090% 31,297.75 146,297.7507/01/2018 115,000 2.090% 28,894.25 143,894.2507/01/2019 120,000 2.090% 26,438.50 146,438.5007/01/2020 125,000 2.090% 23,878.25 148,878.2507/01/2021 125,000 2.090% 21,265.75 146,265.7507/01/2022 130,000 2.090% 18,601.00 148,601.0007/01/2023 130,000 2.090% 15,884.00 145,884.0007/01/2024 130,000 2.090% 13,167.00 143,167.0007/01/2025 140,000 2.090% 10,345.50 150,345.5007/01/2026 140,000 2.090% 7,419.50 147,419.5007/01/2027 140,000 2.090% 4,493.50 144,493.5007/01/2028 145,000 2.090% 1,515.25 146,515.25
1,895,000 329,394.74 2,224,394.74
Nov 29, 2012 1:28 pm Prepared by Public Financial Management, Inc. (Finance 7.003 Winter_Park:2012) Page 9
BOND DEBT SERVICE
City of Winter Park, FloridaRevenue Bond, Series 2012B
---Refunding of Park Aveneue Refunding Improvement Revenue Bond, Series 2010
PeriodEnding Principal Coupon Interest Debt Service
07/01/2013 240,000 1.570% 17,507.24 257,507.2407/01/2014 220,000 1.570% 28,888.00 248,888.0007/01/2015 220,000 1.570% 25,434.00 245,434.0007/01/2016 225,000 1.570% 21,980.00 246,980.0007/01/2017 225,000 1.570% 18,447.50 243,447.5007/01/2018 230,000 1.570% 14,915.00 244,915.0007/01/2019 235,000 1.570% 11,304.00 246,304.0007/01/2020 240,000 1.570% 7,614.50 247,614.5007/01/2021 245,000 1.570% 3,846.50 248,846.50
2,080,000 149,936.74 2,229,936.74
Nov 29, 2012 1:28 pm Prepared by Public Financial Management, Inc. (Finance 7.003 Winter_Park:2012) Page 10
PRIOR BOND DEBT SERVICE
City of Winter Park, FloridaRevenue Bond, Series 2012A
---Refunding of Orange Avenue Improvement Revenue Bond, Series 2007
PeriodEnding Principal Coupon Interest Debt Service
07/01/2013 40,001.60 40,001.6007/01/2014 90,000 4.348% 78,046.60 168,046.6007/01/2015 95,000 4.348% 74,024.70 169,024.7007/01/2016 100,000 4.348% 69,785.40 169,785.4007/01/2017 100,000 4.348% 65,437.40 165,437.4007/01/2018 105,000 4.348% 60,980.70 165,980.7007/01/2019 110,000 4.348% 56,306.60 166,306.6007/01/2020 115,000 4.348% 51,415.10 166,415.1007/01/2021 120,000 4.348% 46,306.20 166,306.2007/01/2022 125,000 4.348% 40,979.90 165,979.9007/01/2023 130,000 4.348% 35,436.20 165,436.2007/01/2024 135,000 4.348% 29,675.10 164,675.1007/01/2025 145,000 4.348% 23,587.90 168,587.9007/01/2026 150,000 4.348% 17,174.60 167,174.6007/01/2027 155,000 4.348% 10,543.90 165,543.9007/01/2028 165,000 4.348% 3,587.10 168,587.10
1,840,000 703,289.00 2,543,289.00
Nov 29, 2012 1:28 pm Prepared by Public Financial Management, Inc. (Finance 7.003 Winter_Park:2012) Page 11
PRIOR BOND DEBT SERVICE
City of Winter Park, FloridaRevenue Bond, Series 2012B
---Refunding of Park Aveneue Refunding Improvement Revenue Bond, Series 2010
PeriodEnding Principal Coupon Interest Debt Service
07/01/2013 195,000 3.490% 69,625.50 264,625.5007/01/2014 200,000 3.490% 62,820.00 262,820.0007/01/2015 205,000 3.490% 55,840.00 260,840.0007/01/2016 215,000 3.490% 48,685.50 263,685.5007/01/2017 220,000 3.490% 41,182.00 261,182.0007/01/2018 225,000 3.490% 33,504.00 258,504.0007/01/2019 235,000 3.490% 25,651.50 260,651.5007/01/2020 245,000 3.490% 17,450.00 262,450.0007/01/2021 255,000 3.490% 8,899.50 263,899.50
1,995,000 363,658.00 2,358,658.00
Nov 29, 2012 1:28 pm Prepared by Public Financial Management, Inc. (Finance 7.003 Winter_Park:2012) Page 12
ESCROW REQUIREMENTS
City of Winter Park, FloridaRevenue Bond, Series 2012A
---Refunding of Orange Avenue Improvement Revenue Bond, Series 2007
Period PrincipalEnding Interest Redeemed Total
12/18/2012 3,777.93 1,840,000.00 1,843,777.93
3,777.93 1,840,000.00 1,843,777.93
Nov 29, 2012 1:28 pm Prepared by Public Financial Management, Inc. (Finance 7.003 Winter_Park:2012) Page 13
ESCROW REQUIREMENTS
City of Winter Park, FloridaRevenue Bond, Series 2012B
---Refunding of Park Aveneue Refunding Improvement Revenue Bond, Series 2010
Period PrincipalEnding Interest Redeemed Total
12/18/2012 32,298.50 1,995,000.00 2,027,298.50
32,298.50 1,995,000.00 2,027,298.50
subject
Resolution providing for the issuance of up to $6,000,000 in a Redevelopment Refunding Revenue
Note, to refund the outstanding CRA Redevelopment Notes, Series 2003-1, 2003-1, 2005-1 and 2005-
2.
Resolution authorizing the execution of an interlocal agreement between the City and the CRA
providing a covenant by the City to budget and appropriate Non-Ad Valorem Revenues as may be
necessary, from time to time, in order to ensure timely and full payment of debt service on the
Redevelopment Refunding Revenue Note, Series 2012 in the event the tax increment revenues
pledged by the CRA to payment of the note are insufficient to pay debt service on any interest or
principal payment date.
motion | recommendation
Approve resolution providing for the issuance of up to $6,000,000 in a Redevelopment Refunding
Revenue Note, to refund the outstanding CRA Redevelopment Notes, Series 2003-1, 2003-1, 2005-1
and 2005-2.
Approve resolution authorizing the execution of an interlocal agreement between the City and the CRA
providing a covenant by the City to budget and appropriate Non-Ad Valorem Revenues as may be
necessary, from time to time, in order to ensure timely and full payment of debt service on the
Redevelopment Refunding Revenue Note, Series 2012 in the event the tax increment revenues
pledged by the CRA to payment of the note are insufficient to pay debt service on any interest or
principal payment date.
Public Hearing
Wes Hamil
Finance
December 10, 2012
summary
The City’s Financial Advisor, Public Financial Management (PFM), solicited rates to refund the outstanding
CRA Redevelopment Notes, Series 2003-1, 2003-1, 2005-1 and 2005-2. Orange Avenue Improvement
Revenue Bond, Series 2007 and the outstanding Park Avenue Refunding Improvement Revenue Bond,
Series 2010. Responses were received from two banks and the one from SunTrust was determined by
PFM and City staff to provide the terms most favorable to the City. SunTrust is proposing a rate of 1.99%
to refund the outstanding balances of all the CRA Redevelopment Notes referred to above which range in
interest rate from 3.78% - 5.91%.
As a condition of its rate quote, SunTrust requires the City to covenant to budget and appropriate non-ad
valorem revenues of the City as may be necessary in order to ensure timely and full payment of debt
service in the event tax increment revenues were insufficient to cover debt service due in any given fiscal
year. A separate resolution is on the agenda to provide for this covenant to budget and appropriate.
Net present value savings will be $593,547.75, or 9.76% of the refunded notes. Annual debt service
savings will be about $60,000 on average.
Attached for review are the following:
The resolution documenting terms agreed to between the City and SunTrust
An interlocal agreement between the City and the CRA providing a covenant by the City to budget and
appropriate Non-Ad Valorem Revenues as may be necessary, from time to time, in order to ensure
timely and full payment of debt service on the Redevelopment Refunding Revenue Note, Series 2012 in
the event the tax increment revenues pledged by the CRA to payment of the note are insufficient to pay
debt service on any interest or principal payment date.
A summary of proposals received for the refunding transactions
PFM’s analysis of debt service savings based on the SunTrust proposal
board comments
N/A
Regular Meeting
3:30 p.m.
January 11, 2010 Commission Chambers
Regular Meeting
3:30 p.m.
January 11, 2010 Commission Chambers
{26174/001/00717745.DOCv7}
1
RESOLUTION NO. ___‐12
A RESOLUTION OF THE WINTER PARK COMMUNITY
REDEVELOPMENT AGENCY, WINTER PARK, FLORIDA
AUTHORIZING THE ISSUANCE OF A NOT TO EXCEED
$6,000,000 REDEVELOPMENT REFUNDING REVENUE NOTE,
SERIES 2012 TO REFUND CERTAIN OUTSTANDING DEBT
OF THE AGENCY AS DESCRIBED HEREIN; PROVIDING
THAT THE NOTE SHALL BE A LIMITED OBLIGATION OF
THE AGENCY PAYABLE FROM TAX INCREMENT
REVENUES AND OTHER FUNDS AS PROVIDED HEREIN;
PLEDGING SUCH TAX INCREMENT REVENUES TO
SECURE PAYMENT OF THE PRINCIPAL AND INTEREST ON
SAID NOTE; PROVIDING FOR THE RIGHTS, SECURITIES
AND REMEDIES FOR THE OWNER OF THE NOTE;
AUTHORIZING AN INTERLOCAL AGREEMENT WITH THE
CITY OF WINTER PARK, FLORIDA; APPOINTING AN
ESCROW AGENT; APPROVING THE FORM OF AND
AUTHORIZING THE EXECUTION AND DELIVERY OF AN
ESCROW DEPOSIT AGREEMENT; PROVIDING FOR THE
ISSUANCE OF ADDITIONAL OBLIGATIONS; MAKING
CERTAIN COVENANTS AND AGREEMENTS IN
CONNECTION THEREWITH; AND PROVIDING FOR AN
EFFECTIVE DATE.
BE IT RESOLVED BY THE BOARD OF COMMISSIONERS OF THE WINTER PARK
COMMUNITY REDEVELOPMENT AGENCY:
SECTION 1: AUTHORITY FOR THIS RESOLUTION. This Resolution is adopted pursuant to the provisions of Chapter 163, Part III, Florida Statutes, and other applicable
provisions of law (collectively, the “Act”).
SECTION 2: DEFINITIONS. The following words and phrases shall have the
following meanings when used herein:
ʺAdditional Parity Obligationsʺ shall mean bonds, notes, or other evidence of
indebtedness issued or incurred by the Agency which shall have a lien on Pledged Revenues
equal as to priority of payment, with the Note.
“Board” shall mean the Board of County Commissioners of the County.
{26174/001/00717745.DOCv7}
2
ʺBusiness Dayʺ shall mean a day on which the Issuer and Owner are open for
business and on which dealings in U.S. dollar deposits are carried on in the London
Inter‐Owner Market.
ʺChairmanʺ shall mean the Chairman of the governing board of the Issuer, or in his or
her absence or inability to act, the Vice Chairman of such governing board or such other person
as may be duly authorized by the governing board of the Issuer to act on his or her behalf.
ʺCityʺ shall mean the City of Winter Park, Florida.
ʺCity Clerkʺ shall mean the City Clerk or the Deputy City Clerk of the City.
ʺCodeʺ shall mean the Internal Revenue Code of 1986, as amended, and any Treasury
Regulations, whether temporary, proposed or final, promulgated thereunder or applicable
thereto.
“Commission” shall mean the City Commission of the City.
“County” shall mean Orange County, Florida.
“County Interlocal Agreement” shall mean the Interlocal Agreement between the County
and the City dated as of March 2, 1999.
“County Resolution” shall mean Resolution No. 93‐M‐71 of the Board, as amended and
supplemented from time to time.
ʺDebt Service Fundʺ shall mean the Debt Service Fund established pursuant to Section 6
hereof.
ʺIncrement Revenuesʺ shall mean (1) the increment income, proceeds, revenues and other
funds of the City and all other taxing authorities (except school districts, library districts,
neighborhood improvement districts, water management districts, metropolitan transportation
authorities and certain other special districts as described in Section 163.387(2)(c), Florida
Statutes), whose jurisdiction includes the Redevelopment Area, computed in accordance with
and required to be deposited into the Trust Fund by Section 163.387(1), Florida Statutes; and (2)
any income that may be received by the City in lieu of ad valorem real property taxes with
respect to property located within the Redevelopment Area which is leased from the City for
non‐governmental purposes.
ʺCity Interlocal Agreementʺ shall mean the interlocal agreement between the City and the
Issuer pursuant to which the City will agree to budget and appropriate non‐ad valorem
revenues of the City to the extent necessary to pay principal of and interest on the Note and all
other payments provided for herein.
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ʺEscrow Agentʺ means US Bank, National Association as the bank or trust company which
shall execute the Escrow Deposit Agreement with the Issuer simultaneous with the issuance of
the Note.
ʺEscrow Deposit Agreementʺ means that certain Escrow Deposit Agreement by and
between the Issuer and the Escrow Agent, for the purpose of providing for the payment of the
Refunded 2005‐1 Bond and the Refunded 2005‐2 Bond, which agreement shall be substantially
in the form attached hereto as Exhibit E.
ʺIssuerʺ shall mean the Winter Park Community Redevelopment Agency.
ʺMaturity Dateʺ means January 1, 2025.
ʺNon‐Ad Valorem Revenuesʺ shall mean all revenues of the City not derived from ad
valorem taxation, and which are lawfully available to pay debt service on the Note.
ʺNoteʺ shall mean the Winter Park Community Redevelopment Agency Redevelopment
Refunding Revenue Note, Series 2012 authorized by Section 4 hereof.
ʺOriginal Purchaserʺ shall mean SunTrust Bank, its successors and assigns.
“Original Resolution” shall mean Resolution No. 0003‐03 of the Issuer which authorized
the issuance of the Outstanding Parity Bonds.
“Outstanding Parity Bonds” shall mean the outstanding Redevelopment Revenue Bond,
Series 2006 and Redevelopment Revenue Bond, Series 2010.
ʺOwnerʺ shall mean the Person in whose name the Note shall be registered on the books
of the Issuer kept for that purpose in accordance with provisions of this Resolution and initially
shall mean the Original Purchaser.
ʺPersonʺ shall mean natural persons, firms, trusts, estates, associations, corporations,
partnerships and public bodies.
ʺPledged Revenuesʺ shall mean Increment Revenues and, until applied in accordance
with the provisions of this Resolution, all monies, including investments thereof, in the funds
and accounts established hereunder.
ʺPrime Rateʺ shall mean the per annum rate which the Original Purchaser announces
from time to time to be its prime rate, as in effect from time to time. The Original Purchaserʹs
prime rate is a reference or benchmark rate, is purely discretionary and does not necessarily
represent the lowest or best rate charged to borrowing customers. The Original Purchaser may
make commercial loans or other loans at rates of interest at, above or below the Original
Purchaserʹs prime rate. Each change in the Original Purchaserʹs prime rate shall be effective
from and including the date such change is announced as being effective.
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ʺPrincipal Officeʺ shall mean, with respect to the Original Purchaser, the office located at
200 South Orange Avenue, Orlando, Florida, 32801, or such other office as the Original
Purchaser may designate to the Issuer in writing.
ʺProposalʺ shall mean the proposal letter of the Original Purchaser pertaining to the Note
dated November 13, 2012, as amended.
“Redevelopment Area” shall mean the original area within the territorial boundaries of the
City, as approved in Resolution No. 1587 of the Commission, and the additional area within the
territorial boundaries of the City, as approved in Resolution No. 1629 of the Commission; all as
outlined on the map attached as Exhibit A to Resolution No. 1696 of the Commission.
“Refunded 2003‐1 Bond” shall mean the Issuer’s Redevelopment Revenue Bond, Series
2003‐1.
“Refunded 2003‐2 Bond” shall mean the Issuer’s Redevelopment Revenue Bond, Series
2003‐2.
“Refunded 2005‐1 Bond” shall mean the Issuer’s outstanding Redevelopment Revenue
Bond, Series 2005‐1.
“Refunded 2005‐2 Bond” shall mean the Issuer’s outstanding Redevelopment Revenue
Bond, Series 2005‐2 (Taxable).
“Refunded Bonds” shall mean, collectively, the Refunded 2003‐1 Bond, the Refunded
2003‐2 Bond, the Refunded 2005‐1 Bond and the Refunded 2005‐2 Bond.
ʺResolutionʺ shall mean this Resolution, pursuant to which the Note is authorized to be
issued, including any supplemental resolution(s).
ʺStateʺ shall mean the State of Florida.
ʺTrust Fundʺ shall mean the fund created and established on December 13, 1994, by
Ordinance No. 2077 of the City for the Issuer, into which the Increment Revenues are deposited.
SECTION 3: FINDINGS.
(A) On November 16, 1993, the Board adopted the County Resolution delegating to the
City the power to create a community redevelopment agency pursuant to the Act, but subject to
certain restrictions provided in such resolution.
(B) On January 11, 1994, by Resolution No. 1587, the Commission declared itself to be
the Issuer; declared that the Commission, along with one additional member to be appointed by
the Board, would act as the members of the Issuer; and declared that the Mayor of the City would
serve as the Chairman of the Issuer. By such Resolution No. 1587, the Commission also declared
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that the Issuer was a legal entity, separate, distinct and independent from the Commission. In
addition but subject to those prior approvals by the City as required by the Act, and subject to the
provisions of the County Resolution, the Issuer was directed to exercise the redevelopment powers
delegated to the City by the Board, including the power to issue revenue bonds.
(C) The Trust Fund has been and will be maintained and administered as a separate
account of the City for purposes expressed in the Act.
(D) The Issuer deems it necessary and in its best interest to issue the Note to refund the
Refunded Bonds, and the Issuer sought and received proposals for a loan to refund the Refunded
Bonds at a lower rate of interest.
(E) The Original Purchaser submitted its Proposal pursuant to which the Original
Purchaser has agreed to lend the Issuer the amount of not to exceed $6,000,000 for purposes of
refunding the Refunded Bonds.
(F) The Proposal is hereby determined to be the best proposal and contain the lowest
overall borrowing costs to the Issuer.
(G) Because of the characteristics of the Note, prevailing market conditions, and
additional savings to be realized from an expeditious sale of the Note, it is in the best interest of the
Issuer to accept the offer of the Original Purchaser as set forth in the Proposal and to sell the Note
at a private negotiated sale.
(H) The Issuer currently receives Increment Revenues and is legally entitled to pledge
the Increment Revenues in amounts sufficient to pay the principal of and interest on the Note,
when due, together with all other amounts due and owing thereunder.
(I) The Increment Revenues are estimated to be sufficient to pay the principal of and
interest on the Note as the same becomes due and to make all other payments required to be made
from such Pledged Revenues by the terms of this Resolution or other instruments to which the
Issuer is a party or pursuant to which all or any portion of the Pledged Revenues may be obligated.
(J) The Increment Revenues are not now pledged or encumbered in any manner
except to the payment of the Outstanding Parity Bonds; however, by the terms of the County
Interlocal Agreement, the City has agreed to rebate back to the County in each year the following
portions of the amount deposited by the County in the Trust Fund for the particular year:
(1) 30% of such amount in excess of $2,000,000 but less than or equal to
$3,000,000, plus
(2) 50% of such amount in excess of $3,000,000.
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(K) In the event Increment Revenues shall be insufficient to pay debt service on the
Note (together with all other amounts due and owing thereunder), the City has covenanted to
budget and appropriate Non‐Ad Valorem Revenues to provide funds equal to the difference
between the Pledged Revenues available to pay debt service on the Note and all other amounts
due and owing thereunder and under this Resolution and the amount needed to pay the debt
service on the Note and all other amounts due and owing thereunder and under this Resolution in
any given Fiscal Year, as provided in the City Interlocal Agreement authorized hereby.
(L) The Note shall not constitute a general obligation or indebtedness of the Issuer as a
ʺbondʺ within the meaning of any provision of the Constitution of the State, but shall be and is
hereby declared to be a special, limited obligation of the Issuer, the principal of and interest on
which are payable solely from the Pledged Revenues in the manner provided herein and from
amounts received from the City pursuant to the City Interlocal Agreement. The Issuer will never
be authorized to levy taxes on any real property of or in the Issuer to pay the principal of or
interest on the Note or to make the other payments provided for herein. Furthermore, neither the
Note nor the interest thereon shall be or constitute a lien upon any property of or in the Issuer
other than the Pledged Revenues and the amounts received from the City pursuant to the City
Interlocal Agreement in the manner provided herein and the City Interlocal Agreement.
(M) The Issuer will be able to comply with the provisions of Section 5.09 of the Original
Resolution prior to the issuance of the Note, in order that they may be issued as Additional Parity
Bonds.
(N) It is necessary, desirable and in the best interests of the Issuer, the City and its
inhabitants that the Issuer issue the Note.
