Lakewood Ranch district board agrees to finance $2.4 million facility

nwilliams@bradenton.comAugust 17, 2012 

LAKEWOOD RANCH -- Supervisors for Lakewood Ranch's community development district 2 voted unanimously Thursday to be the lead agency on financing the Inter-District Authority's $2.4 million maintenance facility.

District 2, which serves the Country Club and Edgewater neighborhoods, was the most attractive option for financing the facility because it financed the building of town hall years ago.

Lakewood Ranch Chief Financial Office Steve Zielinski said the district had previously qualified for a $100 million bond, of which only $20 million has been used.

In July, the IDA approved a motion to pursue a 12-year bank loan plan on the facility. The subject of the 12-year plan drew questions from district 2 Supervisor Kathleen Grant, who brought up how the standing motion would affect the loan proposal process.

"What if we find out we can get a 15-year plan or a 10-year plan?" she asked.

If that were to occur, IDA chairman Tom Green, also a district 2 supervisor, said the IDA board would then

have to address the possibility of a new plan immediately.

"We would have an emergency meeting," he said.

The district 2 board also voted to enter into an agreement with MBS Capital Markets, LLC to allow the company to be the financial adviser on the bank loan. After securing a satisfactory bank loan, MBS would collect a $50,000 fee for its services.

The maintenance andoperation staff is expected to make the transition tothe new facility the firstweek of September of 2013, during which time theyhave to vacate the leased space they are using from Schroeder-Manatee Ranch, the developer of Lakewood Ranch.

The IDA is in the process of purchasing five acres of land from SMR at $25,000 per acre. Preparing the site for construction will cost $525,179.

The new facility will include storage and vehicle area, a 2,578-square-foot fleet bay, offices for staff, a conference room, showers, rest rooms and a break room.

Last month, the IDA board approved expanding the design of the facility by 2,100 square feet to include a drive-through bay, increased storage room and a covered parking area for vehicles.'

The alterations increased the total cost by $200,000. The original cost estimate was $2.2 million.

Nick Williams, East Manatee reporter, can be reached at 941-748-0411 ext. 7049. Twitter:@_1NickWilliams.

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