The Riviera Beach Community Redevelopment Agency (the "Agency") is contemplating issuance of its Redevelopment Agency Redevelopment Refunding Revenue Note, Series 2020A in a principal amount not to exceed $13,500,000 (the "Series 2020A Note") in order to refinance its outstanding Redevelopment Revenue Note, Series 2011 dated April 28, 2011, its outstanding Redevelopment Revenue Note, Series 2013A dated August 30, 2013 and a portion of its outstanding Redevelopment Revenue Note, Series 2018 dated November 5, 2018.
The Agency is contemplating issuance of its Redevelopment Agency Taxable Redevelopment Refunding and Improvement Revenue Note, Series 2020B in a principal amount not to exceed $16,500,000 (the "Series 2020B Note") in order to (i) refinance the outstanding Redevelopment Taxable Refunding Revenue Note, Series 2013B dated August 30, 2013 and a portion of its outstanding Redevelopment Revenue Note, Series 2018 dated November 5, 2018 and (ii) to fund various community redevelopment projects within the Riviera Beach Community Redevelopment Area including the acquisition and renovation of certain property within the Agency, marina infrastructure, street improvements, affordable housing projects, and qualified grants and such other projects as may be approved by the Agency from time to time, in accordance with and in furtherance of the Redevelopment Plan (collectively, the "2020 Project").
It is necessary, desirable and in the best interests of the citizens of Riviera Beach that the City Council approves issuance by the Agency of its Series 2020A Note and its Series 2020B Note (collectively, the Series 2020 Notes").
Financial Summary:
The CRA issued an RFP for Bank Loan proposals for Tax-Exempt, Bank Qualified Loan on June 11, 2020, and received one proposal. The proposals was submitted by Truist Bank.
The proposed debt issuance has Coupon rates of 1.81% for Series 2020A and 2.4% for Series 2020B and a true interest cost of 2.187935% over 13 years. The principal payments will begin in 2021.
The Net Present Value Savings of the Refunding is $1,992,579.22.