Bill Type and Number: Ordinance 2007 - 22

Sponsor: Council President at the request of the Mayor

Date of Introduction: January 9, 2007

Committee(s) of Reference: F, ECID, TEUS

Date of Analysis: January 12, 2007

Type of Action: Amending Resolution 2004-821-A, approving the issuance of Industrial Development Revenue Bond by the Jacksonville Economic Development Commission (JEDC)

Bill Summary: The bill amends Resolution 2004-821-A to restate the entire resolution, increase the maximum revenue bonds issuance to $198,854,349, adds work to be done at the Panama City-Bay County International Airport, and Holland-Sheltair Aviation Group will pay 25 basis points to finance any non-Duval projects not on the 2004 list, the Panama City airport.

Background Information: 2004-821-A approved the issuance of Industrial Development Revenue Bonds to not exceed $161,605,000 for the Holland-Sheltair Aviation Group Project. Issuance of the bonds would provide funding for a the project that consists of the acquisition and development of airport facilities at Jacksonville, , Daytona Beach, Ft. Lauderdale, Melbourne, Orlando, Greater Orlando, Ft. Lauderdale/Hollywood, St. Petersburg/Clearwater, and Kissimmee airports. These airport facilities would then be operated by the Holland-Sheltair Aviation Group. Since portions of the project are located in Volusia, Broward, Brevard, Orange, Pinellas and Osceola Counties, the bill authorized the JEDC to enter into Interlocal Agreements with each of those counties to provide for the issuance by the JEDC of Bonds to finance portions of the project located in the respective counties.

Holland-Sheltair Aviation Group is the largest privately owner/lessee of aviation related real estate located in airports in the United States and one of the largest privately held aviation real estate development companies in the country. The purpose of the bond issuance is to finance and/or refinance 11 facilities in the state, including the building of a new facility at Jacksonville International Airport.

Policy Impact Area: Airport expansions

Fiscal Impact: Undetermined

Analyst: Weiss