SECTION 4: AUTHORIZATION OF NOTE. Subject and pursuant to the provisions of this Resolution, an obligation of the Issuer to be known as the “Winter Park Community
Redevelopment Agency Redevelopment Refunding Revenue Note, Series 2012” is hereby
authorized to be issued under and secured by this Resolution, in the principal amount of not to
exceed $6,000,000 for the purpose of refunding the Refunded Bonds. Prior to the issuance of the
Note, the Issuer shall receive from the Original Purchaser a Purchaser’s Certificate, the form of
which is attached hereto as Exhibit B and the Disclosure Letter containing the information
required by Section 218.385, Florida Statutes, a form of which is attached hereto as Exhibit C.
SECTION 5: DESCRIPTION OF NOTE. The Note shall be dated the date of its
execution and delivery, which shall be a date agreed upon by the Issuer and the Original
Purchaser, subject to the following terms:
(A) Interest Rate. The Note shall have a fixed interest rate of 1.99% per annum
(subject to adjustment as described in the Note, the ʺInterest Rateʺ).
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(B) Principal and Interest Payment Dates. Interest on the Note shall be paid semi‐
annually, commencing July 1, 2013, and on the first day of January and July thereafter (each an
ʺInterest Payment Dateʺ) until maturity.
Principal on the Note shall be paid semi‐annually, commencing January 1, 2014, and on
the first day of January thereafter until maturity.
(C) The Note is to be in substantially the form set forth in Exhibit A attached hereto,
together with such non‐material changes as shall be approved by the Chairman, such approval
to be conclusively evidenced by the execution thereof by the Chairman. The Note shall be
executed in the name of the Issuer by the Chairman of the Issuer, and the corporate seal of the
Issuer or a facsimile thereof shall be affixed thereto or reproduced thereon and attested by the
City Clerk of the City. The authorized signatures of the Chairman and City Clerk shall be either
manual or in facsimile. In case any one or more of the officers who shall have signed or sealed
the Note shall cease to be such officer of the Issuer before the Note so signed and sealed shall
have been actually sold and delivered, such Note may nevertheless be sold and delivered as
herein provided an may be issued as if the person who signed or sealed such Note had not
ceased to hold such office. The Note may be signed and sealed on behalf of the Issuer by such
person as at the actual time of the execution of the Note shall hold the proper office, although at
the date of the note such person may not have held such office or many not have been so
authorized.
SECTION 6: DEBT SERVICE FUND. The Issuer hereby establishes the Debt Service Fund within which shall be established subaccounts for the payment of debt service on the Note
and any Additional Parity Obligations issued hereafter, which amounts on deposit in such
subaccounts shall secure only such obligations designated to be secured thereby. There is
hereby established the 2012 Note Subaccount (the ʺNote Subaccountʺ) within the Debt Service
Fund, which amounts on deposit therein shall secure only the Note. The Note Subaccount shall
be maintained with SunTrust Bank through the Maturity Date from which the Original
Purchaser may deduct on each Interest Payment Date via ACH Direct Debit the amount of
principal and interest then due on the Note and all other amounts due and owing on the Note
and under the Resolution as provided herein when such amounts are due, or payment may be
made in such other place or manner as the Owner may designate to the Issuer in writing. On
each December 15th and June 15th, commencing June 15, 2013 the Issuer shall deposit into the
Note Subaccount of the Debt Service Fund Increment Revenues equal to the amount of principal
and interest due on the next Interest Payment Date, respectively. On each October 1,
commencing October 1, 2013, if the Issuer shall determine that there shall be insufficient
Pledged Revenues to pay the principal of and interest on the Note on the subsequent January 1st
and July 1st, the Issuer shall provide notice to the City of the amount of such expected
deficiency. All amounts budgeted and appropriated by the City pursuant to the City Interlocal
Agreement shall be deposited into the Note Subaccount. In the event the Issuer shall issue
Additional Parity Obligations, deposits of Increment Revenue into the subaccounts within the
Debt Service Fund shall be made on a pro‐rata basis based on the outstanding par amount of
such obligations payable from the Increment Revenues.
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SECTION 7: REGISTRATION AND EXCHANGE OF NOTE; PERSONS TREATED AS OWNER. The Note is initially registered to the Original Purchaser. So long as the Note
shall remain unpaid, the Secretary will keep books for the registration and transfer of the Note.
The Note shall be transferable only upon such registration books. The Note is being issued as a
single registered note and may be transferred in whole but not in part.
The Person in whose name the Note shall be registered shall be deemed and regarded as
the absolute owner thereof for all purposes, and payment of principal and interest on such note
shall be made only to or upon the written order of the Owner. All such payments shall be valid
and effectual to satisfy and discharge the liability upon such Note to the extent of the sum or
sums so paid.
SECTION 8: PAYMENT OF PRINCIPAL AND INTEREST; LIMITED
OBLIGATION. The Issuer promises that it will promptly pay the principal of and interest on
the Note at the place, on the dates and in the manner provided therein according to the true
intent and meaning hereof and thereof. The Note shall not be or constitute a general obligation
or indebtedness of the Issuer or the City as a ʺbondʺ within the meaning of Article VII, Section
12 of the Constitution of Florida, but shall be payable solely from the Pledged Revenues and
amounts received from the City pursuant to the terms of the City Interlocal Agreement. The
Issuer shall not be obligated to pay the Note or the interest thereon except from the revenues of
the community redevelopment agency held for that purpose and neither the faith and credit nor
the taxing power of the City or of the state or of any political subdivision thereof is pledged to
the payment of the principal of, or the interest on, such Note. No holder of the Note shall ever
have the right to compel the exercise of any ad valorem taxing power of the City to pay such
Note. The Issuer has no taxing power. A holder of the Note is not entitled to payment of such
Note from any other funds of the Issuer or the City except from the Pledged Revenues as
described herein and moneys transferred by the City pursuant to the City Interlocal Agreement.
SECTION 9: APPLICATION OF PROVISIONS OF ORIGINAL RESOLUTION. The Note shall for all purposes be considered to be Additional Parity Bonds issued under the
authority of the Original Resolution and this Resolution and shall be entitled to all the
protection, security, rights and privileges enjoyed by the Outstanding Parity Bonds. Neither the
Note nor the interest thereon shall be or constitute a general indebtedness of the Issuer, the City
or the County within the meaning of any constitutional or statutory provision or limitation, but
shall be payable from and secured by a prior lien upon and pledge of the Pledged Funds on a
parity with the Outstanding Parity Bonds, as provided in this Resolution and the Original
Resolution. No holder or holders of the Note issued hereunder shall ever have the right to
compel the exercise of the ad valorem taxing power of the City or the County or taxation in any
form of any property therein for payment thereof.
SECTION 10: SECURITY FOR THE NOTE. The payment of the principal of and
interest on the Note shall be secured equally and ratably by an irrevocable lien on the Pledged
Revenues superior to all other liens and encumbrances on such Pledged Revenues on parity
with the Outstanding Parity Bonds, and the Issuer does hereby irrevocably pledge such Pledged
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Revenues to the payment of the principal of and interest on the Note and for all other required
payments provided for hereunder and under the Note.
The Proposal requires that the City covenant to budget and appropriate Non‐Ad
Valorem Revenues to the extent necessary in order to ensure timely and full payment of
principal of and interest on the Note and all other payments provided for herein in the event
Increment Revenues are insufficient to pay such amounts when due whether by maturity or
acceleration as provided herein or otherwise. The City has determined that the interest rate for
the Note is highly favorable and that obtaining such interest rate is in the best interests of the
Issuer, the City and its citizenry, and has authorized and directed execution of the City
Interlocal Agreement pursuant to which the City will agree to budget and appropriate Non‐Ad
Valorem Revenues to the extent necessary to pay principal and interest due on the Note and all
other payments provided for herein. The Chairman is hereby authorized and directed to
execute, and the Secretary to attest, the City Interlocal Agreement in substantially the form
attached hereto as Exhibit D, with such modifications thereto as may be approved by the
Chairman, such approval to be presumed by the Chairman’s execution thereof.
SECTION 11: PREPAYMENT. The Note shall be subject to prepayment as provided in
the Note.
SECTION 12: APPLICATION OF PROCEEDS OF NOTE. All money received from the
sale of the Note shall be applied by the Issuer toward refunding of the Refunded Bonds and
paying the costs and expenses associated with the issuance of the Note.
SECTION 13: APPOINTMENT OF ESCROW AGENT; APPROVAL OF FORM OF ESCROW DEPOSIT AGREEEMNT. The Issuer hereby appoints US Bank, National Association
to serve as ʺEscrow Agentʺ. The form of the Escrow Deposit Agreement by and between the
Issuer and the Escrow Agent, substantially in the form of Exhibit E attached hereto, is hereby
approved, and the Chairman is hereby authorized to execute and deliver the Escrow Deposit
Agreement on behalf of the Issuer, attested by the City Clerk, and the corporate seal of the
Issuer shall be affixed or reproduced thereon, with such changes, insertions, omissions and
filling of blanks as may be approved by the Chairman, such approval to be conclusively
presumed by the delivery of such Escrow Deposit Agreement by the Issuer.
Subject to the execution and delivery of the Note for the purpose of refunding the
Refunded 2005‐1 Bond and the Refunded 2005‐2 Bond, the Issuer hereby irrevocably calls the
Refunded 2005‐1 Bond and the Refunded 2005‐2 Bond for early redemption on July 1, 2014, or
such other date as determined by the Chairman in the Escrow Deposit Agreement, at a
redemption price of 100% of the principal amount of such Refunded Bonds to be redeemed,
plus accrued interest thereon to the redemption date.
SECTION 14: TAX COVENANT AND COMPLIANCE WITH LAWS. The Issuer covenants to the Owner of the Note provided for in this Resolution that the Issuer will not make
any use of the proceeds of the Note, at any time during the term of the Note, which, if such use
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had been reasonably expected on the date the Note was issued, would have caused such Note
to be an ʺarbitrage bondʺ within the meaning of the Code. The Issuer will comply with the
requirements of the Code and any valid and applicable rules and regulations promulgated
thereunder necessary to ensure the exclusion of interest on the Note from the gross income of
the holders thereof for purposes of federal income taxation.
The Issuer covenants to comply with the Act and all applicable state and local laws and
regulations regarding the issuance of the Note.
SECTION 15: AMENDMENT. This Resolution shall not be modified or amended in
any respect subsequent to the issuance of the Note except with the written consent of the Owner
of the Note.
SECTION 16: LIMITATION OF RIGHTS. With the exception of any rights herein
expressly conferred, nothing expressed or mentioned in or to be implied from this Resolution or
the Note is intended or shall be construed to give to any Person other than the Issuer and the
Owner any legal or equitable right, remedy or claim under or with respect to this Resolution or
any covenants, conditions and provisions herein contained; this Resolution and all of the
covenants, conditions and provisions hereof being intended to be and being for the sole and
exclusive benefit of the Issuer and the Owner, and upon adoption by the Issuer, shall be
deemed a contractual obligation between the Issuer and the Owner.
SECTION 17: NOTE MUTILATED, DESTROYED, STOLEN OR LOST. In case the Note shall become mutilated, or be destroyed, stolen or lost, the Issuer shall issue and deliver a
new note of like tenor as the note so mutilated, destroyed, stolen or lost, in exchange and in
substitution for such mutilated note, or in lieu of and in substitution for the Note destroyed,
stolen or lost and upon the Owner furnishing the Issuer proof of ownership thereof and
indemnity reasonably satisfactory to the Issuer and complying with such other reasonable
regulations and conditions as the Issuer may prescribe and paying such expenses as the Issuer
may incur. The Note so surrendered shall be canceled.
SECTION 18: IMPAIRMENT OF CONTRACT. The Issuer covenants with the Owner
of the Note that it will not, without the written consent of the Owner of the Note, enact any
resolution or adopt any resolution which repeals, impairs or amends in any manner adverse to
the Owner the rights granted to the Owner of the Note hereunder.
SECTION 19: BUDGET AND FINANCIAL INFORMATION. Not later than 270 days
after the close of each Fiscal Year, the Issuer shall provide the Owners of the Notes with its
Comprehensive Annual Financial Report including annual financial statements for each Fiscal
Year of the Issuer, prepared in accordance with applicable law and generally accepted
accounting principles and audited by an independent certified public accountant. All
accounting terms not specifically defined or specified herein shall have the meanings attributed
to such terms under generally accepted accounting principles as in effect from time to time,
consistently applied.
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The Issuer shall annually provide to the Owners of the Notes a copy of its budget within
30 days of its adoption and such other financial information as may be reasonably requested by
such Owners.
The Issuer shall keep separately identifiable financial books, records, accounts and data
concerning the Trust Fund and the receipt and disbursement of Pledged Revenues and the Note
in accordance with generally accepted accounting principles applicable to governmental entities
and applied in a consistent manner.
SECTION 20: NO LOSS OF LIEN ON PLEDGED REVENUES. The Issuer shall not do, or omit to do, or suffer to be done or omit to be done, any matter or thing whatsoever
whereby the lien of the Note on the Pledged Revenues, or any part thereof, or the priority
thereof might or could be lost or materially impaired. The Issuer shall diligently enforce its
right to receive and dispose of the Pledged Revenues. The Issuer shall not take any action
which might impair or adversely affect the Pledged Revenues, or impair or adversely affect in
any manner the pledge thereof and the lien thereon securing the Note. The Issuer shall, so long
as the Note is outstanding, take all lawful action necessary or appropriate to collect all
Increment Revenues due and owing the Issuer under the Act.
SECTION 21: EVENTS OF DEFAULT; REMEDIES OF OWNER. The following shall
constitute “Events of Default”: (i) if the Issuer fails to pay any payment of principal of or
interest on any Note as the same becomes due and payable; (ii) the City defaults in the
performance or observance of the covenant contained in Section 3(F) of the Interlocal
Agreement; (iii) if the Issuer defaults in the performance or observance of any covenant or
agreement contained in this Resolution or the Notes (other than set forth in (i) above) and fails
to cure the same within thirty (30) days; (iv) filing of a petition by or against the Issuer relating
to bankruptcy, reorganization, arrangement or readjustment of debt of the Issuer or for any
other relief relating to the Issuer under the United States Bankruptcy Code, as amended, or any
other insolvency act or law now or hereafter existing, or the involuntary appointment of a
receiver or trustee for the Issuer, and the continuance of any such event for 90 days undismissed
or undischarged; or (v) the Issuer admits in writing its inability to pay its debts generally as
they become due or files a petition in bankruptcy or makes and assignment for the benefit of its
creditors or consents to the appointment of a receiver or trustee for itself.
Upon the occurrence of an Event of Default as described in (i) above, the interest rate
shall be adjusted to be equal to the Prime Rate plus 8%. Upon the occurrence of an Event of
Default as described in (ii), (iii), (iv) or (v) above, the interest rate shall be adjusted to be equal to
the Prime Rate plus 5%.
Upon the occurrence and during the continuation of any Event of Default, the Owners of
the Notes may, in addition to any other remedies set forth in this Resolution or the Notes, either
at law or in equity, by suit, action, mandamus or other proceeding in any court of competent
jurisdiction, protect and enforce any and all rights under the laws of the State, or granted or
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contained in this Resolution, and may enforce and compel the performance of all duties
required by this Resolution, or by any applicable statutes to be performed by the Issuer.
SECTION 22: ADDITIONAL PARITY OBLIGATIONS. The Issuer may issue one or
more series of Additional Parity Obligations for any lawful purpose. No such Additional Parity
Obligations shall be issued unless the amount of such Increment Revenues during any twelve
(12) consecutive months designated by the Issuer within the eighteen (18) months immediately
preceding the date of delivery of such additional bonds or notes with respect to which such
statement is made equals at least 1.50 times the maximum annual debt service on the Note and
Additional Parity Obligations with respect to which such statement is made.
SECTION 23: SEVERABILITY. If any provision of this Resolution shall be held or deemed to be or shall, in fact, be illegal, inoperative or unenforceable in any context, the same
shall not affect any other provision herein or render any other provision (or such provision in
any other context) invalid, inoperative or unenforceable to any extent whatever.
SECTION 24: BUSINESS DAYS. In any case where the due date of interest on or
principal of a Note is not a Business Day, then payment of such principal or interest need not be
made on such date but may be made on the next succeeding Business Day, provided that credit
for payments made shall not be given until the payment is actually received by the Owner.
SECTION 25: APPLICABLE PROVISIONS OF LAW. This Resolution shall be
governed by and construed in accordance with the laws of the State.
SECTION 26: RULES OF INTERPRETATION. Unless expressly indicated otherwise,
references to sections or articles are to be construed as references to sections or articles of this
instrument as originally executed. Use of the words ʺherein,ʺ ʺhereby,ʺ ʺhereunder,ʺ ʺhereof,ʺ
ʺhereinbefore,ʺ ʺhereinafterʺ and other equivalent words refer to this Resolution and not solely
to the particular portion in which any such word is used.
SECTION 27: CAPTIONS. The captions and headings in this Resolution are for convenience only and in no way define, limit or describe the scope or intent of any provisions or
sections of this Resolution.
SECTION 28: MEMBERS OF THE ISSUER AND THE COMMISSION OF THE CITY EXEMPT FROM PERSONAL LIABILITY. No recourse under or upon any obligation,
covenant or agreement of this Resolution or the Note or for any claim based thereon or
otherwise in respect thereof, shall be had against any member of the Issuer or of the
Commission of the City, as such, past, present or future, either directly or through the Issuer or
the City it being expressly understood (a) that no personal liability whatsoever shall attach to,
or is or shall be incurred by, the members of the Issuer or the Commission of the City, as such,
under or by reason of the obligations, covenants or agreements contained in this Resolution or
implied therefrom, and (b) that any and all such personal liability, either at common law or in
equity or by constitution or statute, of, and any and all such rights and claims against, every
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such member of the Issuer and the Commission of the City, as such, are waived and released as
a condition of, and as a consideration for, the execution of this Resolution and the issuance of
the Note, on the part of the Issuer.
SECTION 29: AUTHORIZATIONS. The Chairman and any member of the Issuer, and
such other officials and employees of the Issuer as may be designated by the Issuer are each
designated as agents of the Issuer in connection with the issuance and delivery of the Note and
are authorized and empowered, collectively or individually, to take all action and steps and to
execute all instruments, documents, and contracts on behalf of the Issuer that are necessary or
desirable in connection with the execution and delivery of the Note, and which are specifically
authorized or are not inconsistent with the terms and provisions of this Resolution.
SECTION 30: BANK QUALIFIED. The Issuer hereby designates the Note as a
ʺqualified tax‐exempt obligationʺ within the meaning of Section 265(b)(3) of the Code. The
Issuer and any subordinate entities of the Issuer and any issuer of ʺtax‐exemptʺ debt that issues
ʺon behalf ofʺ the Issuer do not reasonably expect during the calendar year 2012 to issue more
than $10,000,000 of ʺtax‐exemptʺ obligations including each of the Note, exclusive of any private
activity bonds as defined in Section 141(a) of the Code (other than qualified 501(c)(3) bonds as
defined in Section 145 of the Code).
SECTION 31: REPEAL OF INCONSISTENT RESOLUTIONS. All resolutions or parts thereof in conflict with this Resolution are hereby repealed to the extent of such conflict. To the
extent conflicts exist between the provisions of this Resolution and the Proposal, the provisions
of this Resolution shall control.
SECTION 32: NO THIRD PARTY BENEFICIARIES. Except such other persons as may be expressly described in this Resolution or in the Note, nothing in this Resolution or in the
Note, expressed or implied, is intended or shall be construed to confer upon any person, other
than the Issuer and the Owner, any right, remedy or claim, legal or equitable, under and by
reason of this Resolution, or any provision thereof, or of the Note, all provisions thereof being
intended to be and being for the sole and exclusive benefit of the Issuer and the persons who
shall from time to time be the holders.
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SECTION 33: EFFECTIVE DATE. This Resolution shall take effect immediately upon
its passage.
Duly passed and adopted on December 10, 2012.
[SEAL]
Chairman
ATTEST:
City Clerk
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EXHIBIT A
[FORM OF NOTE]
ANY HOLDER SHALL, PRIOR TO BECOMING A HOLDER, EXECUTE A
PURCHASER’S CERTIFICATE IN THE FORM ATTACHED TO THE RESOLUTION (HEREIN
DEFINED) CERTIFYING, AMONG OTHER THINGS, THAT SUCH HOLDER IS AN
ʺACCREDITED INVESTORʺ AS SUCH TERM IS DEFINED IN THE SECURITIES ACT OF 1933,
AS AMENDED, AND REGULATION D THEREUNDER.
THE ISSUER SHALL NOT BE OBLIGATED TO PAY THIS NOTE OR THE INTEREST
HEREON EXCEPT FROM THE PLEDGED REVENUES OF THE ISSUER HELD FOR THAT
PURPOSE AND NEITHER THE FAITH AND CREDIT NOR THE TAXING POWER OF THE
CITY OF HOLLY HILL, FLORIDA OR OF THE STATE OR OF ANY POLITICAL
SUBDIVISION THEREOF IS PLEDGED TO THE PAYMENT OF THE PRINCIPAL OF, OR THE
INTEREST ON THIS NOTE.
