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BOARD OF COUNTY COMMISSIONERS
AGENDA REQUEST
DATE: August 19, 2014
TO: Honorable Chairman and Members of the Board
FROM: Sunil Harman
SUBJECT: First Amendment to State Infrastructure Bank (SIB) Loan
DEPARTMENT: Airport
BCC DISTRICT: All
STATEMENT OF ISSUE: The Board of County Commissioners is requested to approve the
First Amendment to a Florida Department of Transportation State Infrastructure Bank (SIB) loan
the County's Department of Airports.
BACKGROUND: The Department of Airport secured a $3 million federally funded FDOT SIB
loan to meet the cash match requirement for the Bob Sikes Airport (CEW) Taxiway A
Rehabilitation and Stormwater Master Plan grants. The Board of County Commissioners
approved this loan on January 11, 2011. The term of the loan is 10 years at 3% annual interest.
The actual funding requirement upon completion of the projects was only $2,803,250.97. The
FDOT has adjusted the principal and interest accordingly in this Amendment. The reduction in
interest to be paid over the term amounts to $160,760.48.
OPTIONS: Approve, Disapprove or Table
RECOMMENDATIONS: The Airport Staff recommends the Board approve this amendment
by authorizing the Chairman to sign the attached Signature Resolution.
RECOMMENDED BY:
APPROVED BY:
Ernie Padgett, County Administrator