For the purposes of Section 147(f) of the Internal Revenue Code of 1986, as amended, notice is hereby given that the Florida Development Finance Corporation ("FDFC") will hold a public hearing on at in connection with the proposed issuance and sale ...

 

OTHER AGENCIES AND ORGANIZATIONS
Florida Development Finance Corporation

The Florida Development Finance Corporation announces a hearing to which all persons are invited.

DATE AND TIME: August 28, 2012, 11:30 a.m.

PLACE: Enterprise Florida, Inc. Offices, 325 John Knox Road, Tallahassee, Florida 32303

GENERAL SUBJECT MATTER TO BE CONSIDERED: For the purposes of Section 147(f) of the Internal Revenue Code of 1986, as amended, notice is hereby given that the Florida Development Finance Corporation (“FDFC”) will hold a public hearing on at in connection with the proposed issuance and sale of (i) not to exceed $87,000,000 of its Educational Facilities Revenue Bonds (Renaissance Charter School, Inc. Projects), Series 2012 (the “Renaissance Bonds”) in one or more series of tax exempt and taxable bonds, and (ii) not to exceed $18,000,000 of its Educational Facilities Revenue Bonds (Florida Charter Education Foundation, LLC Project), Series 2012 in one or more series of tax exempt and taxable bonds (the “Florida Charter Bonds” and together with the Renaissance Bonds, the “Bonds”). The proceeds of the Renaissance Bonds will be loaned by the FDFC to Renaissance Charter School, Inc. and Red Apple Development, LLC (collectively, the “Renaissance Borrowers”). The Renaissance Borrowers will use the proceeds of the Bonds to finance or refinance the cost of (or reimburse themselves for prior expenditures for) acquisition, construction, renovation and equipping of (i) an approximately 63,900 square foot building and ancillary facilities expected to accommodate up to 1,145 students in grades K-8 to be operated as a charter school known as the Governors Charter Academy, located at 4351 Mahan Drive, Tallahassee, Leon County, Florida 32308 (the “Governors Facility”), (ii) an approximately 63,779 square foot building and ancillary facilities expected to accommodate up to 1,145 students in grades K-8 to be operated as a charter school known as the Renaissance Charter School at Poinciana, located at 5125 Robert McLane Boulevard, Kissimmee, Osceola County, Florida 34758 (the “Poinciana Facility”), (iii) an approximately 49,000 square foot building and ancillary facilities expected to accommodate up to 1,145 students in grades K-8 to be operated as a charter school known as Renaissance Charter School at West Palm Beach, located at 1889 Palm Beach Lakes Boulevard, Palm Beach County, Florida 33409 (the “West Palm Beach Facility”); (iv) an approximately 68,700 square foot building and ancillary facilities expected to accommodate up to 1,145 students in grades K-8 to be operated as a charter school known as Renaissance Charter School at Chickasaw Trial, located at 8203 Valencia College Lane, Orlando, Orange County, Florida 32325 (the “Chickasaw Trail Facility”), (v) an approximately 87,837 square foot building and ancillary facilities expected to accommodate up to 1,315 students in grades K-8 to be operated as a charter school known as Bonita Springs Charter School, located at 25380 Bernwood Drive, Bonita Springs, Lee County, Florida 34135 (the “Bonita Facility”). The proceeds of the Florida Charter Bonds will be loaned by the FDFC to Florida Charter Educational Foundation, LLC and Red Apple Development, LLC (the “Florida Charter Borrowers” and together with the Renaissance Borrowers, the “Borrowers”). The Florida Charter Borrowers will use the proceeds of the Bonds to finance or refinance the cost of (or reimburse themselves for prior expenditures for) acquisition, construction, renovation and equipping of an approximately 63,900 square foot building and ancillary facilities expected to accommodate up to 1,145 students in grades K-8 to be operated as a charter school known as the Henderson Hammock School, located at 10322 Henderson Road, Tampa, Hillsborough County, Florida 33625 (the “Hillsborough Facility” and together with the Governors Facility, the Poinciana Facility, the West Palm Beach Facility, the Chickasaw Trail Facility and the Bonita Facility, the “Project” and each a “Facility”).

The proceeds of the Bonds will also be used to (i) finance the cost of the acquisition of the land (approximately 10 acres for the Governors Facility, approximately 12.403 acres for the Poinciana Facility, approximately 3 acres for the West Palm Beach Facility, approximately 11.46 acres for the Chickasaw Trail Facility, approximately 7.2 acres for the Bonita Facility and approximately 16.5 acres for the Hillsborough Facility) and related site improvements on which each Facility is located; (ii) fund necessary debt service reserves; (iii) fund capitalized interest on the Bonds; and (iv) pay costs associated with the issuance of the Bonds.

Each Facility will be owned by one or more of the Borrowers. An affiliate of Charter Schools USA, Inc. will be the initial manager of each Facility.

It is expected that the amount of proceeds of the Bonds spent at (i) the Governors Facility will not exceed $18,000,000, (ii) the Poinciana Facility will not exceed $18,000,000, (iii) the West Palm Beach Facility will not exceed $15,000,000, (iv) the Chickasaw Trail Facility will not exceed $18,000,000, (v) the Bonita Facility will not exceed $18,000,000, and (vi) the Hillsborough Facility will not exceed $18,000,000.

The Bonds are being issued under the authority of the Florida Development Financing Corporation Act of 1993, as amended (the “Act”). The Bonds shall be payable solely from the revenues derived from a loan and other financing documents to be executed between the FDFC and the Borrowers prior to or contemporaneously with the issuance of the Bonds. Such Bonds and the interest thereon shall not constitute an indebtedness or pledge of the general credit or taxing power of the State of Florida or any political subdivision or agency thereof. Issuance of the Bonds is subject to several conditions including satisfactory documentation and receipt of necessary approvals for the financing. The aforementioned meeting shall be a public meeting and all persons who may be interested will be given an opportunity to be heard concerning the same. Written comments may also be submitted prior to the hearing to the Florida Development Finance Corporation at 800 North Magnolia Avenue, Suite 1100, Orlando, Florida 32803, directed to the Executive Director. Comments made at the hearing are for the consideration of the Governor and will not bind the FDFC as to any action it may take.

A copy of the agenda may be obtained by contacting: Executive Director, Florida Development Finance Corporation, 800 North Magnolia Avenue, Suite 1100, Orlando, Florida 32803.

Pursuant to the provisions of the Americans with Disabilities Act, any person requiring special accommodations to participate in this workshop/meeting is asked to advise the agency at least 7 days before the workshop/meeting by contacting: Executive Director, Florida Development Finance Corporation, 800 North Magnolia Avenue, Suite 1100, Orlando, Florida 32803, [phone]. If you are hearing or speech impaired, please contact the agency using the Florida Relay Service, 1(800)955-8771 (TDD) or 1(800)955-8770 (Voice).

If any person decides to appeal any decision made by the Board with respect to any matter considered at this meeting or hearing, he/she will need to ensure that a verbatim record of the proceeding is made, which record includes the testimony and evidence from which the appeal is to be issued.

For more information, you may contact: Executive Director, Florida Development Finance Corporation, 800 North Magnolia Avenue, Suite 1100, Orlando, Florida 32803, [phone].