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INDIAN RIVER COUNTY, FLORIDA <br />INTER — OFFICE MEMORANDUM <br />TO: Pat Lyons, Chairman and Members DATE: December 8, 1981 FILE: <br />of the Board of County Corramissioners <br />SUBJECT: Procedure for processing <br />Industrial Revenue Bonds <br />FROM: Gary M. Brandenburg REFERENCES: <br />County Attorney <br />Attached to this memorandum you will find a proposed questionnaire for <br />use in the processing of Industrial Revenue Development Bonds. I would <br />recommend that the County adopt this questionnaire for use by all future <br />applicants. <br />The processing of an Industrial Revenue Bond requires the expenditure <br />of many man hours of administrative as well as legal time, which if the <br />applicant is successful, inures to the benefit of the applicant. To more <br />equitably distribute the cost of staff time involved, this writer would <br />recommend the imposition of an administrative fee. The fee structure could <br />be established as follows; <br />1. The initial application fee - (suggested - $1,000) the purpose of this <br />fee is to offset the cost to the County of the initial staff time involved <br />with review of the application. <br />2. An issuing fee - (suggested at .5'' of amount of issue; maximum fee $10,000) <br />if the applicant is successful and the County proceeds to the sale of Bonds, <br />the County will devote a great deal of time analyzing the project. Additional <br />monitoring is always required after the sale of the Bonds. <br />DISTRIBUTION: <br />Neil A. Nelson, County Administrator <br />David L. Greene, Assistant County Administrator <br />C. B. Hardin, Jr., Assistant to the Administrator/Personnel Director <br />Respectfully subnii tttied, <br />Gari M. Brandenbur <br />Co�inty Attorney <br />GMB:ms <br />Attachments <br />31 <br />DEC 16 <br />1991 em 48 <br />