28851309 - Florida Administrative Rules, Law, Code, Register

Florida Department of State and Division of Library and Information Services


Notice: 28851309
Notice of Meeting/Workshop Hearing

Division:	Bryant Miller Olive


Overview



	The Capital Trust Authority announces a hearing to which all persons are invited.

DATE AND TIME:	Friday, October 25, 2024 at 10:30 A.M. CST/11:30 A.M. EST

PLACE:	A telephonic public hearing, using the instructions provided herein.

Subject:	NOTICE OF TELEPHONIC PUBLIC HEARING The Capital Trust Authority (the "CTA") has been requested by Madrone - Florida Tech Student Housing I, LLC, a Florida limited liability company ("Madrone Florida Tech I"), the sole member of which is Madrone Community Development Foundation, a California nonprofit public benefit corporation (the "Foundation"), and an organization described in Section 501(c)(3) of the Internal Revenue Code of 1986, as amended (the "Code"), or another Florida limited liability company, the sole member of which is the Foundation (such entity or Madrone Florida Tech I, as applicable, the "Borrower"), to issue its Educational Facilities Revenue Bonds, in one or more series of tax-exempt qualified 501(c)(3) bonds or taxable bonds, in an aggregate principal amount not to exceed $100,000,000 (the "Bonds"). For the purposes of Section 147(f) of the Code, notice is hereby given that, in accordance with the Internal Revenue Service Revenue Procedure 2022-20, a telephonic public hearing will be held by a hearing officer on behalf of the CTA on Friday, October 25, 2024 at 10:30 A.M. CST/11:30 A.M. EST, or as soon thereafter as the matter may be heard, using the telephone conference instructions provided herein. The purpose of the hearing is to take public comments regarding the issuance of said Bonds by the CTA, the nature and location of the Project (hereinafter defined) and the plan of finance. The proceeds of the Bonds will be loaned to the Borrower by the CTA for the purpose of financing or refinancing, including through reimbursement, (i) the acquisition, design, construction, installation and equipping of the following improvements, located on the campus of Florida Institute of Technology ("Florida Tech") at 150 West University Boulevard, Melbourne, Florida 32901: (A) an approximately 212,237 square foot student housing development, which shall consists of an approximately 148-unit student housing facility, consisting of approximately 562 beds, including additional amenities and ancillary facilities, including two (2) staff apartments, campus housing offices, classrooms for approximately 40 students, a multi-purpose room, a pedestrian bridge, kitchen, laundry, study and lounge areas, a balcony, exterior courtyards and approximately 183 parking spaces, all for use by students of Florida Tech, situated on an approximately 3.6 acre site, with a street address of 50 Southgate Boulevard, Melbourne, Florida 32901, including related facilities, fixtures, furnishings and equipment; and (B) an additional campus parking lot for use by Florida Tech, situated on an approximately 1 acre site, with a street address of 3134 Psychology Place, Melbourne, Florida 32901, which includes approximately 114 additional parking spaces (collectively, the "Facilities"); (ii) the funding of working capital for the Bonds, if deemed necessary or desirable; (iii) the funding of a debt service reserve fund for the Bonds, if deemed necessary or desirable; (iv) capitalized interest for the Bonds, if deemed necessary or desirable; and (v) certain costs of issuing the Bonds (collectively, the "Project"). The plan of finance contemplates that the CTA will issue, in respect to the Project, not exceeding $100,000,000 in aggregate principal amount of its Bonds, in one or more series of tax-exempt qualified 501(c)(3) bonds or taxable bonds, and loan the proceeds of the Bonds to the Borrower to provide funds for the Project. The Facilities will be owned by the Borrower, or an affiliate thereof or another entity chosen by the Borrower. The Bonds, when issued, will be special, limited obligations payable solely out of the revenues, income and receipts pledged to the payment thereof and derived from financing agreements with the Borrower, and none of the CTA, Brevard County, Florida (the "County"), or the State of Florida (the "State") will be obligated to pay the principal of, premium, if any, or interest on the Bonds except from the payments of the Borrower. The Bonds and the interest thereon shall never (i) pledge the taxing power of the County, the State or any other political subdivision, public agency or municipality thereof within the meaning of any constitutional or statutory provision, (ii) constitute the debt or indebtedness of the CTA, the County, the State or any other political subdivision, public agency or municipality thereof within the meaning of any constitutional or statutory provision, or (iii) pledge the full faith and credit of the CTA, the County, the State or any political subdivision, public agency or municipality thereof. CTA has no taxing power. Issuance of the Bonds is subject to several conditions including satisfactory documentation and receipt of necessary approvals for the financing. INTERESTED PERSONS ARE ENCOURAGED TO ATTEND BY TELEPHONE CONFERENCE USING THE INSTRUCTIONS BELOW. ANY PERSONS WISHING TO PRESENT ORAL COMMENTS IN PERSON MUST NOTIFY THE CTA BY WRITTEN NOTICE AT LEAST 24 HOURS BEFORE THE HEARING, IN ORDER THAT SOCIAL DISTANCING ACCOMMODATIONS MAY BE MADE FOR THOSE IN ATTENDANCE. PRIOR TO SAID TELEPHONIC PUBLIC HEARING, WRITTEN COMMENTS MAY BE DELIVERED TO THE CTA AT 315 FAIRPOINT DRIVE, GULF BREEZE, FLORIDA 32561, ATTENTION EXECUTIVE DIRECTOR. TELEPHONE CONFERENCE INSTRUCTIONS: TOLL FREE DIAL IN NUMBER: 1 (888) 667-1808 At the date and time fixed for said telephonic public hearing all who appear in person or by telephone conference will be given an opportunity to express their views for or against the Project and the proposed approval of the issuance of said Bonds by the CTA and the plan of finance. All persons are advised that, if they decide to appeal any decision made with respect to the proposed approval of the issuance of said Bonds, they will need a record of the proceedings, and for such purpose, they may need to ensure that a verbatim record of the proceedings is made, which record includes the testimony and evidence upon which the appeal is to be based. All interested persons are invited to present their comments on the date and time set forth above. IN ACCORDANCE WITH THE AMERICANS WITH DISABILITIES ACT OF 1990, AS AMENDED, ALL PERSONS WHO ARE DISABLED AND WHO NEED SPECIAL ACCOMMODATIONS TO PARTICIPATE IN THIS TELEPHONIC PUBLIC HEARING BECAUSE OF THAT DISABILITY SHOULD CONTACT THE HEARING OFFICER AT (850) 934-4046 AT LEAST 48 HOURS IN ADVANCE OF THE HEARING, EXCLUDING SATURDAY AND SUNDAY.


	A copy of the agenda may be obtained by contacting: CONTACT THE HEARING OFFICER AT (850) 934-4046.

PRINT PUBLISH DATE:	10/18/2024 Vol. 50/205


REFERENCE MATERIALS:	No reference(s).

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Overview