On January 19, 2021, at the request of the South Amelia Island Shore Stabilization Association, Inc. (SAISSA), a Municipal Special Benefits Unit (MSBU), the County issued a Request for Proposals from banking institutions for bank financing in an amount not-to-exceed $20,500,000 with responses due by February 23, 2021. The County received six responses (Bank United, BBVA, Sterling, SunTrust, Synovus, Wells Fargo) to provide financing for the 2021 Beach Nourishment Project that safeguards the beach within the MSBU and mitigates continued beach erosion, which threatens damage and loss to upland property, reduces or eliminates the use of the beach by upland property owners and their invitees, negatively impacts property values, and may force property owners to resort to expensive self-help methods that can accelerate the pace of erosion and result in the loss of beach area available for recreation.
Upon evaluation of the financing proposals by the SAISSA Finance Committee, on March 1, 2021, the SAISSA Board approved to proceed with the proposal from Synovus and secure the Note estimated to close on April 15, 2021 upon Board of County Commissioner’s approval on April 12, 2021. Project construction is anticipated to begin May 1, 2021 and to last approximately three months. The Note will be secured and repaid from special assessments levied and collected by the County from property owners within the MSBU and by anticipated FDEP and FEMA grant reimbursements.
The attached financing resolution is in an amount not to exceed $16,600,000 based on the estimated cost of construction from the lowest construction bid received. |