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9/30/2015 9:24:12 PM
Official Document Type
Agenda Item Number
Florida Communities Trust
Russell Family LTD.
Russell Grove River Buffer Jones Pier LAAC site
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• w <br /> FCT Contract Number e�-CT- r ;o - of Ff ,g <br /> FLORIDA COMMUNITIES TRUST <br /> 05 -038 -FF5 <br /> RUSSELL GROVE RIVER BUFFER <br /> CSFA # 52002 <br /> GRANT CONTRACT <br /> THIS AGREEMENT is entered into by and between the FLORIDA COMMUNITIES TRUST <br /> ("FCT") , a non-regulatory agency within the State of Florida Department of Community Affairs , <br /> and INDIAN RIVER COUNTY, a local government of the State of Florida ("Recipient") . <br /> THIS AGREEMENT IS ENTERED INTO BASED ON THE FOLLOWING FACTS : <br /> WHEREAS , the intent of this Agreement is to impose terms and conditions on the use of <br /> the proceeds of certain bonds , hereinafter described, and the lands acquired with such proceeds <br /> (" Project Site") , that are necessary to ensure compliance with applicable Florida law and federal <br /> income tax law and to otherwise implement the provisions of Sections 259 . 105 , 259 . 1051 and <br /> Chapter 380 , Part III , Florida Statutes ; <br /> WHEREAS , Chapter 380 , Part III, Fla . Stat . , the Florida Communities Trust Act, creates <br /> a non -regulatory agency within the Department of Community Affairs (" Department") which <br /> will assist local governments in bringing into compliance and implementing the conservation , <br /> recreation and open space , and coastal elements of their comprehensive plans or in conserving <br /> natural resources and resolving land use conflicts by providing financial assistance to local <br /> governments and nonprofit environmental organizations to carry out projects and activities <br /> authorized by the Florida Communities Trust Act; <br /> WHEREAS , FCT is funded through either Section 259 . 105 ( 3 ) (c) , Fla . Stat . of the Florida <br /> Forever Act, which provides for the distribution of twenty-two percent (22 %) , less certain <br /> reductions, of the net Florida Forever Revenue Bond proceeds to the Department, or any other <br /> revenue source designated by the Florida Legislature to provide land acquisition grants to local <br /> governments and nonprofit environmental organizations for the acquisition of community-based <br /> projects , urban open spaces , parks and greenways to implement local comprehensive plans ; <br /> WHEREAS , the Florida Forever Revenue Bonds are issued as tax- exempt bonds , <br /> meaning the interest on the bonds is excluded from the gross income of bondholders for federal <br /> income tax purposes ; <br /> WHEREAS , Rule 9K- 7 , Florida Administrative Code ("F . A . C . ") sets forth the <br /> procedures for the evaluation and selection of lands proposed for acquisition and Rule 9K- 8 , <br /> F . A . C . sets forth the acquisition procedures ; <br /> WHEREAS , on September 15 , 2005 the FCT Governing Board scored, ranked and <br /> selected projects to receive approval for funding ; <br /> 05-038-05 <br /> October 13 , 2005 <br /> Reimbursement - 1 - <br />
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