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Public HearingNovember 14, 2011

City of Orlando, Florida Community Redevelopment Agency Tax Increment Revenue Refunding Bonds (Republic Drive/Universal Boulevard

District), Series 2012

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Republic Drive CRA Bonds, Series 2012

• Republic Drive District– Established in 1994 to address transportation

deficiencies in the I-4/Universal Studios area– Tax increment revenues are received from the City

and Orange County and used to pay debt service on the Republic Drive CRA Bonds. Excess revenue is rebated back to City and County.

– Separate and distinct from the Downtown CRA District

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Republic Drive CRA Bonds, Series 2012

• Purpose – Refund the Series 2002 Republic Drive CRA Bonds

• Series 2002 Republic Drive CRA Bonds– Refunded the City’s 1997A Republic Drive Special

Assessment Bonds– 1997A Bonds originally financed the design,

acquisition and construction of the interchange at I-4 and Republic Drive (now known as Universal Boulevard)

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Republic Drive CRA Bonds, Series 2012

• Why Refinance the 2002 Bonds?– Take advantage of historically low interest rates to reduce

the cost of debt service

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Republic Drive CRA Bonds, Series 2012

• Repayment source is tax increment revenues from the Republic Drive CRA District

• Fixed Interest Rates• Expected savings of $2.3 Million• Excess tax increment revenues are rebated

back to the City and County. This refunding will increase the amount of those rebates.

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Republic Drive CRA Bonds, Series 2012

• Required Actions– City Council public hearing to adopt a Resolution

approving the CRA’s issuance of the bonds– CRA approval of a Resolution authorizing the

issuance of the bonds

• Pursuant to Florida Statutes Section 163.346, this hearing was advertised in the Orlando Sentinel on November 2nd, and Notices to Taxing Authorities were mailed on October 28th.