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MEMORANDUM <br />TO: <br />Board of County Commissioners <br />FROM: <br />Dylan Reingold, County Attorney <br />DATE: <br />January 3, 2022 <br />SUBJECT: <br />Florida Development Finance Cozporation Consent Resolution <br />BACKGROUND. <br />The Florida Development Finance Corporation ("FDFC"), created per Chapter 288, Part X, Florida <br />Statutes issues bonds to finance and refinance projects for the benefit of Florida businesses to enhance the <br />economic development of the State of Florida. On November 5, 2013, the FDFC and the Indian River <br />County Board of County Commissioners ("Board") entered into an Interlocal Agreement, which permits <br />the FDFC to issue bonds to finance and refinance projects within Indian River County, subject to the <br />Board's reserved right to consent to each such project. Nopetro Eco District, LLC has requested the <br />issuance of solid waste disposal revenue bonds, in an aggregate principal amount not to exceed <br />$20,000,000 in order to provide the financing for the acquisition, construction and equipping of a <br />renewable natural gas production facility to be located at 925 74th Avenue SW, Vero Beach, Florida (the <br />"Project"). Thus, the FDFC is seeking the consent of the Board for the issuance of bonds for this Project. <br />Indian River County shall have no responsibility with respect to the repayment of the bonds and the bonds <br />will not constitute an indebtedness or pledge of the general credit or taxing power of the County. The <br />County Attorney's Office recommends that the Board approved the resolution consenting to the issuance <br />of the bonds for the Project. <br />FUNDING. <br />There is no funding associated with this matter. <br />RECOMMENDATION. <br />The County Attorney's Office recommends that the Board approved the resolution consenting to the <br />FDFC's issuance of bonds in an aggregate principal amount not to exceed $20,000,000 for the Nopetro <br />Eco District, LLC acquisition, construction and equipping of a renewable natural gas production facility to <br />be located at 925 74th Avenue SW, Vero Beach, Florida. <br />ATTACHMENT. <br />Draft Resolution <br />143 <br />