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The proprietors of the issue have privately negotiated placement of <br />the bonds with Barnett Bank as evidenced by a letter from <br />John D. Hallstrom, Vice President, setting forth the bank's <br />commitment to extend an interim taxable construction loan and <br />thereafter purchase the Industrial Development Revenue Bond. <br />I would recommend that the Board of County Commissioners carefully <br />consider the findings that are set forth in Section 3 A through N <br />of the bond resolution, consider the recommendation of the OMB <br />Director with respect to the financial stability of the proprietor <br />and examine, at your leisure, the financing documents in our <br />office. <br />Respectfully b/mit ed11 , <br />,� <br />�7y Brandenbur <br />Attorney Brandenburg explained that in March the County <br />had approved an inducement -to -build resolution for Florida <br />Health Facilities for construction of a 120 -bed nursing home <br />on 37th Street in the hospital node. The Commission issued <br />an inducement prior to making a final determination about <br />the corporation's financial feasibility, which is a <br />requirement that must be fulfilled before the County can <br />issue the industrial revenue bonds. That determination was <br />scheduled for today; however, he had learned two days ago <br />that someone from Indian River County has filed an objection <br />to the nursing home's certificate of need and that Clark <br />Development Inc. has hired an attorney to represent them in <br />this matter. He recommended that the Commission postpone <br />the matter today. so that problem can be straightened out. <br />In addition, under the new Tax Equity and Fiscal <br />43 <br />AUG 17 1.983 <br />BOOK <br />: PAGE <br />