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MEMORANDUM <br />TO: Board of County Commissioners <br />FROM: Dylan Reingold, County Attorney <br />DATE: March 18, 2020 <br />SUBJECT: Sixth Amendment to Interlocal . Agreement with Palm Beach County Health Facilities <br />Authority for Financing and Refinancing for Improvements and Additions of Facilities <br />BACKGROUND <br />In 1996, the Palm Beach County Health Facilities Authority (the "Authority") and Indian River County <br />entered into an Interlocal Agreement, as amended in 1998, 2006, 2010, 2016 and 2018. The purpose of <br />the Interlocal Agreement and the amendments were to facilitate the issuance by the Authority of revenue <br />bonds to finance six health care facility locations (the "Facilities") owned by ACTS Retirement- Life <br />Communities, Inc. (ACTS). Two of the facility locations, Indian River Estates East Campus, 2250 Indian <br />Creek Blvd. West, Vero Beach and Indian River Estates West Campus, 7730 Indian Oaks Drive, Vero <br />Beach, are in Indian River County. <br />The Authority issued Retirement. Community Revenue bonds in 1996, 1998, 2006, 2010, 2016 and 2018. <br />ACTS has again requested the Authority to issue bonds. The Retirement Communities Revenue Bonds, <br />Series 2020, to be issued in an amount not to exceed a total of $25,000,000, will be used for <br />miscellaneous capital improvements and renovations and the acquisition of capital equipment, including, <br />but not limited to, renovations and upgrades to residential living units, health care facilities and common <br />areas, the acquisition of new plant equipment and other facility interior and exterior enhancements, <br />including specifically the renovation of independent living building entry lobbies and technology <br />advancements to the Facilities in Indian River County. A portion of the bond proceeds may also be used to <br />refund existing debt related to the Facilities. <br />42 <br />