_________, 2012 $__________
WINTER PARK COMMUNITY REDEVELOPMENT AGENCY
REDEVELOPMENT REFUNDING REVENUE NOTE, SERIES 2012
Maturity Date: January 1, 2025 Interest Rate: 1.99%
(subject to adjustment as described herein)
KNOW ALL MEN BY THESE PRESENTS that the Winter Park Community
Redevelopment Agency (the ʺIssuerʺ), a community redevelopment agency created by the City
of Winter Park, Florida, pursuant to Part III of Chapter 163, Florida Statutes, for value received,
promises to pay from the sources hereinafter provided, to the order of SunTrust Bank, or
registered assigns (hereinafter, the ʺOwnerʺ), the principal sum of $__________ on the dates as
hereinafter described, together with interest on the principal balance at the Interest Rate which
is described above; provided, however, that such interest rate shall not exceed, under any
circumstances, the maximum rate permitted by applicable law. The Interest Rate (as defined
below) on this Note also may be adjusted as hereinafter provided. This Note shall have a final
maturity date of January 1, 2025.
Principal of and interest on this Note is payable in lawful money of the United States of
America at such place as the Owner may designate to the Issuer in writing.
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Terms used herein in capitalized form and not otherwise defined herein shall have the
meanings ascribed thereto in a resolution adopted by the Issuer on December 10, 2012 (the
ʺResolutionʺ). In addition, the following terms shall have the following meanings:
ʺAdjusted BQ Rateʺ means, upon a Loss of BQ Status, the interest rate per annum that
shall provide the Owner with the same after tax yield that the Owner would have otherwise
received had the Loss of BQ Status not occurred, taking into account the increased taxable
income of the Owner as a result of such Loss of BQ Status. The Owner shall provide the Issuer
with a written statement explaining the calculation of the Adjusted BQ Rate, which statement
shall, in the absence of manifest error, be conclusive and binding on the Issuer.
ʺCodeʺ means the Internal Revenue Code of 1986, as amended, and any Treasury
Regulations, whether temporary, proposed or final, promulgated thereunder or applicable
thereto.
ʺDetermination of Taxabilityʺ means a final decree or judgment of any Federal court or a
final action of the Internal Revenue Service determining that interest paid or payable on the
Note is or was includable in the gross income of an Owner for Federal income tax purposes;
provided, that no such decree, judgment, or action will be considered final for this purpose,
however, unless the Issuer has been given written notice and, if it is so desired and is legally
allowed, has been afforded the opportunity to contest the same, either directly or in the name of
any Owner, and until the conclusion of any appellate review, if sought.
ʺLoss of BQ Statusʺ shall mean a determination by the Owner that the Note is not a
ʺqualified tax‐exempt obligationʺ within the meaning of Section 265(b)(3) of the Code (or any
successor provision).
ʺMaximum Federal Corporate Tax Rateʺ shall mean the maximum rate of income taxation
imposed on corporations pursuant to Section 11(b) of the Code, determined without regard to
tax rate or tax benefit make‐up provisions such as the last two sentences of Section 11(b)(1) of
the Code, as in effect from time to time (or, if as a result of a change in the Code the rate of
income taxation imposed on corporations shall not be applicable to the Owner, the maximum
statutory rate of federal income taxation which could apply to the Owner). The Maximum
Federal Corporate Tax Rate on the date of execution of the Resolution is 35%.
ʺTaxable Periodʺ shall mean the period of time between (a) the date that interest on the
Note is deemed to be includable in the gross income of the owner thereof for federal income tax
purposes as a result of a Determination of Taxability, and (b) the date of the Determination of
Taxability.
ʺTaxable Rateʺ shall mean, upon a Determination of Taxability, the interest rate per
annum that shall provide the Owner with the same after tax yield that the Owner would have
otherwise received had the Determination of Taxability not occurred, taking into account the
increased taxable income of the Owner as a result of such Determination of Taxability. The
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Owner shall provide the Issuer with a written statement explaining the calculation of the
Taxable Rate, which statement shall, in the absence of manifest error, be conclusive and binding
on the Issuer.
Upon the occurrence of a Determination of Taxability and for as long as the Note remains
outstanding, the Interest Rate on the Note shall be converted to the Taxable Rate. In addition,
upon a Determination of Taxability, the Issuer shall pay to the Owner (i) an additional amount
equal to the difference between (A) the amount of interest actually paid on the Note during the
Taxable Period and (B) the amount of interest that would have been paid during the Taxable
Period had the Note borne interest at the Taxable Rate, and (ii) an amount equal to any interest,
penalties on overdue interest and additions to tax (as referred to in Subchapter A of Chapter 68
of the Code) owed by the Owner as a result of the Determination of Taxability.
So long as no Determination of Taxability shall have occurred, upon the occurrence of a
Loss of BQ Status and for as long as the Note remains outstanding, the Interest Rate on the Note
shall be converted to the Adjusted BQ Rate. In addition, upon a Loss of BQ Status, the Issuer
shall pay to the Owner (i) an additional amount equal to the difference between (A) the amount
of interest actually paid on the Note during the period of time from the date of issuance of the
Note and the next succeeding interest payment date, and (B) the amount of interest that would
have been paid during the period in clause (A) had the Note borne interest at the Adjusted BQ
Rate, and (ii) an amount equal to any interest, penalties on overdue interest and additions to tax
(as referred to in Subchapter A of Chapter 68 of the Code) owed by the Owner as a result of the
Loss of BQ Status.
Interest shall be payable semi‐annually to the Owner on each January 1 and July 1
commencing on July 1, 2013.
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Principal on the Note shall amortize on the following dates:
Date
Principal Amortization
1/1/2014
1/1/2015
1/1/2016
1/1/2017
1/1/2018
1/1/2019
1/1/2020
1/1/2021
1/1/2022
1/1/2023
1/1/2024
1/1/2025
A final payment in the amount of the entire unpaid principal balance, together with all
accrued and unpaid interest hereon and all other amounts due and owing under this Note, shall
be due and payable in full on the Maturity Date or earlier redemption.
Prepayment
The Issuer may prepay this Note in whole or in part at anytime upon two Business
Days’ prior written notice to the Owner. Such prepayment notice shall specify the amount of
the prepayment which is to be made. In the event of a prepayment of the Note under this
paragraph, the Issuer may be required to pay the Owner an additional fee (a prepayment
charge or premium) determined in the manner provided below, to compensate the Owner for
all losses, costs and expenses incurred in connection with such prepayment.
The fee shall be equal to the present value of the difference between (1) the amount that
would have been realized by the Owner on the prepaid amount for the remaining term of the
Note at the Federal Reserve H.15 Statistical Release rate for fixed‐rate payers in interest rate
swaps for a term corresponding to the term of the Note, interpolated to the nearest month, if
necessary, that was in effect three Business Days prior to the origination date of the Note and (2)
the amount that would be realized by the Owner by reinvesting such prepaid funds for the
remaining term of the Note at the Federal Reserve H.15 Statistical Release rate for fixed‐rate
payers in interest rate swaps, interpolated to the nearest month, that was in effect three Business
Days prior to the prepayment date; both discounted at the same interest rate utilized in
determining the applicable amount in (2). Should the present value have no value or a negative
value, the Issuer may prepay at par with no additional prepayment charge or premium. Should
the Federal Reserve no longer release rates for fixed‐rate payers in interest rate swaps, the
Owner may substitute the Federal Reserve H.15 Statistical Release with another similar index.
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The Owner shall provide the Issuer with a written statement explaining the calculation of the
premium due, which statement shall, in absence of manifest error, be conclusive and binding.
Other Provisions Generally Applicable
If any date for the payment of principal and interest hereon shall fall on a day which is
not a Business Day, the payment due on such date shall be due on the next succeeding day
which is a Business Day, but the Issuer shall not receive credit for the payment until it is
actually received by the Owner.
All payments by the Issuer pursuant to this Note shall apply first to accrued interest,
then to other charges due the Owner, and the balance thereof shall apply to principal.
THIS NOTE DOES NOT CONSTITUTE A GENERAL INDEBTEDNESS OF THE ISSUER
OR THE CITY OF WINTER PARK, FLORIDA WITHIN THE MEANING OF ANY
CONSTITUTIONAL, STATUTORY OR CHARTER PROVISION OR LIMITATION, AND IT IS
EXPRESSLY AGREED BY THE HOLDER OF THIS NOTE THAT SUCH NOTEHOLDER
SHALL NEVER HAVE THE RIGHT TO REQUIRE OR COMPEL THE EXERCISE OF THE AD
VALOREM TAXING POWER OF THE CITY OR TAXATION OF ANY REAL OR PERSONAL
PROPERTY THEREIN FOR THE PAYMENT OF THE PRINCIPAL OF AND INTEREST ON
THIS NOTE OR THE MAKING OF ANY OTHER PAYMENTS PROVIDED FOR IN THE
RESOLUTION.
This Note is issued pursuant to Chapter 163, Florida Statutes and the Resolution, and is
subject to all the terms and conditions of the Resolution. All terms, conditions and provisions of
the Resolution including, without limitation, remedies in the Event of Default (as such term is
defined in the Resolution) are by this reference thereto incorporated herein as a part of this
Note. Payment of the Note is secured by a pledge of the amounts derived from increment
revenues as defined in Section 163.387(1), Florida Statutes, received by the Issuer and deposited
into the Trust Fund, together with payments made by the City pursuant to the City Interlocal
Agreement.
This Note may be exchanged or transferred by the Owner hereof but only upon the
registration books maintained by the Issuer and in the manner provided in the Resolution.
It is hereby certified, recited and declared that all acts, conditions and prerequisites
required to exist, happen and be performed precedent to and in the execution, delivery and the
issuance of this Note do exist, have happened and have been performed in due time, form and
manner as required by law, and that the issuance of this Note is in full compliance with and
does not exceed or violate any constitutional or statutory limitation.
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IN WITNESS WHEREOF, the Winter Park Community Redevelopment Agency has
caused this Note to be executed in its name by the manual signature of its Chairman and
attested by the manual signature of the City Clerk, all as of this ____ day of __________, 2012.
[SEAL] WINTER PARK COMMUNITY
REDEVELOPMENT AGENCY
Chairman
ATTESTED:
City Clerk
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B‐1
EXHIBIT B
FORM OF LENDERʹS CERTIFICATE
This is to certify that SUNTRUST BANK (the “Lender”) has made a loan (the “Loan”) to
the Winter Park Community Redevelopment Agency (the “Issuer”). The Loan is evidenced by
the Issuer’s the Redevelopment Refunding Revenue Note, Series 2012 (the “Note”), dated
_______________, 2012. The Lender acknowledges that the Loan is being made as a direct loan
and not through the purchase of a municipal security and that the Issuer will not make a filing
with the Municipal Securities Rulemaking Board’s Electronic Municipal Market Access
repository. Any capitalized undefined terms used herein not otherwise defined shall have the
meaning set forth in a resolution adopted by the Issuer on December 10, 2012 (the
“Resolution”).
The Lender has conducted its own investigation, to the extent it deems satisfactory or
sufficient, into matters relating to business affairs or conditions (either financial or otherwise) of
the Issuer in connection with the Loan and no inference should be drawn that the Lender, in the
acceptance of said Note, is relying on Note Counsel or Issuer’s Counsel as to any such matters
other than the legal opinion rendered by Note Counsel, Bryant Miller Olive P.A., and by
Issuer’s Counsel, Brown, Garganese, Weiss & D’Agresta, P.A.
We acknowledge that no CUSIP numbers or credit ratings have been obtained with
respect to the Note. We further acknowledge that we are making the Loan for our own account,
we do not currently intend to syndicate the Loan, and we will take no action to cause the Note
to be characterized as securities.
We are not acting as a broker or other intermediary and are funding the Loan with our
own capital and for our own account and not with a present view to a resale or other
distribution to the public. The Note will only be sold to an Accredited Investor as such term is
defined in the Securities Act of 1933, as amended, and Regulation D. We are a bank as
contemplated by Section 517.061(7), Florida Statutes. We are not purchasing the Note for the
direct or indirect promotion of any scheme or enterprise with the intent of violating or evading
any provision of Chapter 517, Florida Statutes.
We are an “accredited investor” as such term is defined in the Securities Act of 1933, as
amended, and Regulation D thereunder.
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B‐2
This Certificate is furnished by us as Lender based solely on our knowledge on the day
hereof and is solely for the benefit of the Issuer and may not be relied upon by, or published or
communicated to, any other person without our express written consent. We disclaim any
obligation to supplement this letter to reflect any facts or circumstances that may hereafter come
to our attention.
Dated this __th day of December, 2012.
SUNTRUST BANK
By:
Name: Brian S. Orth
Title: First Vice President
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EXHIBIT C
FORM OF DISCLOSURE LETTER
The undersigned, as purchaser, proposes to negotiate with the Winter Park Community
Redevelopment Agency (the ʺIssuerʺ) for the private purchase of its Redevelopment Refunding
Revenue Note, Series 2012 (the ʺNoteʺ) in the principal amount of $_____________. Prior to the
award of the Note, the following information is hereby furnished to the Issuer:
1. Set forth is an itemized list of the nature and estimated amounts of expenses to
be incurred for services rendered to us (the ʺBankʺ) in connection with the issuance of the Note
(such fees and expenses to be paid by the Issuer):
Akerman Senterfitt
Purchaser’s Counsel Fees ‐‐ $4,500
2. (a) Except as described in paragraph 1 above, no fee, bonus or other
compensation is estimated to be paid by the Bank in connection with the issuance of the Note to
any person not regularly employed or retained by the Bank (including any ʺfinderʺ as defined
in Section 218.386(1)(a), Florida Statutes).
(b) No person has entered into an understanding with the Bank, or to the
knowledge of the Bank, with the Issuer, for any paid or promised compensation or valuable
consideration, directly or indirectly, expressly or implied, to act solely as an intermediary
between the Issuer and the Bank or to exercise or attempt to exercise any influence to effect any
transaction in the purchase of the Note.
3. The amount of the underwriting spread expected to be realized by the Bank is $0.
4. The management fee to be charged by the Bank is $0.
5. Truth‐in‐Bonding Statement:
The Note is being issued to refund the Issuerʹs Redevelopment Revenue Bond, Series
2003‐1, Redevelopment Revenue Bond, Series 2003‐2, Redevelopment Revenue Bond, Series
2005‐1 and Redevelopment Revenue Bond, Series 2005‐2 (Taxable).
Unless earlier redeemed, the Note is expected to be repaid by January 1, 2025. At an
interest rate of 1.99%, total interest paid over the life of the Note is estimated to equal
$_________.
The Note will be payable solely from the tax increment as defined in Section 163.387,
Florida Statutes, received by the Issuer and deposited to its redevelopment trust fund, together
with amounts budgeted and appropriated by the City of Winter Park, Florida, if any, to the
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extent necessary to fund any deficits in available increment revenues pursuant to an interlocal
agreement between the City of Winter Park, Florida and the Issuer. See a resolution adopted by
the Issuer on December 10, 2012, for further definitions of such revenues. In reliance upon
schedules provided by Public Financial Management Inc., issuance of the Note is estimated to
result in a maximum of approximately $_______ of revenues of the Issuer not being available to
finance the services of the Issuer in any one year during the life of the Note.
6. The name and address of the Bank is as follows:
SunTrust Bank
200 South Orange Avenue
Orlando, Florida 32801
IN WITNESS WHEREOF, the undersigned has executed this Disclosure Letter on
behalf of the Bank this ____ day of December, 2012.
SUNTRUST BANK
By:
Name: Brian S. Orth
Title: First Vice President
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EXHIBIT D
FORM OF CITY INTERLOCAL AGREEMENT
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E‐1
EXHIBIT E
FORM OF ESCROW DEPOSIT AGREEMENT
{26174/001/00720158.DOCXv1}
RESOLUTION NO. ___-12
A RESOLUTION OF THE CITY OF WINTER PARK, FLORIDA
APPROVING THE FORM OF AND AUTHORIZING THE
EXECUTION OF AN INTERLOCAL AGREEMENT WITH THE
WINTER PARK COMMUNITY REDEVELOPMENT AGENCY;
PROVIDING CERTAIN OTHER MATTERS IN CONNECTION
THEREWITH; AND PROVIDING AN EFFECTIVE DATE.
BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF WINTER PARK,
FLORIDA:
SECTION 1. AUTHORITY FOR THIS RESOLUTION. This resolution is adopted
pursuant to the provisions of Chapter 166, Part 1, Florida Statutes; Chapter 163, Part III, Florida
Statutes; and other applicable provisions of law. All capitalized undefined terms used herein
shall have eth meaning ascribed thereto in a resolution adopted by the Winter Park Community
Redevelopment Agency (the “CRA”) on the date hereof.
SECTION 2. FINDINGS. It is hereby ascertained, determined and declared that:
A. The City of Winter Park, Florida (the “City”) desires to enter into that
certain Interlocal Agreement with the CRA (the "Interlocal Agreement"), the
substantially final form of which is attached hereto as Exhibit A
B. Pursuant to the Interlocal Agreement, the City will provide a covenant to
budget and appropriate Non-Ad Valorem Revenues as may be necessary, from time to
time, in order to ensure timely and full payment of debt service on the Redevelopment
Refunding Revenue Note, Series 2012 (the “Note”) in the event the Pledged Revenues
pledged by the CRA to payment of the note are insufficient to pay debt service on any
interest or principal payment date.
C. It is necessary, desirable and in the best interests of the citizens of the City
that the City Commission approve the execution and delivery of the Interlocal
Agreement.
SECTION 3. INTERLOCAL AGREEMENT. The form of the Interlocal Agreement
relating to the Note, attached hereto as Exhibit A, is hereby approved. The Interlocal
Agreement with such non-material omissions, insertions and variations as may be necessary
and/or desirable and approved by the Mayor or Vice-Mayor prior to the execution thereof,
which necessity and/or desirability and approval shall be presumed by the City's execution of
the Interlocal Agreement, shall be executed in the name of the City by the Mayor or Vice-Mayor
and attested by the City Clerk or an authorized assistant or deputy and a seal of the City shall
be affixed thereto or reproduced thereon.
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SECTION 4. REPEAL OF INCONSISTENT PROVISIONS. All ordinances,
resolutions or parts thereof in conflict with this ordinance are hereby repealed to the extent of
such conflict.
SECTION 5. EFFECTIVE DATE. This resolution shall take effect immediately
upon its final passage and adoption.
ADOPTED after reading by title at a regular meeting of the City Commission of the City
of Winter Park, Florida, held in City Hall, Winter Park, Florida, on this 10th day of December,
2012.
CITY OF WINTER PARK, FLORIDA
(SEAL)
By
Mayor
ATTESTED:
By
City Clerk
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EXHIBIT A
FORM OF INTERLOCAL AGREEMENT
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FORM OF
INTERLOCAL AGREEMENT
THIS INTERLOCAL AGREEMENT is made and entered into this __ day of December,
2012 by and between the City of Winter Park, Florida, a municipal corporation organized and
existing under the laws of the State of Florida (hereinafter referred to as the "City"), and the City
of Winter Park Community Redevelopment Agency, a public body corporate and politic
organized and existing under the laws of the State of Florida (hereinafter referred to as the
"Agency").
W I T N E S S E T H:
WHEREAS, the City established the Agency pursuant to Part III, Chapter 163, Florida
Statutes, as amended, in order to undertake redevelopment activities within the Winter Park
Community Redevelopment Area; and
WHEREAS, on October 29, 2003 the Agency issued its Redevelopment Revenue Bond,
Series 2003-1 (the “2003-1 Bond”), on December 30, 2003 the Agency issued its Redevelopment
Revenue Bond, Series 2003-2 (the “2003-2 Bond”) and on December 28, 2005 the Agency issued its
Redevelopment Revenue Bond, Series 2005-1 (the “2005-1 Bond”) and its Redevelopment
Revenue Bond, Series 2005-2 (Taxable) (the “2005-2 Bond” and together with the 2003-1 Bond, the
2003-2 Bond and the 2005-1 Bond, the “Refunded Bonds”), all in order to finance the acquisition,
construction and/or equipping of various redevelopment improvements in accordance with the
plans and specifications on file with the City; and
WHEREAS, the Agency sought and received proposals for a loan with which to refund the
Refunded Bonds; and
WHEREAS, SunTrust Bank (the "Bank") submitted a proposal pursuant to which the Bank
has agreed to lend the Agency $___________ for purposes of refunding the Refunded Bonds at an
interest rate of 1.99%, which such loan is to be evidenced by the Agency's Redevelopment
Refunding Revenue Note, Series 2012 (the "Note"), which will mature no later than the original
maturity date of the Refunded Bonds; and
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WHEREAS, in order to obtain such rate of interest, the Bank requires that the City agree
to covenant to budget and appropriate non-ad valorem revenues of the City as may be
necessary in order to ensure timely and full payment of debt service in the event the Tax
Increment Revenues pledged by the Agency to payment of the Note are insufficient to pay the
principal of or interest thereon or any other amounts owing under the Note or the Resolution
(as defined below); and
WHEREAS, the City has determined that the interest rate of 1.99% is favorable and that
obtaining such interest rate is in the best interests of the Agency, the City and its citizenry; and
has authorized and directed the Mayor to execute and the City Clerk to attest an interlocal
agreement between the City and the Agency setting forth such covenant to budget and
appropriate; and
WHEREAS, by adoption of a resolution adopted by the Agency on December 10, 2012
(the "Resolution"), the Agency authorized issuance of the Note, pledged the Pledged Revenues
to the repayment thereof and authorized execution of this interlocal agreement.
NOW, THEREFORE, in consideration of the mutual promises set forth herein, the
parties hereby agree as follows:
SECTION 1. INCORPORATION OF RECITALS. The above set forth recitals are
hereby incorporated into the terms of this Interlocal Agreement.
