Item Coversheet



BOCC AGENDA ITEM


Item Title:SAISSA Beach Renourishmnent Special Assessment Note Series 2021
Date:4/12/2021
Department:OMB on behalf of SAISSA
Background:

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.

Request:
Approve and authorize the Chairman to sign the South Amelia Island Shore Stabilization Special Assessment Note, Series 2021, and associated loan closing documents.
Financial/Economic Impact to Future Years Budgeting Process or Effect on Citizens:
The 2021 SAISSA beach renourishment project will be funded via a combination of a capital assessment of the property owners in the MSBU and reimbursements from state and federal grant funds.  It will not impact taxpayers outside of the MSBU.
Action Requested and Recommendation:
Approve and authorize the Chairman to sign the South Amelia Island Shore Stabilization Special Assessment Note, Series 2021, and associated loan closing documents.
Is this action consistent with the Nassau County Comprehensive Land Use Plan?
NA
Funding Source:

Fund 143 (SAISSA MSBU) capital construction.

Project will be funded via a combination of capital assessment and federal & state reimbursement grant funds 


Additional Information Needed for Contracts/Agreements (If Applicable)
Contract Number assigned by Contracts Management:
N/A
For non-governmental agencies, has the document been sent to the vendor for signature?
N/A
Does the document need to be recorded? If so, who will pay the recordation fee?
N/A
Are there any special mailing instructions? (Include contact name, address, deadline for submittal, how to mail such as express mail, FedEx, etc):
N/A
How many originals are needed?
N/A

ATTACHMENTS:
DescriptionUpload DateType
Special Assessment Note Series 20213/24/2021Cover Memo
Tabulation3/25/2021Cover Memo