Board Meeting, June 29, 2017

Pretty dry meeting today with no public comment. Major agenda items were related to the planned refinancing of Unit 1 and Unit 3 bond debt to take advantage of lower interest rates and to obtain additional funds (cash out refi) for planned improvements. For both bonds, the refinancing will NOT change the original term of the bonds, and it will NOT change the individual property owner assessment amounts for bond debt service.

Refinancing of Unit 1 bond debt is expected to raise between $3.4 and $3.8 M in new construction funds. No discussion was made of specific items; but, the current Plan of Improvement calls for construction of Predo St. as a new north/south road through Village C. There has been design work done for signalizing the US41 and West Villages Pkwy intersection, and there will be some road way realignment done near the new spring training facility on West Villages Pkwy. Longer term, there is still an obligation of the district to acquire land and build a police/fire/EMS station in the district, AND to equip that station with a police car, fire truck, and ambulance.

Refinancing of Unit 3 bond debt is expected to raise around $900k. The district engineer announced at today's meeting that the Southwest Florida Water Management District grant for construction of a reclaimed water line from near Rockley Blvd. and US. 41 to the existing retention pond in Gran Paradiso was approved. Design of the new line is in progress so construction should start on this before the end of the year. A representative from Lenar stated that they were about to spend $170k for a new agricultural well and piping to bring more irrigation water into the retention pond. The cost of both of these improvements should just about expend the funds received from this refinancing.

A public meeting was scheduled for July 27 at 11 am at City Hall in North Port to make public notice of the intent to refinance the Unit 1 bond debt. A similar meeting was planned for August 10th.