SECTION 2. DEFINITIONS. Capitalized terms not otherwise defined herein shall
have the meaning as set forth in the Resolution. In addition, the following terms shall have the
following meanings:
"Debt" means at any date (without duplication) all of the following to the extent that
they are secured by or payable in whole or in part from any Non-Ad Valorem Revenues: (A) all
obligations of the City for borrowed money or evidenced by bonds, debentures, notes or other
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similar instruments; (B) all obligations of the City to pay the deferred purchase price of property
of services, except trade accounts payable under normal trade terms and which arise in the
ordinary course of business; (C) all obligations of the City as lessee under capitalized leases; and
(D) all indebtedness of other Persons to the extent guaranteed by, or secured by, Non-Ad
Valorem Revenues of the City. Notwithstanding anything herein to the contrary, no obligations
of the City which are payable directly or indirectly from a covenant to budget and appropriate
Non-Ad Valorem Revenues shall be considered to be "Debt" for purposes of Section 3(E) herein
if the City does not reasonably expect to apply Non-Ad Valorem Revenues to the payment of
debt service, directly or indirectly, on such obligations.
"Non-Ad Valorem Revenues" means all revenues of the City not derived from ad
valorem taxation, and which are lawfully available to pay debt service on the Note.
SECTION 3. COVENANT TO BUDGET AND APPROPRIATE.
(A) On or before October 1 of each calendar year, the Agency shall make a
determination as to whether the Pledged Revenues are sufficient to pay the principal of or
interest thereon or any other amounts owing under the Note or the Resolution on the next
January 1st and July 1st. If the Agency determines that the Pledged Revenues deposited to the
Trust Fund (and the amounts currently on deposit therein) are less than the amount of principal
and interest due on the Note on the next succeeding January 1st and July 1st (a “Deficit”), the
Agency shall notify the City as to the existence and amount of such Deficit and the City will
amend its budget in accordance with this section.
(B) Upon receipt of notice from the Agency, the City covenants and agrees and has a
positive and affirmative duty to appropriate in its annual budget, by amendment, if necessary,
from Non-Ad Valorem Revenues, amounts sufficient to pay the Deficit not being paid from
Pledged Revenues as the same shall become due. Such covenant and agreement on the part of
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the City to budget and appropriate such amounts of Non-Ad Valorem Revenues shall be
cumulative to the extent not paid, and shall continue until such Non-Ad Valorem Revenues or
other legally available funds in amounts sufficient to make all such required payments shall
have been budgeted, appropriated and actually paid. No lien upon or pledge of such budgeted
Non-Ad Valorem Revenues shall be in effect until such monies are budgeted and appropriated
as provided herein. The City further acknowledges and agrees that the obligations of the City
to include the amount of such amendments in each of its annual budgets and to pay such
amounts from Non-Ad Valorem Revenues may be enforced in a court of competent jurisdiction
in accordance with the remedies set forth herein.
(C) Until such monies are budgeted and appropriated as provided herein, such
covenant to budget and appropriate does not create any lien upon or pledge of such Non-Ad
Valorem Revenues, nor does it preclude the City from pledging in the future its Non-Ad
Valorem Revenues, nor does it require the City to levy and collect any particular Non-Ad
Valorem Revenues, nor does it give the holder of the Note a prior claim on the Non-Ad
Valorem Revenues as opposed to claims of general creditors of the City. Such covenant to
budget and appropriate Non-Ad Valorem Revenues is subject in all respects to the prior
payment of obligations secured by a pledge of such Non-Ad Valorem Revenues heretofore or
hereafter entered into (including the payment of debt service on bonds and other debt
instruments). Anything in this Agreement to the contrary notwithstanding, it is understood
and agreed that all obligations of the City hereunder shall be payable from the portion of Non-
Ad Valorem Revenues budgeted and appropriated as herein provided, and nothing herein shall
be deemed to pledge ad valorem tax power or ad valorem tax revenues or to permit or
constitute a mortgage or lien upon any assets owned by the City and no holder of the Note nor
any other person, may compel the levy of ad valorem taxes on real or personal property within
the boundaries of the City or the use or application of ad valorem tax revenues in order to
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satisfy any payment obligations hereunder or to maintain or continue any of the activities of the
City which generate user service charges, regulatory fees, or any other Non-Ad Valorem
Revenues. Notwithstanding any provisions of this Agreement or the Note to the contrary, the
City shall never be obligated to maintain or continue any of the activities of the City which
generate user service charges, regulatory fees or any Non-Ad Valorem Revenues. Until such
monies are budgeted and appropriated as herein provided, neither this Agreement nor the
obligations of the City hereunder shall be construed as a pledge of or a lien on all or any legally
available Non-Ad Valorem Revenues of the City, but shall be payable solely as provided herein
and, notwithstanding anything herein to the contrary, is subject to the funding obligations for
essential governmental services of the City, and is further subject to the provisions of Section
166.241, Florida Statutes.
(D) Non-Ad Valorem Revenues which are budgeted and appropriated hereunder
shall be deposited to the Note Subaccount (as defined in the Resolution) of the Debt Service
Fund established by Section 6 of the Resolution, and shall be applied solely toward payment of
the Note.
(E) While the Note is outstanding under the provisions of the Resolution, the City
covenants that it will not incur any additional Debt unless the combined maximum annual debt
service on Debt does not exceed 50% of the Non-Ad Valorem Revenues for any twelve (12)
consecutive months out of the eighteen (18) months immediately preceding the proposed date
of issuance of such additional Debt (based on amounts shown in the annual audit reports for
such Fiscal Years). Upon the issuance of any additional Debt the Finance Director of the City
shall provide a certificate evidencing compliance with the provisions of this Section 3(E).
(F) To the extent permitted by applicable law without causing the Note to be subject
to approval by referendum pursuant to the Florida Constitution, the City covenants to maintain
and collect Non-Ad Valorem Revenues sufficient to cover essential governmental services of the
{26174/001/00714388.DOCv4}
- 6 -
City plus 120% of the maximum annual debt service coming due in each year on all Debt. On
an annual basis, the Finance Director of the City will provide a certificate evidencing
compliance with Section 3(F) to SunTrust Bank, the original purchaser of the Note.
SECTION 4. NO GENERAL OBLIGATION OR PLEDGE OF FULL FAITH AND
CREDIT. The parties hereto acknowledge that the Note does not constitute a general obligation
of the City or the Agency within the meaning of any constitutional, statutory, or charter
provision or limitation or a pledge of the City's or Agency's full faith and credit, but shall be
payable from the Pledged Revenues in the manner described in the Resolution and, in the event
of insufficient Pledged Revenues, from Non-Ad Valorem Revenues of the City as provided
herein.
SECTION 5. DURATION. This Interlocal Agreement shall remain in full force and
effect for so long as the Note remains outstanding.
SECTION 6. MODIFICATION. No modification or amendment of the terms hereof
shall be valid unless in writing, and executed by the parties hereto and consented to by the
Owner (as defined in the Resolution).
SECTION 7. COUNTERPARTS. This Interlocal Agreement may be executed in
counterparts, each of which shall be valid and regarded as an original and all of which shall
constitute one and the same document.
SECTION 8. NO THIRD PARTY BENEFICIARIES. This Interlocal Agreement is for
the sole benefit of the parties hereto and the Owner (as defined in the Resolution) of the Note;
and there are no other third party beneficiaries of this Interlocal Agreement.
{26174/001/00714388.DOCv4}
- 7 -
SECTION 9. EFFECTIVE DATE. This Interlocal Agreement shall be in full force and
take effect immediately upon its execution.
[Signature page follows]
{26174/001/00714388.DOCv4}
- 8 -
IN WITNESS WHEREOF, the parties have caused this Interlocal Agreement to be
executed and their signatures to be affixed hereto on this ___ day of December, 2012.
(SEAL) CITY OF WINTER PARK, FLORIDA
By:
Mayor
ATTEST:
By:
City Clerk
(SEAL) WINTER PARK COMMUNITY
REDEVELOPMENT AGENCY
By:
Chairman
ATTESTED:
By: ________________________________
City Clerk
City of Winter Park -- Community Redevelopment Agency (CRA) Redevelopment Refunding Revenue Note, Series 2012Bank Loan RFP Summary
BB&T SunTrust BankProposal Requirements
Contact Information
Michael SmithVice President
255 S. Orange AvenueOrlando, FL 32801
(407) 241-3570 phone
Brian S. OrthFirst Vice President
200 S. Orange Avenue Suite 600Orlando, FL 32801
Office: 407.237.6764
Tax Exempt Fixed Interest RateFinal Maturity on 1/1/2025: 2.15% Final Maturity on 1/1/2025: 1.99%
Calculation No Calculation provided No Calculation provided
Rate Locked to Closing, or Date to be set
Rates are valid for a closing date not later than 45 days after 11/13/2012.
Rate locked until 12/15/2012
Day Count 30/360 30/360
Prepayment PenaltyPrepayment allowed in whole on any payment date with a 1% prepayment premium.
Make whole call provision
Legal/Other Fees $3,500 $4,500
Amount$5,300,000 $5,300,000
Other Conditions
Requires a back up pledge of the City from legally available non ad valorem revenues.
Requires a back up pledge of the City from legally available non ad valorem revenues.
The Borrower covenants to maintain and collect non ad valorem revenues sufficient to cover essential government services plus 120% of the maximum annual debt service coming due each year on all outstanding debts.
ABT: CRA revenues must cover MADS by 1.50 times and MADS on all non ad-valorem debt cannot be more than 50% of non ad-valorem revenues.
ACH Direct Debit of payments from SunTrust account
After-tax yield maintenance (Corporate Tax Rate Change Language)
Prepared by: Public Financial Management, Inc. 12/4/2012
Nov 29, 2012 1:26 pm Prepared by Public Financial Management, Inc. (Finance 7.003 Winter_Park:2012) Page 1
SOURCES AND USES OF FUNDS
Winter Park Community Redevelopment AgencyRedevelopment Refunding Revenue Bond, Series 2012
Sources: 2012A 2012B 2012C 2012D Total
Bond Proceeds:Par Amount 1,945,000.00 1,825,000.00 615,000.00 1,480,000.00 5,865,000.00
Other Sources of Funds:Contribution 195,032.00 181,949.50 49,198.01 122,212.26 548,391.77
2,140,032.00 2,006,949.50 664,198.01 1,602,212.26 6,413,391.77
Uses: 2012A 2012B 2012C 2012D Total
Refunding Escrow Deposits:Cash Deposit 2,122,140.80 1,989,280.93 49,198.25 122,212.85 4,282,832.83SLGS Purchases 608,925.00 1,462,854.00 2,071,779.00
2,122,140.80 1,989,280.93 658,123.25 1,585,066.85 6,354,611.83
Delivery Date Expenses:Cost of Issuance 16,581.42 15,558.40 5,242.97 12,617.21 50,000.00
Other Uses of Funds:Additional Proceeds 1,309.78 2,110.17 831.79 4,528.20 8,779.94
2,140,032.00 2,006,949.50 664,198.01 1,602,212.26 6,413,391.77
Nov 29, 2012 1:26 pm Prepared by Public Financial Management, Inc. (Finance 7.003 Winter_Park:2012) Page 2
BOND SUMMARY STATISTICS
Winter Park Community Redevelopment AgencyRedevelopment Refunding Revenue Bond, Series 2012
Dated Date 12/18/2012Delivery Date 12/18/2012Last Maturity 01/01/2025
Arbitrage Yield 1.989933%True Interest Cost (TIC) 1.989933%Net Interest Cost (NIC) 1.990000%All-In TIC 2.142745%Average Coupon 1.990000%
Average Life (years) 6.077Duration of Issue (years) 5.668
Par Amount 5,865,000.00Bond Proceeds 5,865,000.00Total Interest 709,271.66Net Interest 709,271.66Total Debt Service 6,574,271.66Maximum Annual Debt Service 621,863.00Average Annual Debt Service 546,212.28
Underwriter's Fees (per $1000) Average Takedown Other Fee
Total Underwriter's Discount
Bid Price 100.000000
Par Average Average PV of 1 bpBond Component Value Price Coupon Life change
Bond Component 5,865,000.00 100.000 1.990% 6.077 3,275.40
5,865,000.00 6.077 3,275.40
All-In ArbitrageTIC TIC Yield
Par Value 5,865,000.00 5,865,000.00 5,865,000.00 + Accrued Interest + Premium (Discount) - Underwriter's Discount - Cost of Issuance Expense -50,000.00 - Other Amounts
Target Value 5,865,000.00 5,815,000.00 5,865,000.00
Target Date 12/18/2012 12/18/2012 12/18/2012Yield 1.989933% 2.142745% 1.989933%
Nov 29, 2012 1:26 pm Prepared by Public Financial Management, Inc. (Finance 7.003 Winter_Park:2012) Page 3
SUMMARY OF BONDS REFUNDED
Winter Park Community Redevelopment AgencyRedevelopment Refunding Revenue Bond, Series 2012
Maturity Interest Par Call CallBond Date Rate Amount Date Price
Redevelopment Revenue Bond, Series 2003-1, 2003_1:BOND 01/01/2013 3.840% 155,000.00 12/18/2012 100.000
01/01/2014 3.840% 160,000.00 12/18/2012 100.00001/01/2015 3.840% 170,000.00 12/18/2012 100.00001/01/2016 3.840% 175,000.00 12/18/2012 100.00001/01/2017 3.840% 180,000.00 12/18/2012 100.00001/01/2018 3.840% 190,000.00 12/18/2012 100.00001/01/2019 3.840% 195,000.00 12/18/2012 100.00001/01/2020 3.840% 205,000.00 12/18/2012 100.00001/01/2021 3.840% 210,000.00 12/18/2012 100.00001/01/2022 3.840% 220,000.00 12/18/2012 100.00001/01/2023 3.840% 225,000.00 12/18/2012 100.000
2,085,000.00
Redevelopment Revenue Bond, Series 2003-2, 2003_2:BOND 01/01/2013 3.780% 145,000.00 12/18/2012 100.000
01/01/2014 3.780% 150,000.00 12/18/2012 100.00001/01/2015 3.780% 160,000.00 12/18/2012 100.00001/01/2016 3.780% 165,000.00 12/18/2012 100.00001/01/2017 3.780% 170,000.00 12/18/2012 100.00001/01/2018 3.780% 175,000.00 12/18/2012 100.00001/01/2019 3.780% 185,000.00 12/18/2012 100.00001/01/2020 3.780% 190,000.00 12/18/2012 100.00001/01/2021 3.780% 195,000.00 12/18/2012 100.00001/01/2022 3.780% 205,000.00 12/18/2012 100.00001/01/2023 3.780% 215,000.00 12/18/2012 100.000
1,955,000.00
Redevelopment Revenue Bond, Series 2005-1, 2005_1:BOND 01/01/2013 3.995% 36,934.98
01/01/2014 3.995% 38,410.5301/01/2015 3.995% 39,945.04 07/01/2014 100.00001/01/2016 3.995% 41,540.84 07/01/2014 100.00001/01/2017 3.995% 43,200.40 07/01/2014 100.00001/01/2018 3.995% 44,926.25 07/01/2014 100.00001/01/2019 3.995% 46,721.06 07/01/2014 100.00001/01/2020 3.995% 48,587.56 07/01/2014 100.00001/01/2021 3.995% 50,528.64 07/01/2014 100.00001/01/2022 3.995% 52,547.25 07/01/2014 100.00001/01/2023 3.995% 54,646.52 07/01/2014 100.00001/01/2024 3.995% 56,829.64 07/01/2014 100.00001/01/2025 3.995% 59,099.99 07/01/2014 100.000
613,918.70
Redevelopment Revenue Bond, Series 2005-2 (Taxable), 2005_2:BOND 01/01/2013 5.910% 79,956.82
01/01/2014 5.910% 80,445.8601/01/2015 5.910% 85,200.22 07/01/2014 100.00001/01/2016 5.910% 90,235.55 07/01/2014 100.00001/01/2017 5.910% 95,568.47 07/01/2014 100.00001/01/2018 5.910% 101,216.56 07/01/2014 100.00001/01/2019 5.910% 107,198.46 07/01/2014 100.00001/01/2020 5.910% 113,533.89 07/01/2014 100.00001/01/2021 5.910% 120,243.75 07/01/2014 100.000
Nov 29, 2012 1:26 pm Prepared by Public Financial Management, Inc. (Finance 7.003 Winter_Park:2012) Page 4
SUMMARY OF BONDS REFUNDED
Winter Park Community Redevelopment AgencyRedevelopment Refunding Revenue Bond, Series 2012
Maturity Interest Par Call CallBond Date Rate Amount Date Price
Redevelopment Revenue Bond, Series 2005-2 (Taxable), 2005_2:BOND 01/01/2022 5.910% 127,350.15 07/01/2014 100.000
01/01/2023 5.910% 134,876.55 07/01/2014 100.00001/01/2024 5.910% 142,847.75 07/01/2014 100.00001/01/2025 5.910% 151,290.05 07/01/2014 100.000
1,429,964.08
6,083,882.78
Nov 29, 2012 1:26 pm Prepared by Public Financial Management, Inc. (Finance 7.003 Winter_Park:2012) Page 5
SUMMARY OF REFUNDING RESULTS
Winter Park Community Redevelopment AgencyRedevelopment Refunding Revenue Bond, Series 2012
Dated Date 12/18/2012Delivery Date 12/18/2012Arbitrage yield 1.989933%Escrow yield 0.207279%
Bond Par Amount 5,865,000.00True Interest Cost 1.989933%Net Interest Cost 1.990000%Average Coupon 1.990000%Average Life 6.077
Par amount of refunded bonds 6,083,882.78Average coupon of refunded bonds 4.405406%Average life of refunded bonds 5.861
PV of prior debt to 12/18/2012 @ 1.989933% 6,998,159.58Net PV Savings 593,547.75Percentage savings of refunded bonds 9.756068%Percentage savings of refunding bonds 10.120166%
Nov 29, 2012 1:26 pm Prepared by Public Financial Management, Inc. (Finance 7.003 Winter_Park:2012) Page 6
SUMMARY OF REFUNDING RESULTS
Winter Park Community Redevelopment AgencyRedevelopment Refunding Revenue Bond, Series 2012A
---Refunding of 2003 CRA Bond
Dated Date 12/18/2012Delivery Date 12/18/2012Arbitrage yield 1.989933%Escrow yield
Bond Par Amount 1,945,000.00True Interest Cost 1.989929%Net Interest Cost 1.990000%Average Coupon 1.990000%Average Life 5.699
Par amount of refunded bonds 2,085,000.00Average coupon of refunded bonds 3.840000%Average life of refunded bonds 5.413
PV of prior debt to 12/18/2012 @ 1.989933% 2,315,750.37Net PV Savings 177,028.57Percentage savings of refunded bonds 8.490579%Percentage savings of refunding bonds 9.101726%
