Okaloosa County BOCC — March 18, 2014 — reading text

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Packet Pg. 600 E-mail: BethM@ParksByNature.com 6  CROSS PROMOTION MATERIALS • Posters for you to hand out for your business • Social media sites • Free app icon art for your website to promote your banners O F F I C I A L PA R T N E R Packet Pg. 601 E-mail: BethM@ParksByNature.com 7  Packet Pg. 602 E-mail: BethM@ParksByNature.com 8  POCKET RANGER ® IN THE PRESS Florida State Parks in 2013! “The Pocket Ranger® app puts valuable details about Florida’s 171 state park and trail facilities at one’s fingertips.” – Examiner Florida State Florida State P... “To give the adventurous types a mobile tool to take advantage of all their park’s resources, the ParksByNature Network created the Pocket Ranger, an app for iOS and Android that uses GPS to give users all kinds of information based on their location within a state park.” – AppScout “More than 70,000 people have downloaded the Florida Pocket Ranger mobile app for their I-phone or Android phones.” -- Florida Ranked #8 in itunes store Park Service Director Donald Forgione May 2013 “The app provides a comprehensive list of beach access points in each county, and the amenities each access point offers, including boardwalks, parking spaces, restrooms, picnic pavilions and boat ramps.” – Naples Daily News Packet Pg. 603  BOARD OF COUNTY COMMISSIONERS AGENDA REQUEST DATE: March 18, 2014 TO: Honorable Chairman and Members of the Board FROM: Ed Schroeder SUBJECT: Approval to advertise ordinance to repeal Destin MSBU DEPARTMENT: Tourist Development Department BCC DISTRICT: All STATEMENT OF ISSUE: Staff has been asked to research the feasibility of repealing the special assessment which has been levied for the Western Destin Beach Restoration Project. Those revenues, along with the proceeds of the 1st Penny of Tourist Development Tax, have been pledged for the repayment of the Bank note funding the Western Destin Project. To repeal the special assessment, the permission of the Hancock Bank which holds the note will be required. Staff has worked with First Southwest and legal team to determine the willingness of the Bank to release the pledge of the special assessment so that the special assessment may be repealed, should the Board consider it appropriate. To complete this action, staff needs direction to obtain the necessary executed consents from the Bank and upon obtaining that release to develop, advertise, and bringing to the Board an ordinance to repeal existing Ordinance 07-57 that established the MSBU. BACKGROUND: On November 8, 2007, the Okaloosa County Board of County Commissioners approved County Ordinance 07-57 that established a MSBU for the purpose of repaying a portion of the financed amount for the Beach Restoration Project through “Special Assessment Revenues” or SAR. The assessment was to be imposed for a maximum of eight (8) years. The first year it was levied was for Fiscal Year 2008-09 and if it was levied for its full term, the last year it would be levied would be Fiscal Year 2015-16. The amount derived from the SAR by the MSBU is approximately $350,000 per year. The Western Destin Beach Renourishment Project was funded with a Bank note which will be paid off in September 2020, and has a current balance of approximately $4.1 million. The SAR is one of the pledged revenues which secure the Bank note which funded the Western Destin Beach Renourishment Project, along with the 1st Penny of the Tourist Development Tax. The County, as part of the consideration of the note, was required to agree that it would keep the pledged revenues in place through the maturity of the note. Therefore, the consent of the Bank would be necessary to release the SAR as one of the pledged revenues. First Southwest has been working with Hancock Bank to determine their interest in Packet Pg. 604 releasing any pledge on the SAR and we have received a letter confirming that they are willing to do so. The attached letter provides confirmation of the consent by the Hancock Bank. To finalize the release of the SAR as one of the pledged revenues for the Bank note, documentation would need to be prepared for the execution by the Bank. At that point, the Board would be able to repeal the Ordinance creating the MSBU. If the above request is approved, staff would work with legal counsel to prepare the necessary documentation for the Bank to release the pledge of the SAR and draft an ordinance repealing the existing ordinance, advertise, and bring that