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Indian River County, Florida <br />* * MEMORANDUM <br />File ID: 25-0619 <br />TO: <br />THROUGH: <br />FROM: <br />DATE: <br />SUBJECT: <br />Type: Consent Staff Report <br />Board of County Commissioners <br />John A. Titkanich, Jr., County Administrator <br />Jennifer W. Shuler, County Attorney <br />June 2, 2025 <br />�o <br />Indian River County <br />Administration Complex <br />1801 27th Street <br />Vero Beach, Florida 32960 <br />indianriver.gov <br />Meeting Date: 6/17/2025 <br />Reimbursement Resolution for Sandridge Golf Club New Clubhouse <br />BACKGROUND <br />On March 27, 2025, the Board of County Commissioners awarded a bid for construction of the Sandridge Golf <br />Club New Clubhouse. In addition, the Board directed staff to secure sufficient construction bond financing to <br />complete the project, which is not expected to exceed $13,000,000 in aggregate principal amount. The County <br />has engaged Mark Mustian of Nabors, Giblin, & Nickerson to act as bond and disclosure counsel. The attached <br />resolution is the first step in the bond process. In this resolution, the Board declares its intent to issue tax- <br />exempt debt to reimburse the County the costs and expenditures coming from the Golf Course Fund for the new <br />clubhouse construction. The resolution is necessary to comply with Treasury Regulations Section 1.150-2. <br />BUDGETARY IMPACT <br />On March 27, 2025, the Board of County Commissioners awarded a bid for construction of the Sandridge Golf <br />Club New Clubhouse in the amount of $12,321,082.40. To fully fund this project funding may be required to <br />come from a combination of fund balance (cash) and the issuance of debt. The final funding strategy/plan will <br />be brought back before the Board for approval. <br />STRATEGIC PLAN ALIGNMENT <br />Quality of Life <br />STAFF RECOMMENDATION <br />The County Attorney's Office recommends that the Board approve the attached resolution. <br />Indian River County, Florida Page 1 of 1 Printed on 6/12/2025 <br />powered by LegistarTm 31 <br />