Nov 29, 2012 1:26 pm Prepared by Public Financial Management, Inc. (Finance 7.003 Winter_Park:2012) Page 7
SUMMARY OF REFUNDING RESULTS
Winter Park Community Redevelopment AgencyRedevelopment Refunding Revenue Bond, Series 2012B
---Refunding of 2003-2 CRA Bond
Dated Date 12/18/2012Delivery Date 12/18/2012Arbitrage yield 1.989933%Escrow yield
Bond Par Amount 1,825,000.00True Interest Cost 1.989929%Net Interest Cost 1.990000%Average Coupon 1.990000%Average Life 5.705
Par amount of refunded bonds 1,955,000.00Average coupon of refunded bonds 3.780000%Average life of refunded bonds 5.415
PV of prior debt to 12/18/2012 @ 1.989933% 2,164,985.96Net PV Savings 160,147.01Percentage savings of refunded bonds 8.191663%Percentage savings of refunding bonds 8.775179%
Nov 29, 2012 1:26 pm Prepared by Public Financial Management, Inc. (Finance 7.003 Winter_Park:2012) Page 8
SUMMARY OF REFUNDING RESULTS
Winter Park Community Redevelopment AgencyRedevelopment Refunding Revenue Bond, Series 2012C
---Refunding of 2005-1 CRA Bond
Dated Date 12/18/2012Delivery Date 12/18/2012Arbitrage yield 1.989933%Escrow yield 0.207469%
Bond Par Amount 615,000.00True Interest Cost 1.989939%Net Interest Cost 1.990000%Average Coupon 1.990000%Average Life 6.760
Par amount of refunded bonds 613,918.70Average coupon of refunded bonds 3.995000%Average life of refunded bonds 6.582
PV of prior debt to 12/18/2012 @ 1.989933% 699,402.97Net PV Savings 36,036.50Percentage savings of refunded bonds 5.869914%Percentage savings of refunding bonds 5.859593%
Nov 29, 2012 1:26 pm Prepared by Public Financial Management, Inc. (Finance 7.003 Winter_Park:2012) Page 9
SUMMARY OF REFUNDING RESULTS
Winter Park Community Redevelopment AgencyRedevelopment Refunding Revenue Bond, Series 2012D
---Refunding of 2005-2 CRA Bond
Dated Date 12/18/2012Delivery Date 12/18/2012Arbitrage yield 1.989933%Escrow yield 0.207200%
Bond Par Amount 1,480,000.00True Interest Cost 1.989939%Net Interest Cost 1.990000%Average Coupon 1.990000%Average Life 6.749
Par amount of refunded bonds 1,429,964.08Average coupon of refunded bonds 5.910000%Average life of refunded bonds 6.814
PV of prior debt to 12/18/2012 @ 1.989933% 1,818,020.29Net PV Savings 220,335.67Percentage savings of refunded bonds 15.408476%Percentage savings of refunding bonds 14.887545%
Nov 29, 2012 1:26 pm Prepared by Public Financial Management, Inc. (Finance 7.003 Winter_Park:2012) Page 10
SAVINGS
Winter Park Community Redevelopment AgencyRedevelopment Refunding Revenue Bond, Series 2012
Present ValuePrior Prior Prior Refunding Annual to 12/18/2012
Date Debt Service Receipts Net Cash Flow Debt Service Savings Savings @ 1.9899326%
12/18/2012 548,391.77 -548,391.77 -548,391.77 -548,391.7701/01/2013 548,391.77 548,391.77 548,391.77 547,999.7907/01/2013 122,682.96 122,682.96 62,571.41 60,111.55 59,476.8101/01/2014 551,539.35 551,539.35 553,356.75 -1,817.40 58,294.15 -1,780.4907/01/2014 113,631.54 113,631.54 53,431.50 60,200.04 58,396.5301/01/2015 568,776.80 568,776.80 568,431.50 345.30 60,545.34 331.6607/01/2015 104,027.97 104,027.97 48,307.25 55,720.72 52,991.6601/01/2016 575,804.36 575,804.36 573,307.25 2,497.11 58,217.83 2,351.4107/01/2016 94,053.23 94,053.23 43,083.50 50,969.73 47,522.9801/01/2017 582,822.10 582,822.10 573,083.50 9,738.60 60,708.33 8,990.5907/01/2017 83,697.25 83,697.25 37,810.00 45,887.25 41,945.3601/01/2018 594,840.06 594,840.06 582,810.00 12,030.06 57,917.31 10,888.3007/01/2018 72,853.40 72,853.40 32,387.25 40,466.15 36,264.7201/01/2019 606,772.92 606,772.92 582,387.25 24,385.67 64,851.82 21,638.5107/01/2019 61,511.94 61,511.94 26,914.75 34,597.19 30,397.2201/01/2020 618,633.39 618,633.39 591,914.75 26,718.64 61,315.83 23,243.8307/01/2020 49,659.47 49,659.47 21,293.00 28,366.47 24,434.2401/01/2021 625,431.86 625,431.86 596,293.00 29,138.86 57,505.33 24,852.2907/01/2021 37,379.46 37,379.46 15,571.75 21,807.71 18,416.3701/01/2022 642,276.86 642,276.86 605,571.75 36,705.11 58,512.82 30,691.7007/01/2022 24,468.13 24,468.13 9,701.25 14,766.88 12,225.9701/01/2023 653,991.20 653,991.20 604,701.25 49,289.95 64,056.83 40,406.6907/01/2023 11,007.46 11,007.46 3,781.00 7,226.46 5,865.7101/01/2024 210,684.85 210,684.85 193,781.00 16,903.85 24,130.31 13,585.6707/01/2024 5,651.14 5,651.14 1,890.50 3,760.64 2,992.6601/01/2025 216,041.18 216,041.18 191,890.50 24,150.68 27,911.32 19,029.41
7,776,630.65 548,391.77 7,228,238.88 6,574,271.66 653,967.22 653,967.22 584,767.81
Savings Summary
PV of savings from cash flow 584,767.81Plus: Refunding funds on hand 8,779.94
Net PV Savings 593,547.75
Nov 29, 2012 1:26 pm Prepared by Public Financial Management, Inc. (Finance 7.003 Winter_Park:2012) Page 11
SAVINGS
Winter Park Community Redevelopment AgencyRedevelopment Refunding Revenue Bond, Series 2012A
---Refunding of 2003 CRA Bond
Present ValuePrior Prior Prior Refunding Annual to 12/18/2012
Date Debt Service Receipts Net Cash Flow Debt Service Savings Savings @ 1.9899326%
12/18/2012 195,032.00 -195,032.00 -195,032.00 -195,032.0001/01/2013 195,032.00 195,032.00 195,032.00 194,892.6007/01/2013 37,056.00 37,056.00 20,750.45 16,305.55 16,133.3701/01/2014 197,056.00 197,056.00 194,352.75 2,703.25 19,008.80 2,648.3607/01/2014 33,984.00 33,984.00 17,611.50 16,372.50 15,882.0001/01/2015 203,984.00 203,984.00 202,611.50 1,372.50 17,745.00 1,318.2707/01/2015 30,720.00 30,720.00 15,770.75 14,949.25 14,217.0701/01/2016 205,720.00 205,720.00 200,770.75 4,949.25 19,898.50 4,660.4807/01/2016 27,360.00 27,360.00 13,930.00 13,430.00 12,521.8201/01/2017 207,360.00 207,360.00 198,930.00 8,430.00 21,860.00 7,782.5007/01/2017 23,904.00 23,904.00 12,089.25 11,814.75 10,799.8201/01/2018 213,904.00 213,904.00 207,089.25 6,814.75 18,629.50 6,167.9707/01/2018 20,256.00 20,256.00 10,149.00 10,107.00 9,057.6301/01/2019 215,256.00 215,256.00 205,149.00 10,107.00 20,214.00 8,968.4007/01/2019 16,512.00 16,512.00 8,208.75 8,303.25 7,295.2701/01/2020 221,512.00 221,512.00 208,208.75 13,303.25 21,606.50 11,573.1307/01/2020 12,576.00 12,576.00 6,218.75 6,357.25 5,475.9901/01/2021 222,576.00 222,576.00 211,218.75 11,357.25 17,714.50 9,686.5007/01/2021 8,544.00 8,544.00 4,179.00 4,365.00 3,686.2001/01/2022 228,544.00 228,544.00 214,179.00 14,365.00 18,730.00 12,011.5807/01/2022 4,320.00 4,320.00 2,089.50 2,230.50 1,846.7001/01/2023 229,320.00 229,320.00 212,089.50 17,230.50 19,461.00 14,125.14
2,555,496.00 195,032.00 2,360,464.00 2,165,596.20 194,867.80 194,867.80 175,718.79
Savings Summary
PV of savings from cash flow 175,718.79Plus: Refunding funds on hand 1,309.78
Net PV Savings 177,028.57
Nov 29, 2012 1:26 pm Prepared by Public Financial Management, Inc. (Finance 7.003 Winter_Park:2012) Page 12
SAVINGS
Winter Park Community Redevelopment AgencyRedevelopment Refunding Revenue Bond, Series 2012B
---Refunding of 2003-2 CRA Bond
Present ValuePrior Prior Prior Refunding Annual to 12/18/2012
Date Debt Service Receipts Net Cash Flow Debt Service Savings Savings @ 1.9899326%
12/18/2012 181,949.50 -181,949.50 -181,949.50 -181,949.5001/01/2013 181,949.50 181,949.50 181,949.50 181,819.4507/01/2013 34,209.00 34,209.00 19,470.22 14,738.78 14,583.1501/01/2014 184,209.00 184,209.00 183,158.75 1,050.25 15,789.03 1,028.9207/01/2014 31,374.00 31,374.00 16,517.00 14,857.00 14,411.9101/01/2015 191,374.00 191,374.00 186,517.00 4,857.00 19,714.00 4,665.0807/01/2015 28,350.00 28,350.00 14,825.50 13,524.50 12,862.1001/01/2016 193,350.00 193,350.00 189,825.50 3,524.50 17,049.00 3,318.8607/01/2016 25,231.50 25,231.50 13,084.25 12,147.25 11,325.8101/01/2017 195,231.50 195,231.50 188,084.25 7,147.25 19,294.50 6,598.2807/01/2017 22,018.50 22,018.50 11,343.00 10,675.50 9,758.4301/01/2018 197,018.50 197,018.50 191,343.00 5,675.50 16,351.00 5,136.8407/01/2018 18,711.00 18,711.00 9,552.00 9,159.00 8,208.0601/01/2019 203,711.00 203,711.00 194,552.00 9,159.00 18,318.00 8,127.2007/01/2019 15,214.50 15,214.50 7,711.25 7,503.25 6,592.3801/01/2020 205,214.50 205,214.50 197,711.25 7,503.25 15,006.50 6,527.4407/01/2020 11,623.50 11,623.50 5,820.75 5,802.75 4,998.3601/01/2021 206,623.50 206,623.50 195,820.75 10,802.75 16,605.50 9,213.5707/01/2021 7,938.00 7,938.00 3,930.25 4,007.75 3,384.5001/01/2022 212,938.00 212,938.00 198,930.25 14,007.75 18,015.50 11,712.8507/01/2022 4,063.50 4,063.50 1,990.00 2,073.50 1,716.7201/01/2023 219,063.50 219,063.50 201,990.00 17,073.50 19,147.00 13,996.44
2,389,416.50 181,949.50 2,207,467.00 2,032,176.97 175,290.03 175,290.03 158,036.84
Savings Summary
PV of savings from cash flow 158,036.84Plus: Refunding funds on hand 2,110.17
Net PV Savings 160,147.01
Nov 29, 2012 1:26 pm Prepared by Public Financial Management, Inc. (Finance 7.003 Winter_Park:2012) Page 13
SAVINGS
Winter Park Community Redevelopment AgencyRedevelopment Refunding Revenue Bond, Series 2012C
---Refunding of 2005-1 CRA Bond
Prior Refunding Present ValueDebt Prior Prior Debt Annual to 12/18/2012
Date Service Receipts Net Cash Flow Service Savings Savings @ 1.9899326%
12/18/2012 49,198.01 -49,198.01 -49,198.01 -49,198.0101/01/2013 49,198.01 49,198.01 49,198.01 49,162.8407/01/2013 11,525.25 11,525.25 6,561.20 4,964.05 4,911.6301/01/2014 49,935.78 49,935.78 51,119.25 -1,183.47 3,780.58 -1,159.4407/01/2014 10,758.00 10,758.00 5,671.50 5,086.50 4,934.1201/01/2015 50,703.04 50,703.04 50,671.50 31.54 5,118.04 30.2907/01/2015 9,960.10 9,960.10 5,223.75 4,736.35 4,504.3801/01/2016 51,500.94 51,500.94 55,223.75 -3,722.81 1,013.54 -3,505.6007/01/2016 9,130.32 9,130.32 4,726.25 4,404.07 4,106.2501/01/2017 52,330.72 52,330.72 54,726.25 -2,395.53 2,008.54 -2,211.5307/01/2017 8,267.39 8,267.39 4,228.75 4,038.64 3,691.7101/01/2018 53,193.64 53,193.64 54,228.75 -1,035.11 3,003.53 -936.8707/01/2018 7,369.99 7,369.99 3,731.25 3,638.74 3,260.9401/01/2019 54,091.05 54,091.05 53,731.25 359.80 3,998.54 319.2707/01/2019 6,436.74 6,436.74 3,233.75 3,202.99 2,814.1601/01/2020 55,024.30 55,024.30 53,233.75 1,790.55 4,993.54 1,557.6907/01/2020 5,466.20 5,466.20 2,736.25 2,729.95 2,351.5201/01/2021 55,994.84 55,994.84 57,736.25 -1,741.41 988.54 -1,485.2307/01/2021 4,456.89 4,456.89 2,189.00 2,267.89 1,915.2101/01/2022 57,004.14 57,004.14 57,189.00 -184.86 2,083.03 -154.5707/01/2022 3,407.26 3,407.26 1,641.75 1,765.51 1,461.7201/01/2023 58,053.78 58,053.78 56,641.75 1,412.03 3,177.54 1,157.5507/01/2023 2,315.69 2,315.69 1,094.50 1,221.19 991.2401/01/2024 59,145.33 59,145.33 56,094.50 3,050.83 4,272.02 2,451.9607/01/2024 1,180.52 1,180.52 547.25 633.27 503.9501/01/2025 60,280.51 60,280.51 55,547.25 4,733.26 5,366.53 3,729.55
786,730.43 49,198.01 737,532.42 697,728.45 39,803.97 39,803.97 35,204.71
Savings Summary
PV of savings from cash flow 35,204.71Plus: Refunding funds on hand 831.79
Net PV Savings 36,036.50
Nov 29, 2012 1:26 pm Prepared by Public Financial Management, Inc. (Finance 7.003 Winter_Park:2012) Page 14
SAVINGS
Winter Park Community Redevelopment AgencyRedevelopment Refunding Revenue Bond, Series 2012D
---Refunding of 2005-2 CRA Bond
Present ValuePrior Prior Prior Refunding Annual to 12/18/2012
Date Debt Service Receipts Net Cash Flow Debt Service Savings Savings @ 1.9899326%
12/18/2012 122,212.26 -122,212.26 -122,212.26 -122,212.2601/01/2013 122,212.26 122,212.26 122,212.26 122,124.9107/01/2013 39,892.71 39,892.71 15,789.54 24,103.17 23,848.6601/01/2014 120,338.57 120,338.57 124,726.00 -4,387.43 19,715.74 -4,298.3307/01/2014 37,515.54 37,515.54 13,631.50 23,884.04 23,168.5101/01/2015 122,715.76 122,715.76 128,631.50 -5,915.74 17,968.30 -5,681.9807/01/2015 34,997.87 34,997.87 12,487.25 22,510.62 21,408.1101/01/2016 125,233.42 125,233.42 127,487.25 -2,253.83 20,256.79 -2,122.3307/01/2016 32,331.41 32,331.41 11,343.00 20,988.41 19,569.1001/01/2017 127,899.88 127,899.88 131,343.00 -3,443.12 17,545.29 -3,178.6607/01/2017 29,507.36 29,507.36 10,149.00 19,358.36 17,695.4001/01/2018 130,723.92 130,723.92 130,149.00 574.92 19,933.28 520.3507/01/2018 26,516.41 26,516.41 8,955.00 17,561.41 15,738.0801/01/2019 133,714.87 133,714.87 128,955.00 4,759.87 22,321.28 4,223.6507/01/2019 23,348.70 23,348.70 7,761.00 15,587.70 13,695.4101/01/2020 136,882.59 136,882.59 132,761.00 4,121.59 19,709.29 3,585.5707/01/2020 19,993.77 19,993.77 6,517.25 13,476.52 11,608.3701/01/2021 140,237.52 140,237.52 131,517.25 8,720.27 22,196.79 7,437.4407/01/2021 16,440.57 16,440.57 5,273.50 11,167.07 9,430.4701/01/2022 143,790.72 143,790.72 135,273.50 8,517.22 19,684.29 7,121.8407/01/2022 12,677.37 12,677.37 3,980.00 8,697.37 7,200.8301/01/2023 147,553.92 147,553.92 133,980.00 13,573.92 22,271.29 11,127.5707/01/2023 8,691.77 8,691.77 2,686.50 6,005.27 4,874.4701/01/2024 151,539.52 151,539.52 137,686.50 13,853.02 19,858.29 11,133.7107/01/2024 4,470.62 4,470.62 1,343.25 3,127.37 2,488.7101/01/2025 155,760.67 155,760.67 136,343.25 19,417.42 22,544.79 15,299.86
2,044,987.72 122,212.26 1,922,775.46 1,678,770.04 244,005.42 244,005.42 215,807.47
Savings Summary
PV of savings from cash flow 215,807.47Plus: Refunding funds on hand 4,528.20
Net PV Savings 220,335.67
Nov 29, 2012 1:26 pm Prepared by Public Financial Management, Inc. (Finance 7.003 Winter_Park:2012) Page 15
BOND DEBT SERVICE
Winter Park Community Redevelopment AgencyRedevelopment Refunding Revenue Bond, Series 2012
Period AnnualEnding Principal Coupon Interest Debt Service Debt Service
07/01/2013 62,571.41 62,571.4101/01/2014 495,000 1.990% 58,356.75 553,356.75 615,928.1607/01/2014 53,431.50 53,431.5001/01/2015 515,000 1.990% 53,431.50 568,431.50 621,863.0007/01/2015 48,307.25 48,307.2501/01/2016 525,000 1.990% 48,307.25 573,307.25 621,614.5007/01/2016 43,083.50 43,083.5001/01/2017 530,000 1.990% 43,083.50 573,083.50 616,167.0007/01/2017 37,810.00 37,810.0001/01/2018 545,000 1.990% 37,810.00 582,810.00 620,620.0007/01/2018 32,387.25 32,387.2501/01/2019 550,000 1.990% 32,387.25 582,387.25 614,774.5007/01/2019 26,914.75 26,914.7501/01/2020 565,000 1.990% 26,914.75 591,914.75 618,829.5007/01/2020 21,293.00 21,293.0001/01/2021 575,000 1.990% 21,293.00 596,293.00 617,586.0007/01/2021 15,571.75 15,571.7501/01/2022 590,000 1.990% 15,571.75 605,571.75 621,143.5007/01/2022 9,701.25 9,701.2501/01/2023 595,000 1.990% 9,701.25 604,701.25 614,402.5007/01/2023 3,781.00 3,781.0001/01/2024 190,000 1.990% 3,781.00 193,781.00 197,562.0007/01/2024 1,890.50 1,890.5001/01/2025 190,000 1.990% 1,890.50 191,890.50 193,781.00
5,865,000 709,271.66 6,574,271.66 6,574,271.66
Nov 29, 2012 1:26 pm Prepared by Public Financial Management, Inc. (Finance 7.003 Winter_Park:2012) Page 16
BOND DEBT SERVICE
Winter Park Community Redevelopment AgencyRedevelopment Refunding Revenue Bond, Series 2012A
---Refunding of 2003 CRA Bond
Period AnnualEnding Principal Coupon Interest Debt Service Debt Service
07/01/2013 20,750.45 20,750.4501/01/2014 175,000 1.990% 19,352.75 194,352.75 215,103.2007/01/2014 17,611.50 17,611.5001/01/2015 185,000 1.990% 17,611.50 202,611.50 220,223.0007/01/2015 15,770.75 15,770.7501/01/2016 185,000 1.990% 15,770.75 200,770.75 216,541.5007/01/2016 13,930.00 13,930.0001/01/2017 185,000 1.990% 13,930.00 198,930.00 212,860.0007/01/2017 12,089.25 12,089.2501/01/2018 195,000 1.990% 12,089.25 207,089.25 219,178.5007/01/2018 10,149.00 10,149.0001/01/2019 195,000 1.990% 10,149.00 205,149.00 215,298.0007/01/2019 8,208.75 8,208.7501/01/2020 200,000 1.990% 8,208.75 208,208.75 216,417.5007/01/2020 6,218.75 6,218.7501/01/2021 205,000 1.990% 6,218.75 211,218.75 217,437.5007/01/2021 4,179.00 4,179.0001/01/2022 210,000 1.990% 4,179.00 214,179.00 218,358.0007/01/2022 2,089.50 2,089.5001/01/2023 210,000 1.990% 2,089.50 212,089.50 214,179.00
1,945,000 220,596.20 2,165,596.20 2,165,596.20
Nov 29, 2012 1:26 pm Prepared by Public Financial Management, Inc. (Finance 7.003 Winter_Park:2012) Page 17
BOND DEBT SERVICE
Winter Park Community Redevelopment AgencyRedevelopment Refunding Revenue Bond, Series 2012B
---Refunding of 2003-2 CRA Bond
Period AnnualEnding Principal Coupon Interest Debt Service Debt Service
07/01/2013 19,470.22 19,470.2201/01/2014 165,000 1.990% 18,158.75 183,158.75 202,628.9707/01/2014 16,517.00 16,517.0001/01/2015 170,000 1.990% 16,517.00 186,517.00 203,034.0007/01/2015 14,825.50 14,825.5001/01/2016 175,000 1.990% 14,825.50 189,825.50 204,651.0007/01/2016 13,084.25 13,084.2501/01/2017 175,000 1.990% 13,084.25 188,084.25 201,168.5007/01/2017 11,343.00 11,343.0001/01/2018 180,000 1.990% 11,343.00 191,343.00 202,686.0007/01/2018 9,552.00 9,552.0001/01/2019 185,000 1.990% 9,552.00 194,552.00 204,104.0007/01/2019 7,711.25 7,711.2501/01/2020 190,000 1.990% 7,711.25 197,711.25 205,422.5007/01/2020 5,820.75 5,820.7501/01/2021 190,000 1.990% 5,820.75 195,820.75 201,641.5007/01/2021 3,930.25 3,930.2501/01/2022 195,000 1.990% 3,930.25 198,930.25 202,860.5007/01/2022 1,990.00 1,990.0001/01/2023 200,000 1.990% 1,990.00 201,990.00 203,980.00
1,825,000 207,176.97 2,032,176.97 2,032,176.97
Nov 29, 2012 1:26 pm Prepared by Public Financial Management, Inc. (Finance 7.003 Winter_Park:2012) Page 18
BOND DEBT SERVICE
Winter Park Community Redevelopment AgencyRedevelopment Refunding Revenue Bond, Series 2012C
---Refunding of 2005-1 CRA Bond
Period AnnualEnding Principal Coupon Interest Debt Service Debt Service
07/01/2013 6,561.20 6,561.2001/01/2014 45,000 1.990% 6,119.25 51,119.25 57,680.4507/01/2014 5,671.50 5,671.5001/01/2015 45,000 1.990% 5,671.50 50,671.50 56,343.0007/01/2015 5,223.75 5,223.7501/01/2016 50,000 1.990% 5,223.75 55,223.75 60,447.5007/01/2016 4,726.25 4,726.2501/01/2017 50,000 1.990% 4,726.25 54,726.25 59,452.5007/01/2017 4,228.75 4,228.7501/01/2018 50,000 1.990% 4,228.75 54,228.75 58,457.5007/01/2018 3,731.25 3,731.2501/01/2019 50,000 1.990% 3,731.25 53,731.25 57,462.5007/01/2019 3,233.75 3,233.7501/01/2020 50,000 1.990% 3,233.75 53,233.75 56,467.5007/01/2020 2,736.25 2,736.2501/01/2021 55,000 1.990% 2,736.25 57,736.25 60,472.5007/01/2021 2,189.00 2,189.0001/01/2022 55,000 1.990% 2,189.00 57,189.00 59,378.0007/01/2022 1,641.75 1,641.7501/01/2023 55,000 1.990% 1,641.75 56,641.75 58,283.5007/01/2023 1,094.50 1,094.5001/01/2024 55,000 1.990% 1,094.50 56,094.50 57,189.0007/01/2024 547.25 547.2501/01/2025 55,000 1.990% 547.25 55,547.25 56,094.50
