conroy road cra bonds, series 2012

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Public Hearing April 23, 2012 City of Orlando, Florida Community Redevelopment Agency Tax Increment Revenue Refunding Bonds (Conroy Road District), Series 2012 1

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Public Hearing April 23, 2012 City of Orlando, Florida Community Redevelopment Agency Tax Increment Revenue Refunding Bonds (Conroy Road District), Series 2012. Conroy Road CRA Bonds, Series 2012. Conroy Road District - PowerPoint PPT Presentation

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Page 1: Conroy Road  CRA  Bonds, Series 2012

1

Public HearingApril 23, 2012

City of Orlando, Florida Community Redevelopment Agency Tax Increment Revenue Refunding Bonds

(Conroy Road District), Series 2012

Page 2: Conroy Road  CRA  Bonds, Series 2012

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Conroy Road CRA Bonds, Series 2012

• Conroy Road District– Established in 1991 to address transportation

deficiencies in the I-4/Conroy Road area– Tax increment revenues are received from the City

and Orange County and used to pay debt service on the 1998A Conroy Road Special Assessment Bonds. Excess revenue is rebated back to City and County.

– Separate and distinct from the Downtown CRA District

Page 3: Conroy Road  CRA  Bonds, Series 2012

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Page 4: Conroy Road  CRA  Bonds, Series 2012

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Conroy Road CRA Bonds, Series 2012

• Purpose – Refund the Series 1998A Conroy Road Special Assessment Bonds

• Series 1998A Bonds– Financed the construction of the interchange at I-

4 and Conroy Road

Page 5: Conroy Road  CRA  Bonds, Series 2012

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Conroy Road CRA Bonds, Series 2012

• Why Refinance the 1998A Bonds?– Take advantage of historically low interest rates to reduce

the cost of debt service

Page 6: Conroy Road  CRA  Bonds, Series 2012

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Conroy Road CRA Bonds, Series 2012

• Repayment source is tax increment revenues from the Conroy Road CRA District

• Fixed Interest Rates• Expected savings of $4.7 Million• Excess tax increment revenues are rebated

back to the City and County. This refunding will increase the amount of those rebates.

Page 7: Conroy Road  CRA  Bonds, Series 2012

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Conroy Road CRA Bonds, Series 2012

• Required Actions– City Council public hearing to adopt a Resolution

approving the CRA’s issuance of the bonds– CRA approval of a Resolution authorizing the

issuance of the bonds

• Pursuant to Florida Statutes Section 163.346, Notices to Taxing Authorities were mailed on April 5th and this hearing was advertised in the Orlando Sentinel on April 9th.