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Board of Commissioners SWDD Meeting Minutes - Final March 19, 2024 <br />contract was approved. Nopetro's lender, Pathward, NA, requested the Consent <br />and Agreement document as a condition of approving Nopetro's construction <br />loan. <br />Attorney DeBraal further discussed the County's exposure to risk by signing the <br />Agreement, as detailed in staff s memo dated March 14, 2024. He touched upon <br />the language staff added to the document to better protect the County's interest <br />while still allowing the project to proceed. <br />Chairman Adams led discussion by confirming the document provided the <br />County's express consent to the bank, and that Nopetro provided indemnification <br />and a letter of credit to help cover construction costs and lessen the County's risk <br />exposure. The Chairman stated she was comfortable with the terms and <br />advocated for moving forward. Commissioner Loar sought to clarify that this <br />Agreement was a practice undertaken by other counties; County Administrator <br />John Titkanich confirmed and provided a list of the other counties. Administrator <br />Titkanich also expanded on a meeting attended by council, Nopetro, County staff, <br />and the bank. He praised the work staff had done to add language to better <br />protect the County. <br />A motion was made by Commissioner Loar, seconded by Chairman Adams, <br />to approve staffs recommendation. The motion carried by the following vote: <br />Aye: 5 - Chairman Adams, Vice Chairman Flescher, Commissioner Earman, <br />Commissioner Moss, and Commissioner Loar <br />Indian River County Florida Page 2 <br />