615,000 82,728.45 697,728.45 697,728.45
Nov 29, 2012 1:26 pm Prepared by Public Financial Management, Inc. (Finance 7.003 Winter_Park:2012) Page 19
BOND DEBT SERVICE
Winter Park Community Redevelopment AgencyRedevelopment Refunding Revenue Bond, Series 2012D
---Refunding of 2005-2 CRA Bond
Period AnnualEnding Principal Coupon Interest Debt Service Debt Service
07/01/2013 15,789.54 15,789.5401/01/2014 110,000 1.990% 14,726.00 124,726.00 140,515.5407/01/2014 13,631.50 13,631.5001/01/2015 115,000 1.990% 13,631.50 128,631.50 142,263.0007/01/2015 12,487.25 12,487.2501/01/2016 115,000 1.990% 12,487.25 127,487.25 139,974.5007/01/2016 11,343.00 11,343.0001/01/2017 120,000 1.990% 11,343.00 131,343.00 142,686.0007/01/2017 10,149.00 10,149.0001/01/2018 120,000 1.990% 10,149.00 130,149.00 140,298.0007/01/2018 8,955.00 8,955.0001/01/2019 120,000 1.990% 8,955.00 128,955.00 137,910.0007/01/2019 7,761.00 7,761.0001/01/2020 125,000 1.990% 7,761.00 132,761.00 140,522.0007/01/2020 6,517.25 6,517.2501/01/2021 125,000 1.990% 6,517.25 131,517.25 138,034.5007/01/2021 5,273.50 5,273.5001/01/2022 130,000 1.990% 5,273.50 135,273.50 140,547.0007/01/2022 3,980.00 3,980.0001/01/2023 130,000 1.990% 3,980.00 133,980.00 137,960.0007/01/2023 2,686.50 2,686.5001/01/2024 135,000 1.990% 2,686.50 137,686.50 140,373.0007/01/2024 1,343.25 1,343.2501/01/2025 135,000 1.990% 1,343.25 136,343.25 137,686.50
1,480,000 198,770.04 1,678,770.04 1,678,770.04
Nov 29, 2012 1:26 pm Prepared by Public Financial Management, Inc. (Finance 7.003 Winter_Park:2012) Page 20
PRIOR BOND DEBT SERVICE
Winter Park Community Redevelopment AgencyRedevelopment Refunding Revenue Bond, Series 2012A
---Refunding of 2003 CRA Bond
AnnualPeriod Debt DebtEnding Principal Coupon Interest Service Service
01/01/2013 155,000 3.840% 40,032 195,032 195,03207/01/2013 37,056 37,05601/01/2014 160,000 3.840% 37,056 197,056 234,11207/01/2014 33,984 33,98401/01/2015 170,000 3.840% 33,984 203,984 237,96807/01/2015 30,720 30,72001/01/2016 175,000 3.840% 30,720 205,720 236,44007/01/2016 27,360 27,36001/01/2017 180,000 3.840% 27,360 207,360 234,72007/01/2017 23,904 23,90401/01/2018 190,000 3.840% 23,904 213,904 237,80807/01/2018 20,256 20,25601/01/2019 195,000 3.840% 20,256 215,256 235,51207/01/2019 16,512 16,51201/01/2020 205,000 3.840% 16,512 221,512 238,02407/01/2020 12,576 12,57601/01/2021 210,000 3.840% 12,576 222,576 235,15207/01/2021 8,544 8,54401/01/2022 220,000 3.840% 8,544 228,544 237,08807/01/2022 4,320 4,32001/01/2023 225,000 3.840% 4,320 229,320 233,640
2,085,000 470,496 2,555,496 2,555,496
Nov 29, 2012 1:26 pm Prepared by Public Financial Management, Inc. (Finance 7.003 Winter_Park:2012) Page 21
PRIOR BOND DEBT SERVICE
Winter Park Community Redevelopment AgencyRedevelopment Refunding Revenue Bond, Series 2012B
---Refunding of 2003-2 CRA Bond
Period AnnualEnding Principal Coupon Interest Debt Service Debt Service
01/01/2013 145,000 3.780% 36,949.50 181,949.50 181,949.5007/01/2013 34,209.00 34,209.0001/01/2014 150,000 3.780% 34,209.00 184,209.00 218,418.0007/01/2014 31,374.00 31,374.0001/01/2015 160,000 3.780% 31,374.00 191,374.00 222,748.0007/01/2015 28,350.00 28,350.0001/01/2016 165,000 3.780% 28,350.00 193,350.00 221,700.0007/01/2016 25,231.50 25,231.5001/01/2017 170,000 3.780% 25,231.50 195,231.50 220,463.0007/01/2017 22,018.50 22,018.5001/01/2018 175,000 3.780% 22,018.50 197,018.50 219,037.0007/01/2018 18,711.00 18,711.0001/01/2019 185,000 3.780% 18,711.00 203,711.00 222,422.0007/01/2019 15,214.50 15,214.5001/01/2020 190,000 3.780% 15,214.50 205,214.50 220,429.0007/01/2020 11,623.50 11,623.5001/01/2021 195,000 3.780% 11,623.50 206,623.50 218,247.0007/01/2021 7,938.00 7,938.0001/01/2022 205,000 3.780% 7,938.00 212,938.00 220,876.0007/01/2022 4,063.50 4,063.5001/01/2023 215,000 3.780% 4,063.50 219,063.50 223,127.00
1,955,000 434,416.50 2,389,416.50 2,389,416.50
Nov 29, 2012 1:26 pm Prepared by Public Financial Management, Inc. (Finance 7.003 Winter_Park:2012) Page 22
PRIOR BOND DEBT SERVICE
Winter Park Community Redevelopment AgencyRedevelopment Refunding Revenue Bond, Series 2012C
---Refunding of 2005-1 CRA Bond
Period AnnualEnding Principal Coupon Interest Debt Service Debt Service
01/01/2013 36,934.98 3.995% 12,263.03 49,198.01 49,198.0107/01/2013 11,525.25 11,525.2501/01/2014 38,410.53 3.995% 11,525.25 49,935.78 61,461.0307/01/2014 10,758.00 10,758.0001/01/2015 39,945.04 3.995% 10,758.00 50,703.04 61,461.0407/01/2015 9,960.10 9,960.1001/01/2016 41,540.84 3.995% 9,960.10 51,500.94 61,461.0407/01/2016 9,130.32 9,130.3201/01/2017 43,200.40 3.995% 9,130.32 52,330.72 61,461.0407/01/2017 8,267.39 8,267.3901/01/2018 44,926.25 3.995% 8,267.39 53,193.64 61,461.0307/01/2018 7,369.99 7,369.9901/01/2019 46,721.06 3.995% 7,369.99 54,091.05 61,461.0407/01/2019 6,436.74 6,436.7401/01/2020 48,587.56 3.995% 6,436.74 55,024.30 61,461.0407/01/2020 5,466.20 5,466.2001/01/2021 50,528.64 3.995% 5,466.20 55,994.84 61,461.0407/01/2021 4,456.89 4,456.8901/01/2022 52,547.25 3.995% 4,456.89 57,004.14 61,461.0307/01/2022 3,407.26 3,407.2601/01/2023 54,646.52 3.995% 3,407.26 58,053.78 61,461.0407/01/2023 2,315.69 2,315.6901/01/2024 56,829.64 3.995% 2,315.69 59,145.33 61,461.0207/01/2024 1,180.52 1,180.5201/01/2025 59,099.99 3.995% 1,180.52 60,280.51 61,461.03
613,918.70 172,811.73 786,730.43 786,730.43
Nov 29, 2012 1:26 pm Prepared by Public Financial Management, Inc. (Finance 7.003 Winter_Park:2012) Page 23
PRIOR BOND DEBT SERVICE
Winter Park Community Redevelopment AgencyRedevelopment Refunding Revenue Bond, Series 2012D
---Refunding of 2005-2 CRA Bond
Period AnnualEnding Principal Coupon Interest Debt Service Debt Service
01/01/2013 79,956.82 5.910% 42,255.44 122,212.26 122,212.2607/01/2013 39,892.71 39,892.7101/01/2014 80,445.86 5.910% 39,892.71 120,338.57 160,231.2807/01/2014 37,515.54 37,515.5401/01/2015 85,200.22 5.910% 37,515.54 122,715.76 160,231.3007/01/2015 34,997.87 34,997.8701/01/2016 90,235.55 5.910% 34,997.87 125,233.42 160,231.2907/01/2016 32,331.41 32,331.4101/01/2017 95,568.47 5.910% 32,331.41 127,899.88 160,231.2907/01/2017 29,507.36 29,507.3601/01/2018 101,216.56 5.910% 29,507.36 130,723.92 160,231.2807/01/2018 26,516.41 26,516.4101/01/2019 107,198.46 5.910% 26,516.41 133,714.87 160,231.2807/01/2019 23,348.70 23,348.7001/01/2020 113,533.89 5.910% 23,348.70 136,882.59 160,231.2907/01/2020 19,993.77 19,993.7701/01/2021 120,243.75 5.910% 19,993.77 140,237.52 160,231.2907/01/2021 16,440.57 16,440.5701/01/2022 127,350.15 5.910% 16,440.57 143,790.72 160,231.2907/01/2022 12,677.37 12,677.3701/01/2023 134,876.55 5.910% 12,677.37 147,553.92 160,231.2907/01/2023 8,691.77 8,691.7701/01/2024 142,847.75 5.910% 8,691.77 151,539.52 160,231.2907/01/2024 4,470.62 4,470.6201/01/2025 151,290.05 5.910% 4,470.62 155,760.67 160,231.29
1,429,964.08 615,023.64 2,044,987.72 2,044,987.72
Nov 29, 2012 1:26 pm Prepared by Public Financial Management, Inc. (Finance 7.003 Winter_Park:2012) Page 24
ESCROW REQUIREMENTS
Winter Park Community Redevelopment AgencyRedevelopment Refunding Revenue Bond, Series 2012A
---Refunding of 2003 CRA Bond
Period PrincipalEnding Interest Redeemed Total
12/18/2012 37,140.80 2,085,000.00 2,122,140.80
37,140.80 2,085,000.00 2,122,140.80
Nov 29, 2012 1:26 pm Prepared by Public Financial Management, Inc. (Finance 7.003 Winter_Park:2012) Page 25
ESCROW REQUIREMENTS
Winter Park Community Redevelopment AgencyRedevelopment Refunding Revenue Bond, Series 2012B
---Refunding of 2003-2 CRA Bond
Period PrincipalEnding Interest Redeemed Total
12/18/2012 34,280.93 1,955,000.00 1,989,280.93
34,280.93 1,955,000.00 1,989,280.93
Nov 29, 2012 1:26 pm Prepared by Public Financial Management, Inc. (Finance 7.003 Winter_Park:2012) Page 26
ESCROW REQUIREMENTS
Winter Park Community Redevelopment AgencyRedevelopment Refunding Revenue Bond, Series 2012C
---Refunding of 2005-1 CRA Bond
Period PrincipalEnding Principal Interest Redeemed Total
01/01/2013 36,934.98 12,263.03 49,198.0107/01/2013 11,525.25 11,525.2501/01/2014 38,410.53 11,525.25 49,935.7807/01/2014 10,758.00 538,573.19 549,331.19
75,345.51 46,071.53 538,573.19 659,990.23
Nov 29, 2012 1:26 pm Prepared by Public Financial Management, Inc. (Finance 7.003 Winter_Park:2012) Page 27
ESCROW REQUIREMENTS
Winter Park Community Redevelopment AgencyRedevelopment Refunding Revenue Bond, Series 2012D
---Refunding of 2005-2 CRA Bond
Period PrincipalEnding Principal Interest Redeemed Total
01/01/2013 79,956.82 42,255.44 122,212.2607/01/2013 39,892.71 39,892.7101/01/2014 80,445.86 39,892.71 120,338.5707/01/2014 37,515.54 1,269,561.40 1,307,076.94
160,402.68 159,556.40 1,269,561.40 1,589,520.48
Nov 29, 2012 1:26 pm Prepared by Public Financial Management, Inc. (Finance 7.003 Winter_Park:2012) Page 28
ESCROW DESCRIPTIONS
Winter Park Community Redevelopment AgencyRedevelopment Refunding Revenue Bond, Series 2012C
---Refunding of 2005-1 CRA Bond
Type of Type of Maturity First Int Par MaxSecurity SLGS Date Pmt Date Amount Rate Rate
Dec 18, 2012:SLGS Certificate 07/01/2013 07/01/2013 10,853 0.130% 0.130%SLGS Note 01/01/2014 07/01/2013 49,318 0.170% 0.170%SLGS Note 07/01/2014 07/01/2013 548,754 0.210% 0.210%
608,925
SLGS Summary
SLGS Rates File 29NOV12Total Certificates of Indebtedness 10,853.00Total Notes 598,072.00
Total original SLGS 608,925.00
Nov 29, 2012 1:26 pm Prepared by Public Financial Management, Inc. (Finance 7.003 Winter_Park:2012) Page 29
ESCROW DESCRIPTIONS
Winter Park Community Redevelopment AgencyRedevelopment Refunding Revenue Bond, Series 2012D
---Refunding of 2005-2 CRA Bond
Type of Type of Maturity First Int Par MaxSecurity SLGS Date Pmt Date Amount Rate Rate
Dec 18, 2012:SLGS Certificate 07/01/2013 07/01/2013 38,282 0.130% 0.130%SLGS Note 01/01/2014 07/01/2013 118,867 0.170% 0.170%SLGS Note 07/01/2014 07/01/2013 1,305,705 0.210% 0.210%
1,462,854
SLGS Summary
SLGS Rates File 29NOV12Total Certificates of Indebtedness 38,282.00Total Notes 1,424,572.00
Total original SLGS 1,462,854.00
Nov 29, 2012 1:26 pm Prepared by Public Financial Management, Inc. (Finance 7.003 Winter_Park:2012) Page 30
ESCROW CASH FLOW
Winter Park Community Redevelopment AgencyRedevelopment Refunding Revenue Bond, Series 2012C
---Refunding of 2005-1 CRA Bond
Net EscrowDate Principal Interest Receipts
07/01/2013 10,853.00 672.68 11,525.6801/01/2014 49,318.00 618.11 49,936.1107/01/2014 548,754.00 576.19 549,330.19
608,925.00 1,866.98 610,791.98
Escrow Cost Summary
Purchase date 12/18/2012Purchase cost of securities 608,925.00
Nov 29, 2012 1:26 pm Prepared by Public Financial Management, Inc. (Finance 7.003 Winter_Park:2012) Page 31
ESCROW CASH FLOW
Winter Park Community Redevelopment AgencyRedevelopment Refunding Revenue Bond, Series 2012D
---Refunding of 2005-2 CRA Bond
Net EscrowDate Principal Interest Receipts
07/01/2013 38,282.00 1,610.61 39,892.6101/01/2014 118,867.00 1,472.03 120,339.0307/01/2014 1,305,705.00 1,370.99 1,307,075.99
1,462,854.00 4,453.63 1,467,307.63
Escrow Cost Summary
Purchase date 12/18/2012Purchase cost of securities 1,462,854.00
Nov 29, 2012 1:26 pm Prepared by Public Financial Management, Inc. (Finance 7.003 Winter_Park:2012) Page 32
ESCROW SUFFICIENCY
Winter Park Community Redevelopment AgencyRedevelopment Refunding Revenue Bond, Series 2012
Escrow Net Escrow Excess ExcessDate Requirement Receipts Receipts Balance
12/18/2012 4,111,421.73 4,282,832.83 171,411.10 171,411.1001/01/2013 171,410.27 -171,410.27 0.8307/01/2013 51,417.96 51,418.29 0.33 1.1601/01/2014 170,274.35 170,275.14 0.79 1.9507/01/2014 1,856,408.13 1,856,406.18 -1.95
6,360,932.44 6,360,932.44 0.00
Subject: Rezoning and Conditional Use for the YMCA parking and zero depth swimming pool expansion.
Summary:
This is the second reading of both ordinances.
The Winter Park YMCA has submitted their proposed site plans and architectural elevation
drawings for parking and pool expansion requests. In terms of code compliance, the project would meet the setbacks, floor area ratio and other development standards for the PQP zoning (if approved). The existing YMCA is 33,450 square feet in size. The YMCA now has
139 parking spaces.
The YMCA owns and has owned since the 1960’s, the 35 feet of property south of the existing south wall of their swimming pool which appears to be visually part of the backyards of the two homes at 1751/1761 Palmer Avenue. The proposed new zero depth swimming pool
utilizes only that 35 feet so it is possible to approve the new swimming pool without rezoning the residential lots at 1751/1761 Palmer Avenue. The site plan preserves the existing large
oak tree as an amenity for the combined swimming pool facilities. The residential lots are proposed for use as expanded parking of 40 additional spaces. The plans would continue the buffer wall and landscape program that presently exists along Palmer Avenue, as a buffer for
that expanded parking.
Background and Recent History: The YMCA was approved for a major expansion in 1996. It was a similar scenario of
neighborhood opposition contrasted with the benefits to the citizenry that the YMCA provides. There was considerable discussion about the adequacy of parking, effect on the
neighborhood, plans for any future expansions, etc. On October 22, 1996 the City Commission approved the YMCA expansion which was
conditioned upon and contingent upon the YMCA providing amongst other things a Development Agreement that: 1) There will be no further acquisition of property in the
immediate area for expansion purposes; 2) There will be no further expansion of the building; and that 3) No second outdoor pool was to be constructed.
Public Hearing
Jeff Briggs
Planning Department
Planning and Zoning Board
December 10, 2012
5-2
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Pursuant to that approval a “Developer’s Agreement” was executed by the YMCA on January 7, 1997 and the agreement was recorded in the public records. One purpose of the
“Developer’s Agreement” was to incorporate the ‘promises’ that were made at that time by the YMCA officials that there would not be any further expansions to the YMCA building
(beyond what was approved in 1996) and no further expansions to their Property. The 1997 Development Agreement:
Development Agreements that are entered into as part of Conditional Use (Zoning – Article
III) approvals, as was the case in 1996, are governed by the Conditional Use text part of the Zoning Code (Section 58-90). They are not governed by the part of the Comprehensive Plan – Article I text that deals with agreements entered into for State of Florida consents to make
Comprehensive plan changes (Section 58-7). This has been discussed in detail with the YMCA representatives and the applicable code sections provided. None the less, the submittal by
the YMCA makes the claim that the YMCA Development Agreement has expired after 10 years. The City Attorney as well has confirmed that this claim is erroneous.
In March 2008, the YMCA purchased the two adjoining single family residential properties at 1751 and 1761 Palmer Avenue. In September 2009, the YMCA asked for these same
approvals that are on this agenda now for the parking lot and swimming pool expansions. They also asked for approval to expand the locker rooms (3,115 sq. ft. expansion) which had been part of the 1996 approval but had not been constructed.
In September 2009, the locker room expansion was approved since it was part of the 1996
approvals. However, the parking lot and swimming pool expansions were recommended for denial by the Planning and Zoning Board (4-1 for denial on the swimming pool and 5-0 for denial on the parking lot). Based on those recommendations for denial, the swimming pool
and parking lot expansions were withdrawn and not voted on by the City Commission. (See minutes attached) At this time, the YMCA is making the same requests for the children’s zero
depth swimming pool and parking lot expansion. Accordingly, the Planning and Zoning Board heard the issue on November 6, 2012 and voted 5-2, that the City Commission should consider the amendment.
The City understands the opinion that the Development Agreement ‘promise’ should preclude
the YMCA from asking for these expansions. However, it is not uncommon for property owners to ask the City to revisit Development Agreements and to revisit or reconsider terms
of those Development Agreements. The City has revised and amended Development Agreements with Sydgan Corp. and for the Langford/Regent/JW Marriott/Alfond Inn hotel project. It is totally within the discretion of the City Commission, following a recommendation
from the Planning Board, whether to entertain such a request.
Staff Analysis:
Swimming Pool Expansion: A new children’s zero depth swimming pool was part of the YMCA request in 1996 and 2009. The current proposal is for the same location as was proposed in
2009. The YMCA desires to revisit that request for a new zero-depth children’s pool because they believe it is critical to the mission of the Winter Park YMCA Family Center. The current YMCA swimming pool is inadequate for use by small children. The shallow part of the pool is
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three feet deep and not conducive for small children. In addition, two-thirds of the swimming pool is typically used for lap swimming by adults. Small children have just one small corner of the swimming pool to use. That is what the zero depth children’s swimming pool will
address.
