Resolution - Marina Loan Bid Award







Agenda Request Item



Type of Request: Approve Resolution

(Adopt Resolution, Adopt Ordinance (1st Reading) Adopt Ordinance (2nd Reading)

Award Bid /RFP, Presentation, Public Hearing)


Continued from:      


Requested Action        (Identify appropriate Action or Motion)

Motion to Approve Resolution – SunTrust $2.4m loan for Marina Improvement Project


Description of Action

The City Financial Advisor and Finance Department management team recommend loan financing bid award to SunTrust Bank, NA for the City’s $2.4 million Marina Improvement Loan.  This loan will allow the City to fully fund the approved $7.5 million Marina Improvement Project using marina rental revenues to repay this loan.  This 3.41% taxable bank loan will allow the project to return the City’s temporary loan of monies to the City General Fund.  This Resolution also establishes a new Marina Enterprise Fund for operations of the City Marina.  This will allow separation and transparency over the resources and expenditures of the Marina operation including repayment of this loan liability over a period of 15 years.


Purchasing Requests ONLY


Acct #:      


Fund:         (Select from: General, Water, Sewer, Stormwater, Grants, Capital)













Fiscal Impact/Cost Summary

Repayment of the $2,400,000 loan will be made over a 15-year term using revenues from City Marina slip rental revenues.


Exhibits Attached


Memo, SunTrust loan proposal, Resolution, Financial Advisor Letter, Bond Loan Agreement.