Item Coversheet



BOCC AGENDA ITEM


Item Title:Approve Prepay for SAISSA from Remaining Grant Reimbursements
Date:7/25/2022
Department:County Manager on behalf of SAISSA
Background:

The South Amelia Island Beach Nourishment project is managed by the SAISS Municipal Service Benefit Unit and is funded by State and Federal grants as well as a bank loan serviced by Synovus. The 2021-2022 beach renourishment project cost is $15,069,600.75. The loan was authorized up to $16.6 million, of which $11.6 million was drawn. The MSBU paid $3.4 million of the grant reimbursements for direct payment of certain project costs. Collectively, SAISS MSBU has received State and Federal Grants totaling $8.46 million to date which represent both funds for the project and to further reduce loan costs. As additional grant reimbursements are received, the MSBU is seeking to further pay down the loan in advance of the original payment schedule to reduce interest expense.

 

State and Federal Grants have reimbursed $8.46 million to date, which represent 99.1% of the eligible reimbursements. On April 11, 2022, the BOCC approved an early loan repayment of $2.63 million from reimbursements. On June 15, 2022, the BOCC approved an early loan repayment of $2.38 million in reimbursements and from excess capital assessments a repayment of $1,118,985.36. The SAISS MSBU has received two reimbursements in the month of June and expect several more in July.

 

The SAISS MSBU requests BOCC authorization to make a final early repayment of the reimbursement funds that will total $80,552.33. SAISSA recommends the use of the remaining reimbursements be used to prepay the loan to reduce interest expense.

Request:
The Municipal Service Benefit Unit would like to have approval to prepay $80,552.33 from remaining grant reimbursements.
Financial/Economic Impact to Future Years Budgeting Process or Effect on Citizens:

The assessments are paid by the commercial and residential property owners within the SAISS-MSBU so there is no direct impact on general citizenry

 

Future loan payments shall be based on the attached loan repayment plan to Synovus, and as modified by Synovus based on the approved prepayments.

Action Requested and Recommendation:
The Municipal Service Benefit Unit would like to have approval to prepay $80,552.33 from remaining grant reimbursements.
Is this action consistent with the Nassau County Comprehensive Land Use Plan?
Yes
Funding Source:
38391539-384010 S2021

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?

One (1). With emailed copy to SAISSA, moor1706@bellsouth.net


ATTACHMENTS:
DescriptionUpload DateType
Agenda Request7/18/2022Cover Memo