The noise impact could be a concern. Adjacent to the new proposed children’s swimming pool is a vacant single family lot at 1741 Palmer Avenue. AT the P&Z meeting the owner of the adjacent property stated that they support the new swimming pool and are not concerned
with the noise from this facility.
Parking Lot Expansion: The parking lot expansion would add 40 additional parking spaces. It would be screened with the same type of wall and landscaping treatment that successfully screens the existing parking lot. That buffer wall and landscaping has become the ‘template’
upon which the city has now codified in the Land Development Code as the method to successfully buffer and screen parking from the view of adjacent residential neighbors. The
parking lot expansion is proposed for the convenience of the existing membership but one cannot say that it would not also function as an amenity to increase membership. The staff has difficulty providing any measurable negative impacts as to how this would be a significant
negative effect upon the adjoining residential community. The proposed screen wall and landscaping is the template that the City uses to show how to successfully integrate a parking
lot into a residential neighborhood. The argument has been made that the wall and landscape buffer must successfully accomplish the intent because there are two new single family homes under construction directly across Palmer Avenue and another one ready to start right next
door.
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ORDINANCE NO.
AN ORDINANCE OF THE CITY OF WINTER PARK, FLORIDA AMENDING CHAPTER 58, “LAND DEVELOPMENT CODE”, ARTICLE I “COMPREHENSIVE PLAN” FUTURE LAND USE MAP SO AS TO CHANGE THE FUTURE LAND USE DESIGNATION OF SINGLE FAMILY RESIDENTIAL TO INSTITUTIONAL ON THE PROPERTIES AT 1751 AND 1761 PALMER AVENUE, MORE PARTICULARLY DESCRIBED HEREIN; PROVIDING FOR CONFLICTS, SEVERABILITY AND EFFECTIVE DATE.
WHEREAS, the Winter Park City Commission adopted its Comprehensive Plan on February 23, 2009 via Ordinance 2762-09, and WHEREAS, the owner of the property more particularly described herein has requested an amendment to the Comprehensive Plan for this property, and such amendment meets the criteria established by Chapter 166, Florida Statutes and pursuant to and in compliance with law, notice has been given to Orange County and to the public by publication in a newspaper of general circulation to notify the public of this proposed Ordinance and of public hearings to be held. WHEREAS, the Winter Park Planning and Zoning Commission, acting as the designated Local Planning Agency, has reviewed and recommended adoption of the proposed Comprehensive Plan amendment, having held an advertised public hearing on November 6, 2012, provided for participation by the public in the process and rendered its recommendations to the City Commission; and WHEREAS, the Winter Park City Commission has reviewed the proposed Comprehensive Plan amendment and held advertised public hearings on November 26, 2012 and December 10, 2012 and provided for public participation in the process in accordance with the requirements of state law and the procedures adopted for public participation in the planning process. NOW THEREFORE BE IT ENACTED BY THE CITY COMMISSION OF THE CITY OF WINTER PARK, FLORIDA, AS FOLLOWS: SECTION 1. That Chapter 58 “Land Development Code”, Article I, “Comprehensive Plan” future land use plan map is hereby amended so as to change the future land use map designation of single family residential to institutional on the properties at 1751 and 1761 Palmer Avenue, said properties being more particularly described as follows:
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Lots 9 and 10 (less the North 35 feet thereof) Jenkins Addition as recorded in Plat Book “R”, Page 140 of the Public Records of Orange County, Florida. Property Tax ID’s # 05-22-30-3968-00-090 and 05-22-30-3968-00-100 SECTION 2. Severability. If any Section or portion of a Section of this Ordinance proves to be invalid, unlawful, or unconstitutional, it shall not be held to invalidate or impair the validity, force, or effect of any other Section or part of this Ordinance. SECTION 3. Conflicts. All Ordinances or parts of Ordinances in conflict with any of the provisions of this Ordinance are hereby repealed. SECTION 4. Effective Date. This Ordinance may not become effective until 31 days after adoption. If challenged within 30 days after adoption, this Ordinance may not become effective until the state land planning agency or the Administrative Commission, respectively, issues a final order determining that this Ordinance is in compliance. ADOPTED at a regular meeting of the City Commission of the City of Winter Park, Florida, held in City Hall, Winter Park, on this _____ day of _____________, 2012. Mayor Attest: City Clerk
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ORDINANCE NO.
AN ORDINANCE OF THE CITY OF WINTER PARK, FLORIDA AMENDING CHAPTER 58, “LAND DEVELOPMENT CODE”, ARTICLE III, “ZONING” AND THE OFFICIAL ZONING MAP SO AS TO CHANGE THE ZONING DESIGNATION OF SINGLE FAMILY (R-1A) DISTRICT TO PUBLIC, QUASI-PUBLIC (PQP) DISTRICT ON THE PROPERTIES AT 1751 AND 1761 PALMER AVENUE, MORE PARTICULARLY DESCRIBED HEREIN; PROVIDING FOR CONFLICTS, SEVERABILITY AND EFFECTIVE DATE.
WHEREAS, the owner of the property more particularly described herein has requested rezoning in compliance with the Comprehensive Plan, and the requested zoning will achieve conformance with the Comprehensive Plan future land use designation for this property, and such municipal zoning meets the criteria established by Chapter 166, Florida Statutes and pursuant to and in compliance with law, notice has been given to Orange County and to the public by publication in a newspaper of general circulation to notify the public of this proposed Ordinance and of public hearings to be held; and WHEREAS, the Planning and Zoning Board and City Staff of the City of Winter Park have recommended approval of this Ordinance at their November 6, 2012 meeting; and WHEREAS, the City Commission of the City of Winter Park held duly noticed public hearings on the proposed zoning change set forth hereunder and considered findings and advice of staff, citizens, and all interested parties submitting written and oral comments and supporting data and analysis, and after complete deliberation, hereby finds the requested change consistent with the City of Winter Park Comprehensive Plan and that sufficient, competent, and substantial evidence supports the zoning change set forth hereunder; and WHEREAS, the City Commission hereby finds that this Ordinance serves a legitimate government purpose and is in the best interests of the public health, safety and welfare of the citizens of Winter Park, Florida. NOW THEREFORE BE IT ENACTED BY THE CITY COMMISSION OF THE CITY OF WINTER PARK, FLORIDA, AS FOLLOWS:
SECTION 1. That Chapter 58 “Land Development Code”, Article III, “Zoning” and
the Official Zoning Map are hereby amended so as to change the existing zoning designation of single family (R-1A) district to public, quasi-public (PQP) district zoning on the properties at 1751 and 1761 Palmer Avenue, more particularly described as follows:
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Lots 9 and 10 (less the North 35 feet thereof) Jenkins Addition as recorded in Plat Book “R”, Page 140 of the Public Records of Orange County, Florida. Property Tax ID’s # 05-22-30-3968-00-090 and 05-22-30-3968-00-100 SECTION 2. Severability. If any Section or portion of a Section of this
Ordinance proves to be invalid, unlawful, or unconstitutional, it shall not be held to invalidate or impair the validity, force, or effect of any other Section or part of this Ordinance.
SECTION 3. Conflicts. All Ordinances or parts of Ordinances in conflict with
any of the provisions of this Ordinance are hereby repealed.
SECTION 4. Effective Date. This Ordinance shall become effective upon the effective date of Ordinance _________. If Ordinance _________ does not become effective, then this Ordinance shall be null and void.
ADOPTED at a regular meeting of the City Commission of the City of Winter Park, Florida, held in City Hall, Winter Park, on this _____ day of _____________, 2012. Mayor Attest: City Clerk
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Prepared by:
Frank A. Hamner, Esq. Frank A. Hamner, P.A. PLEASE NOTE: 1011 North Wymore Road Winter Park, Florida 32789 This Development Agreement has been prepared by the And YMCA and includes their commitments. City of Winter Park The conditions recommended by P&Z and added to this City Manager Agreement are shown in yellow on Page 2. 401 Park Avenue South Winter Park, Florida 32789 Return to: Frank A. Hamner, Esq. Frank A. Hamner, P.A. 1011 North Wymore Road Winter Park, Florida 32789
WINTER PARK YMCA FAMILY CENTER DEVELOPMENT AGREEMENT THIS DEVELOPMENT AGREEMENT (“Agreement”) is entered into this ____ day of
_______________, 2012, by the Central Florida Young Men’s Christian Association, a Florida non-profit corporation, (hereinafter referred to as “OWNER”), having an address of 433 North Mills Avenue, Orlando, Florida 32803 and the City of Winter Park, a Florida municipal corporation (hereinafter referred to as “CITY”), having an address at 401 Park Avenue South, Winter Park, Florida 32789.
WHEREAS, OWNER is the owner of certain real property located at 1751 and 1761
Palmer Avenue and 1201 North Lakemont Avenue, Winter Park, Florida 32789 and further described on Exhibit “A” which is incorporated herein and made a part thereof (the “Property”); and,
WHEREAS, in accordance with the Winter Park Land Development Code, Owner has
received approval for an ordinance amending the Comprehensive Plan Future Land Use Map to change the existing designation from single family residential to institutional on the properties at 1751 and 1761 Palmer Avenue (“Map Change”); and,
WHEREAS, in accordance with the Winter Park Land Development Code, Owner has received approval for an ordinance amending the zoning regulations and the official zoning map to change the existing zoning designation from single family residential (R-1A) to public, quasi-public (PQP) on the properties at 1751 and 1761 Palmer Avenue (“Zoning Change”); and,
WHEREAS, in accordance with the Winter Park Land Development Code, OWNER has
received approval of a Conditional Use Permit (“CUP”) which permits the construction of a zero depth swimming pool on the property at 1201 North Lakemont Avenue and expansion of its existing parking area onto the properties at 1751 and 1761 Palmer Avenue (together, the “Project); and
WHEREAS, the parties desire to enter into this Agreement to more specifically set forth
the conditions and restrictions with respect to the Project, the Map Change, the Zoning Change and the CUP.
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NOW THEREFORE, in consideration of Ten and 00/100 Dollars ($10.00), and other
good and valuable consideration, receipt and sufficiency of which is hereby acknowledged, the parties do hereby agree as follows:
Recitals. The foregoing Recitals are true and correct and are incorporated herein.
Conditional Use Permit. The City grants CUP approval of the development plan attached hereto as Exhibit “B”.
Expansion. OWNER agrees to provide CITY with a recorded easement granting CITY a five foot easement on the west property line of 1761 Palmer Avenue from Palmer Avenue to its intersection with the property line of Phelps Park, more particularly described in Exhibit “C”.
Conditions. Prior to, and as a condition of, the Final Conditional Use Permit approval,
OWNER shall comply with the following:
a. Newly installed light fixtures shall be shielded so as to minimize their offsite visibility;
b. The landscape plan shall incorporate design elements to equal or exceed the quality and level of landscaping existing on site along Palmer Avenue;
c. The water slide shown at the zero depth pool on the submitted plans shall be removed;
d. The size of the parking lot expansion shall be reduced from 40 spaces to 30 spaces;
e. The existing wall around the perimeter of the pool shall be extended to encompass the new pool area in a similar fashion;
f. There shall be no further expansions to the size of the YMCA building;
g. OWNER shall deposit, each year for the next ten (10) years, into the Cady Way Pool Capital Projects Fund, an amount equal to the annual property taxes now paid on the properties at 1751 and 1761 Palmer Avenue;
h. OWNER shall provide a voucher for the parents of any kindergarten or first grade student enrolled at each of Brookshire, Aloma, Lakemont and Killarney Elementary schools (and any other elementary schools within the boundaries of the City of Winter Park), waiving the cost for those parents to enroll said kindergarten or first grade student into an entry level course of swimming lessons at either the Lakemont or Cady Way pool facilities; and,
i. OWNER shall host a quarterly Community Outreach meeting at the Lakemont facility. Said meetings shall be advertised by posting the place and time at the facility and notifying the CITY such that it can be included on the CITY website and in CITY notice publications.
Subsequently Enacted State or Federal Law. If state or federal laws are enacted after the execution of this Agreement which are applicable to and preclude the parties compliance with
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the terms of this Agreement, this Agreement shall be modified or revoked as necessary to comply with the relevant state or federal laws.
Successors and Assigns. This Agreement and the terms and conditions thereof shall be binding upon and inure to the benefit of the CITY and OWNER and their respective successors in interest. The terms and conditions of this Agreement similarly shall be binding upon the Property and shall run with the title to the same.
Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original but all of which shall constitute one and the same agreement.
Modification Must Be in Writing. No modification or termination of this Agreement shall be valid unless approved by the City Commission, executed in writing and signed by the applicable duly authorized representative of CITY and OWNER.
No Waiver. No waiver of any provision of this Agreement shall be effective unless it is in writing and signed by the party against whom it is asserted, and any such written waiver shall only be applicable to the specific instance to which it relates and shall not be deemed to be a continuing or future waiver.
Captions and Section Heading. Captions and Section Headings contained in this Agreement are for convenience and reference only and in no way define, describe, extend or limit the scope of intent of this Agreement nor the intent of any provision thereof.
Attorney’s Fees. In the event of any dispute hereunder or of any action to interpret or enforce this Agreement, any provision hereof or any matter arising herefrom, the prevailing party thereunder shall be entitled to its reasonable attorneys’ fees and costs including at trial or at all appellate levels.
Waiver of Strict Construction Against Drafting Party. Should any provision of this Agreement be subject to judicial interpretation, it is agreed that the court interpreting or considering such provision not apply the presumption or rule of construction that the terms of this Agreement be more strictly construed against the party which itself or through its counsel or other legal agent prepared the same, as all parties hereto have participated in the preparation of the final form of this Agreement through review by their respective counsel and the negotiation of changes in language in any provision deemed unsuitable or inadequate as initially written, and, therefore, the application of such presumption or rule of construction would be inappropriate and contrary to the intent of the parties.
Interpretation. In case any one or more of the provisions of this Agreement shall be invalid, illegal or unenforceable in any respect, the validity of the remaining provisions shall be in no way affected, prejudiced or disturbed thereby. The use of any gender shall include all other genders. The singular shall include the plural and vice versa. Use of the words “herein”, “hereof”, “hereunder” and any other words of similar import refer to this Agreement as a whole and not to any particular article, section or sub section of this Agreement unless specifically noted otherwise in this Agreement.
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Governing Law. This Agreement shall be deemed to be governed by, construed and enforced in accordance with the internal laws of the State of Florida. Venue shall be Orange County, Florida.
Third Parties. This Agreement shall not be deemed to confer in favor of any third parties any rights whatsoever as third party beneficiaries, the parties hereto intending by the provisions hereof to confer no such benefits or status.
Notice. Any written notice, demand or request that is required to be made under this Agreement shall be served in person, or by registered or certified mail, return receipt requested, or by express mail or similar reputable overnight courier service, addressed to the party to be served at the address set forth in the first paragraph hereof. The addresses stated herein may be changed as to the applicable party by providing the other party with notice of such address change in the manner provided in this paragraph. In the event that written notice, demand or request is made as provided in this paragraph, then in the event that such notice is returned to the sender by the United States Postal Service or other similar reputable overnight courier service because of insufficient address or because the party has moved or otherwise, other than for insufficient postage, such writing shall be deemed to have been received by the party to whom it was addressed on the date that such writing was initially placed in the United States Postal Service or reputable overnight courier service by the sender.
Copies of notices shall be sent to:
as to CITY:
City of Winter Park Attention: City Manager 401 Park Avenue South Winter Park, Florida 32789
as to OWNER:
Central Florida Young Men’s Christian Association Attention: Chief Financial Officer 433 North Mills Avenue Orlando, Florida 32803
With a copy to: Frank A. Hamner, Esq. Frank A. Hamner, P.A. 1011 North Wymore Road Winter Park, Florida 32789
Representations of the Parties. The CITY and OWNER hereby each represent and warrant to the other that it has the power and authority to execute, deliver and perform the terms and provisions of this Agreement and has taken all necessary action to authorize the execution, delivery and performance of this Agreement. This Agreement will, when duly executed and delivered by the CITY and OWNER and recorded in the Public Records of Orange County, Florida, constitute a legal, valid and binding obligation enforceable against the parties hereto and the Property in accordance with the terms and conditions of this Agreement. OWNER represents that it has voluntarily and willfully executed this Agreement for purposes of binding the Property to the terms and conditions set forth in this Agreement.
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Specific Performance. Strict compliance shall be required with each and every provision of this Agreement. The parties agree that failure to perform the obligations provided by this Agreement shall result in irreparable damage and that specific performance of these obligations may be obtained by a suit in equity.
Development Permits. Nothing herein shall limit the CITY’s authority to grant or deny any development permit applications or requests subsequent to the effective date of this Agreement. The failure of this Agreement to address any particular City, County, State and/or Federal permit, condition, term or restriction shall not relieve OWNER or the CITY of the necessity of complying with the law governing said permitting requirement, condition, term or restriction. Without imposing any limitation on the CITY’s police powers, the CITY reserves the right to withhold, suspend, or terminate any and all certificates of occupancy or permits for the Property if OWNER is in breach of any material term and condition of this Agreement.
Termination. The CITY shall have the unconditional right, but not obligation, to terminate this Agreement, without notice or penalty, if OWNER fails to receive building permits and substantially commence construction of the Project within two (2) years of the effective date of this Agreement. If the CITY terminates this Agreement, the CITY shall record a notice of termination in the public records of Orange County, Florida.
Compliance with Other Laws, Ordinances and Regulations. This Agreement shall not operate as a limitation upon the CITY to require the OWNER to comply with all applicable laws, ordinances, resolutions and regulations of either the United States, the State of Florida, Orange County or City of Winter Park, regulating the development of the OWNER’s Property in accordance with this Agreement to the extent that same are not specifically addressed or referenced herein, nor shall the failure of this Agreement to address any particular requirement to act to relieve the OWNER from complying with any development requirement, condition, term or restriction, including but not limited to, all impact fee requirements. OWNER agrees to pay all fees when required by Code, including water/sewer connection fees, and park and recreation impact fees.
Subordination/Joinder. Unless otherwise agreed to by the CITY, all liens, mortgages and other encumbrances not satisfied or released of record, must be subordinated to the terms of this Agreement or the lienholder joins in this Agreement. It shall be the responsibility of the OWNER to promptly obtain the said subordination or joinder, in form and substance acceptable to the City Attorney, prior to the CITY execution of the Agreement.
23. Effective Date. This Agreement shall be effective as of the date of its execution by the last of the parties as evidenced by the date following the execution portion of this Agreement.
24. Merger and Integration. This Agreement represents the entire agreement between the parties and supersedes all prior agreements between them regarding the subject matter herein, to specifically include, but not be limited to, the parties’ January 7, 1997 Developer’s Agreement. There are no other agreements between the parties, oral or in writing, concerning the subject matter herein.
25. Not A Statutory Development Agreement. Pursuant to Section 58-90, of the City’s Land Development Code, and based on the City’s home rule power, this Agreement is not
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a statutory development agreement, and is therefore agreed to be not subject to the requirements or duration provisions of Section 58-7 or Fla. Stat. §163.3220, et seq.
26. Period of Effectiveness. This Agreement shall remain in effect for fifteen (15) years. The effectiveness of this Agreement may be extended upon agreement of the OWNER and City Commission approval consistent with this Agreement.
[SIGNATURES TO FOLLOW]
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IN WITNESS WHEREOF, the parties have caused this Agreement to be executed as follows:
WITNESSES: (print) (print)
CENTRAL FLORIDA YOUNG MEN’S CHRISTIAN ASSOCIATION, INC., a Florida non-profit corporation By: Print name: Title:
STATE OF FLORIDA COUNTY OF ORANGE
The foregoing instrument was acknowledged before me this _______ day of _____________, 2012, by ____________________________ the _________________ of CENTRAL FLORIDA YOUNG MEN’S CHRISTIAN ASSOCIATION, INC., a Florida non-profit corporation, (check one) □ who is personally known to me or □ who produced _______________________________ as identification.
Notary Public – State of Florida Print Name: My Commission expires:
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WITNESSES: (print) (print)
CITY OF WINTER PARK, a Florida municipal corporation By: Print name: Title: ATTEST: By: Cynthia Bonham, City Clerk Date:
STATE OF FLORIDA COUNTY OF ORANGE
The foregoing instrument was acknowledged before me this _______ day of _____________, 2012, by ____________________________ the _________________ of the CITY OF WINTER PARK, a Florida municipal corporation, (check one) □ who is personally known to me or □ who produced _______________________________ as identification.
Notary Public – State of Florida Print Name: My Commission expires:
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Subject: Resolution Creating an Expedited Permit Review for Affordable Housing Projects
This is a request by Atlantic Housing Partners LLLP to develop the former site of the half-finished Denning Drive Apartment project at 550 N. Denning Drive with a four story, 105 unit residential
affordable and workforce senior housing development. The project would also utilize the existing on-site three level parking garage.
Planning Board Recommendation:
The Planning and Zoning Board met on Tuesday night, December 4th after these agenda
materials were posted to the City Commission and on the website. The action by P&Z and their minutes will be posted ASAP.
Summary:
This project is adding a new property at 861 W. Canton Avenue, zoned R-1A, to the previous
development site and removing from the previous development plan the properties at 781/783/835 W. Canton Avenue and 441/437 N. Capen Avenue. To approve this project there
are amendments required to the Comprehensive Plan and Zoning Code to rezone the property at 861 W. Canton Avenue to R-4 and the Conditional Use for the overall project. Due to the project size, a city-wide notice of these public hearings has been mailed to all 15,500 households in the
City as well as notices mailed to the property owners within 1,500 feet. The revised development site is 3.5 acres.
Property History: In 2006, the City approved the Denning Drive apartment project at 550 N. Denning Drive. It was a three story project of 105 units. Setback variances were approved as
part of the conditional use that permitted the apartment building to be 15 feet from Denning Drive (in lieu of the required 25 foot setback) and to be 10 feet from Swoope Avenue (in lieu of
the required 20 foot setback). There were also variances for the interior setbacks. As you know, the three level parking garage was constructed but when the real estate economy
declined in 2008, the original financial projections no longer were valid and the project was no longer financeable. However, the property is still vested with the entitlements for those 105
units (based on the original project parameters). This request is to revise the project focus, (senior affordable) as well as site plan layout and design parameters. The 2006 approval was also subject to a Development Agreement which needs to be revised for this project. Such a
revised Development Agreement has been provided.
Public Hearing
Jeff Briggs
Planning Department
Planning and Zoning Board
December 10, 2012
Current Development Request: This application package for conditional use approval includes the detailed site plan, 3-D architectural perspective images of the building facades, landscape plan and conceptual storm water retention design required.
The project generally meets the requested R-4 development standards (aside from unit density)
based on the 3.5 acres of the combined parcels. This Winter Park Village senior housing project is now proposed to be four stories in height. By adding the additional floor, the footprint and building coverage of the project has been greatly reduced. You will note the large open space
park area on the Denning/Canton corner versus the 2006 approved project that covered all the property.
The 105 senior apartments consist of 53 one bedroom units of 670 sq. ft., 37 two bedroom units of 930 sq. ft. and 15 three bedroom units of 1,093 sq. ft. The average apartment size is 822 sq.
ft. When you add in the hallways and circulation and the common area space, the total size of the project is 124,829 sq. ft. That is a floor area ratio of 122%. The maximum FAR in the R-4
zoning is 200% so this project is significantly less than the permitted maximums of both the FAR and building lot coverage.
Building Height: The building heights shown are 42 feet to the roof eave of the four story building, then a pitched mansard roof peak sloping away is at 48 feet – 9 inches. It is a
mansard roof that forms a parapet for the flat roof behind where all the AC units and mechanical equipment are located. There are architectural tower elements for the elevator and stair access to the roof that go to 55 feet in height.
Architectural Elevations: The project elevations befit an attractive apartment complex that
will be a compliment to the area. There is ample articulation of the building facades and the many undulations help immensely to break up the exterior façade of the building. Most people will be looking at the Denning and Canton street elevations but particular attention has also
been given to the building end facing south toward Canton and Denning as one of the most visible facades. The open space park area on the corner will be a very attractive visual amenity.
Landscaping: The submittals include a full landscape plan for this project which meets and exceeds the code requirements. There are 91 new trees to be added to the site.
Building Setbacks: This “L”-shaped building pad is constrained by the location of the parking
garage. The building layout has significantly reduced the setback variances from the previous approval in 2006. From the 15 foot street setback on Denning approved in 2006, the building
setback is now 21.44 feet (which requires a variance from the 25 feet). From the 10 foot setback on Swoope approved in 2006, the building setback is now at median distance of 11.65 feet (which requires a variance from the 20 feet). On the far eastern end, the building remains
at the 10 foot setback approved in 2006 (variance from 20 feet). However, in order to be sensitive to the adjoining neighborhood, you will see how the building transitions down from
four stories to three stories to two stories at the eastern end. So while there is a setback variance, the height at that building end is 27 feet which is the same as the 30 feet in height permitted for a single family home.
Storm Water Retention: The development of this property will conform to the storm water
retention requirements of the City and St. Johns River Water Management District. The storm water retention area for this building and the parking garage is in the land just south of the parking garage.
Traffic Impact: The traffic generation from these 105 senior apartments as compared to the previous market rate apartments will be significantly less given the characteristics of the population residing in this project.
Parking: There are 270 parking spaces in the parking garage. The zoning code requirement is
2.5 spaces for each unit. That 2.5 space zoning requirement is based upon market rate condominium developments in order to have at least two spaces per unit for the occupants and some added spaces for visitors. Typically condominiums would average 1,700-2,000 sq. ft. in
size and have two-three bedrooms.
This project has an average unit size of 822 sq. ft. and the residents are seniors with limited incomes. That dramatically reduces the number of personal cars and the need for parking spaces for this type of project. The applicant has provided information on two other similar
projects developed by their company in the Tampa area. Based upon the actual usage the applicant is requesting a variance to use 145 parking spaces within the parking garage for this
project. That is 1.33 spaces per unit. (There also are seven additional visitor spaces outside). Staff is in support of that parking variance.
The balance of the 125 parking spaces left in the parking garage will continue to be controlled (via easement) by Denning Partners. They have acquired and are hoping to acquire the
undeveloped properties along the north side of Canton Avenue in this block. At some future time Denning Partners contemplates asking for a rezoning of those properties for some form of townhouse project. The parking for that townhouse project would be in the parking garage.
There is no commitment being made at this time as to any future approvals for projects.
Affordable/Workforce Housing: There have been a number of questions about what a senior affordable/workforce housing project means. First, it is important to stress the City cannot discriminate against affordable housing under the Federal Fair Housing Act. If there are features
of the site or building plans that are not acceptable or if the variances are not acceptable, then the City can deny those aspects of the application or the density bonus requested. However, no
City can deny approval of a housing project based solely on the income characteristics of the intended residents. Some answers to the most frequently asked questions are below.
What does that “Senior Housing” mean? Is it 55 yrs. or older? Is it 100% senior?
This residential development will be restricted as “housing for older persons” which means
housing intended and operated for occupancy by persons 55 years of age or older. This restriction will require that at least 80 percent of the occupied units are occupied by at least one person 55 years of age or older.
The residential development will also have a restriction providing for a prohibition against residents 18 years of age or younger.
What does affordable or workforce housing mean? Is it based on income limits for the tenants?
How does their personal income relate or correspond to the rent charged?
The community is being developed utilizing resources provided from Federal Housing Tax Credits allocated by Florida Housing Finance Corporation (FHFC) in a competitive application process. The commitments of the competitive application are as follows:
84% of the residential units (88 units) will be set-aside for households earning less
than 60% of the Orlando MSA Median Income as adjusted for family size. For 2012 this would equate to a household income limitation ranging from $24,000 to
$40,000. 10% of the residential units (11 units) will be set-aside for households earning less than 33% of the Orlando MSA Median Income as adjusted for family size. For 2012 this would equate to a household income limitation ranging from
$13,000 to $22,000. There would also be 6 units with no income restrictions. The rent charged is based upon the number of bedrooms and the income set-aside
(33% or 60%). The resident’s personal income must be adequate to support the rent charged. The rents are adjusted annually. For 2012 the gross rents would be as follows:
11 Units at 33% income limitation;
1 bedroom = $360/month (approximately 6 units) 2 bedroom = $432/month (approximately 3 units) 3 bedroom = $499/month (approximately 1 unit)
88 units at 60% income limitation; 1 bedroom = $655/month (approximately 50 units)
2 bedroom = $786/month (approximately 26 units) 3 bedroom = $908/month (approximately 12 units) 6 units unrestricted
1 bedroom = approximately 4 units 2 bedroom = approximately 2 units
3 bedroom = approximately 1 units Does it stay as senior affordable housing forever? Can it revert to some other non-senior or
market rate apartments?
These restrictions will be recorded in the public records and will remain in place for a minimum of 50 years.
Comprehensive Plan: There are two Comprehensive Plan policy matters relevant to this request.
Policy 1-2.1.8: Provisions for Affordable/ Workforce Housing. The development of affordable/ workforce housing is a priority of the State Comprehensive Plan and the City’s Comprehensive Plan. As such, in some cases incentives are necessary to insure the provision of affordable/ workforce housing especially within Winter Park with extremely high land costs, along with typical construction costs. The City Commission on a case by case basis may permit the maximum densities within the future land use categories to be exceeded by up to five units per acre when such allowances are used exclusively for the construction of affordable/ workforce housing.
Policy 1-3.8.4: Encourage Single-Family Detached Homes. The City shall encourage single family detached homes as opposed to apartments and condominiums by strongly discouraging Future Land Use Map amendments from Single-Family Residential or Low-Density Residential to Medium or High-Density Residential. The intent of this policy is to provide a smooth transition of density/ intensity of land use. However, the sole exception to this policy shall be with respect to an existing residential elderly housing development that is larger than 10 acres, the parcel to be changed is internal to the development, being at least 200 feet from Low Density or Single Family in other ownership, and there is a step down in intensity towards the perimeter of the development. Policy amended to reflect changes as
adopted on June 28, 2010 per Ordinance 2817-10
This Winter Park Village senior housing project is requesting the density bonus per Policy 1-2.1.8 as a qualified affordable/workforce housing project. The R-4 zoning has a maximum density of 25 units per acre. Based on the density bonus of five units per acre, the 30
units/acre on this 3.5 acre site yields the 105 units. Staff supports this density bonus. This
project is exactly what was intended with the adoption of this policy. The project is smaller in size, lot coverage and height than could be built under the R-4 zoning. That is important because the density bonus does not result in a building larger than the R-4 zoning permits. It is
just divided up into smaller units based on the target residents.
The second Policy 1-3.8.4 relates to the rezoning of 861 W. Canton from R-1A to R-4. It is
intended to strongly discourage placing high density R-4 zoning right next to single family homes or duplexes. The Policy recognizes that the size and heights of multi-family buildings can be incompatible with adjacent homes and duplexes. The major significant difference in this
request for the rezoning to R-4 of the 861 W. Canton Avenue property is that even though the property is being rezoned to R-4, there is nothing to be built on this land. That land is entirely
committed to be part of the open space park area on the corner of Canton and Denning. This then minimizes the impacts of the proposed rezoning.
Staff Summary and Recommendation: This is a very good alternative development plan for
this property. When one compares the two projects, the current request is a far better design that the 2006 project. As a senior affordable housing project it fills an important social need
given our aging population. The site plan revisions and creation of the open space park on the Canton/Denning corner will be very appealing. The staff welcomes the trade-off for one more floor (4 stories vs. 3 stories) to get this open space park amenity. The new building is further
setback from the street frontages which importantly provides more space for landscape screening for the building along the street. The 2006 project had a continuous 470 foot long
façade along Denning Drive contrasted with this much smaller 165 foot long façade along Denning Drive. In terms of building size, the 2006 project was a building of 138,788 sq. ft. and the 2012 project is 124,829 sq. ft. or about 14,000 sq. ft. smaller. It has the same number of
units but in a 10% smaller building.
STAFF RECOMMENDATION WAS FOR APPROVAL OF THE COMPREHENSIVE PLAN AND ZOING CODE AMENDMENT ORDINANCES (for 861 W. Canton)
STAFF RECOMMENDATION WAS FOR APPROVAL OF THE CONDITIONAL USE with the Development Agreement to incorporate the entitlements, variances of record and any
other special conditions.
Subject: Conditional Use for Marlow’s Tavern at 1008 S. Orlando Avenue
In September, the McDonald’s at 1008 S. Orlando Avenue closed and relocated to 1302 West Fairbanks. This Conditional Use request is to redevelop the former McDonald’s site into a Marlow’s Tavern restaurant with the sale and consumption of alcoholic beverages. Conditional
Use is required due to this location being within 300 feet of residential properties. There are residential properties to the east (behind) along Balch and Minnesota Avenues and along Kelly
and Oak Place. There are also residences to the west across Orlando Avenue on Miller and Michigan Avenues.
Planning Board Recommendation:
The Planning and Zoning Board met on Tuesday night, December 4th after these agenda
materials were posted to the City Commission and on the website. The action by P&Z and their minutes will be posted ASAP.
Summary:
The plans submitted depict a very attractive exterior remodel and an interior floor plan for 162
seats. Based on the one space for each three seats the 55 parking spaces allow up to 165 seats. Everyone recognizes that for most lunch and dinner days with about 70% occupancy,
that parking is sufficient for customers and employees. However, on the peak evenings of Thursday – Saturdays the employee (or customer) parking will be on the adjacent streets.
The reason why the City has this conditional use requirement is to safeguard and protect adjacent residential neighbors from restaurant/bar establishments that can cause nuisances
related to “overflow parking on residential streets, noise which is disturbing to the residential occupants or loitering of patrons within residential areas”. We have many restaurants in town that evolve into bars or nightclubs after 9:00 pm. The City has this conditional use
requirement because some restaurants turn into a noisy bar with loud live bands and noisy patrons late at night. The City has also experienced problems with spill-over parking in front of
the residences who then get awakened by the car doors slamming, honks of car doors locking and other noise late at night. There are quite a few residences within 300 feet of this property at 1008 S. Orlando Avenue that are potentially affected by this type of conditional use request.
This conditional use process is one way to provide protections for residences but it is
unfortunately a slow process to enforce once violations occur. As a result, the City about two
Public Hearing
Jeff Briggs
Planning Department
Planning and Zoning Board
December 10, 2012
years ago adopted the extended hours alcoholic beverage permits to more effectively try to eliminate these problems when they occur. For example, if the City receives and the Police verify three violations of the noise ordinance in a six month period then the City Commission
may revoke the extended hours permit so that alcoholic beverages cannot be sold or consumed after 11:00 pm. That threat quickly gets the attention of the restaurant ownership and
management. When staff first looked at the website for Marlow’s Tavern, there was concern about this
request. The business model for the Marlow’s tavern locations in Atlanta include nightclub aspects that are highlighted on their website such as live bands playing until 1:00-2:00 am in
the morning, late night happy hours, etc. In that case there would clearly be conflicts with the standards for approval of a conditional use.
The staff is pleased to see that the floor plan submitted is for a restaurant layout and not a combination restaurant/bar. Staff is also pleased to see that all the service is within the
enclosed building and there is no outdoor patio seating or smokers patio on the exterior because then you can almost guarantee there would be noise complaints, late at night. From my conversations with the applicant they understand the neighborhood context of this location
and recognize that their business model needs to focus on the restaurant food aspects of the business and not the bar drink aspects.
Staff is recommending conditions of approval as follows:
1. No outside speaker system is permitted.
2. The restaurant shall have closing hours of 11:00 pm on Sunday-Thursday and Midnight on Sat.-Sunday.
3. No live amplified musical entertainment other than single acoustic acts. This is similar to what they do at the Shipyard which also has residences in close proximity and
it has worked.
subject
Undergrounding of Electric/CATV Facilities
Notice of Intent Resolution
Via Salerno/Via Capri
motion | recommendation
Approve resolution calling for a date/time to set public hearing pertaining to the
undergrounding of electric/CATV facilities in the area of Via Salerno and Via Capri. Staff
recommendation is to approve resolution calling for the Public Hearing.
summary
Winter Park Electric’s PLUG-IN program was approved by the city commission to provide
neighborhoods with a method of accelerating the undergrounding of neighborhood
overhead facilities. Through the PLUG-IN Program the city provides homeowners within
the Neighborhood Electric Assessment District (NEAD) a 50% match of the electric
undergrounding. Bright House Network has agreed to a 5% contribution. Homeowners
have the option of a onetime lump sum or 10 year repayment schedule. Annual
assessment will be placed on the property tax bill. 76% (66% required) of the 13
homeowners within the VIA SALERNO/VIA CAPRI NEAD have voted in favor of this
project.
board comments
N/A
Regular Meeting
3:30 p.m.
January 11, 2010 Commission Chambers
Regular Meeting
3:30 p.m.
January 11, 2010 Commission Chambers
Public Hearing
Terry Hotard
Electric Utility
December 10, 2012
RESOLUTION NO. ______________
A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF WINTER PARK, FLORIDA, SETTING FORTH THE CITY’S INTENT TO USE THE UNIFORM AD VALOREM METHOD OF COLLECTION OF A NON-AD VALOREM ASSESSMENT FOR PROPERTIES LYING IN THE CITY OF WINTER PARK, TO FUND CERTAIN PUBLIC IMPROVEMENTS OF THE INSTALLATION OF UNDERGROUND ELECTRICAL/BHN FACILITIES; PROVIDING THAT A COPY OF THIS RESOLUTION SHALL BE FORWARDED TO THE PROPERTY APPRAISER, TAX COLLECTOR AND THE FLORIDA DEPARTMENT OF REVENUE IN ACCORDANCE WITH SECTION 197.3632(3)(a), FLORIDA STATUTES; PROVIDING FOR CONFLICTS; PROVIDING FOR SEVERABILITY; AND PROVIDING AN EFFECTIVE DATE.
WHEREAS, the City Commission of the City of Winter Park, Florida, intends to replace the existing overhead electrical/BHN facilities with underground electrical/BHN facilities in the City of Winter Park to impose assessments (“Assessments”) against the real property therein to fund the installation of underground electric/BHN facilities within said above-described boundaries; and WHEREAS, in accordance with Ordinance 2249 and Section 197.3632(3)(a), Florida Statutes, the City advertised its intent to use the uniform method for collecting the assessments weekly in a newspaper of general circulation for four (4) consecutive weeks preceding the Public Hearing hold the day hereof; and WHEREAS, in accordance with Section 197.3632(3)(a), Florida Statutes, the City desires to hereby set forth its intent to use the uniform method for collecting the Assessments levied against the real property within the above-described area, more particularly indicated in Exhibit “A” attached hereto and made a part hereof; and WHEREAS, the City Commission of the City of Winter Park, Florida directs the City Clerk to provide copies of the Resolution to the Property Appraiser, Tax Collector and the Florida Department of Revenue on or prior to January 1, 2013; NOW, THEREFORE, be it resolved by the City Commission of City of Winter Park, Florida as follows: Section 1. The foregoing “Whereas” clauses are true and correct, are hereby ratified and confirmed by the City Commission, and are incorporated herein and made a part hereof. Section 2. The City Commission of the City of Winter Park hereby confirms its intent to use the uniform method for collecting the Assessments levied against real property located in the City of Winter Park, to fund the City’s underground of electric/BHN facilities within the above-described area as referenced in “Exhibit A”.
Resolution No. _________ Page 2
Section 3. The City Commission of the City of Winter Park, Florida hereby directs the City Clerk to provide copies of this Resolution to the Property Appraiser, Tax Collector and the Florida Department of Revenue on or prior to January 1, 2013, by the United States mail, in accordance with Section 197.3632(3)(a), Florida Statutes. Section 4. All Resolutions or parts of Resolutions in conflict herewith are hereby repealed to the extent of such conflict. Section 5. If any clause, section, other part or application of this Resolution is held by any court of competent jurisdiction to be unconstitutional or invalid, in part or application, it shall not affect the validity of the remaining portions or application of this Resolution. Section 6. This Resolution shall become effective immediately upon its passage and adoption. ADOPTED at regular meeting of the City Commission of the City of Winter Park, Florida, held at City Hall, Winter Park, Florida, on the _____ of _______________, 2012.
________________________________ Kenneth W. Bradley, Mayor
Attest: ______________________________ Cynthia S. Bonham, City Clerk
subject
Resolution allowing City Manager to execute maintenance contracts with the Florida
Department of Transportation (FDOT)
motion | recommendation
summary
During the City’s regular course of business, it may be necessary to enter into
maintenance contracts with the FDOT for certain improvements. The FDOT requires a resolution of the City Commission granting authority of the City Manager to execute such contracts. The City Commission has passed a similar resolution on January 28,
2003, that gives the City Manager the authority to execute agreements with the FDOT related to utilities. The case at hand involves a maintenance agreement for the
improvements to landscaping in the Lee Road medians which the City has been discussing with FDOT for some time now. A final step in this permit process is to execute said maintenance agreement spelling out the maintenance requirements of
the City for the improved landscaping and irrigation.
board comments
N/A
Regular Meeting
3:30 p.m.
January 11, 2010 Commission Chambers
Regular Meeting
3:30 p.m.
January 11, 2010 Commission Chambers
Public Hearing
Troy Attaway
Public Works
Administration
December 10, 2012
RESOLUTION NO. ___________
A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF WINTER PARK, FLORIDA, TO EXECUTE A HIGHWAY LANDSCAPE CONSTRUCTION AND MAINTENANCE MEMORANDUM OF AGREEMENT WITH THE FLORIDA DEPARTMENT OF TRANSPORTATION FOR THE LEE ROAD MEDIAN LANDSCAPE PROJECT.
WHEREAS, the State of Florida Department of Transportation and the City of Winter Park, Florida, desire to facilitate the Lee Road Median Landscape Project, and
WHEREAS, the State of Florida Department of Transportation has requested the City of Winter Park, Florida, to execute and deliver to the State of Florida Department of Transportation the HIGHWAY LANDSCAPE CONSTRUCTION AND MAINTENANCE MEMORANDUM OF AGREEMENT;
NOW, THEREFORE, BE IT RESOLVED by the City Commission of the City of Winter Park, Florida that Randy B. Knight, City Manager, is hereby authorized to make, execute, and deliver to the State of Florida Department of Transportation the HIGHWAY LANDSCAPE CONSTRUCTION AND MAINTENANCE MEMORANDUM OF AGREEMENT for the aforementioned project, Lee Road Median Landscape Project.
ADOPTED at a regular meeting of the City Commission of the City of Winter Park held in City Hall, Winter Park on this 10th day of December, 2012.
____________________________________ Kenneth W. Bradley, Mayor ATTEST: __________________________________ Cynthia S. Bonham, City Clerk