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Town Of Century Approves $44 Million In Funding For High Rise Apartments, Charter School
December 9, 2009
The Town of Century has signed off on $44 million in financing for two apartment complex renovations and to construct a charter school expansion in Miami.
The Century Town Council’s approval for the bond issues came as a member of the Capital Trust Agency, an independent public body for the purpose of financing or otherwise accomplishing development programs. Century entered into the Capital Trust Agency with Gulf Breeze in 1999 with Century essentially serving as the “second signature” for CTA.
Century approved three finance ordinances. The first, for up to $15 million, will fund an American Opportunity Foundation, Inc. project to renovate the T.M. Alexander Apartments in Miami. The second will provide AOF $18 million in financing for renovations of the low income Civic Tower Apartments (pictured above) in Miami, and the third will finance the expansion of the Miami Community Charter School, Inc. from a K-8 to a K-12 school for $11 million.
If all of the finance bonds are issued at full amount by CTA, Century will receive $15,400 for their approval signatures. Since the inception of the CTA partnership between Century and Gulf Breeze in 1999, Century has received $468,000 in fees on 17 projects.
The council was quick to approve the two apartment projects. But when presented the charter school project by town attorney Matt Dannheisser, there was obvious hesitancy over the $11 million in funding from a council that controls an annual budget of just $4.5 million.
“I don’t know…” Council member Sharon Scott said before pausing and not continuing her comment.
Century lost their last school when Carver/Century K-8 School was closed and combined this year with Bratt Elementary and Ernest Ward Middle. There have been some unofficial discussions about forming a charter school in the town.
After the council approved the Miami charter school funding, Dannheisser presented the council with contact information for the school.
“They may be able to provide you a head start if that’s something (a charter school) that the council wants,” he said.
The $44 million in funding does not come from the Town of Century or the City of Gulf Breeze. It comes from funds belonging to CTA, which has funded projects with Century’s approval ranging from a Seminole Indian resort and a health care facility in Kansas.
Dannheisser said that the CTA is structured in such a way to indemnify Century from any financial risk, whether it be from a company that defaults on repayment or any other legal liabilities.
Pictured above: Century has signed off on a $18 million bond issue to renovate these apartments in Miami. Photo courtesy Google for NorthEscambia.com, click to enlarge.
Comments
11 Responses to “Town Of Century Approves $44 Million In Funding For High Rise Apartments, Charter School”
So is this what all the talk has been about “opening a charter school in Century?” Boy have I been mislead along with many other people in Century. I am now really beginning to wonder what is going on. We need to savig our own town not someone elses. Good Grief CTC.
Underwrite a charter school in Miami, highrise apartments, put money in a drainage ditch, and the people in the Backwoods can’t get decent drinking water!! It seem like someone is suffering a anal cranium inversion. Does anyone ever do any research on their own before signing on to these projects, or do they just go along?
Looks like our ruling class is at it again.
What intelligent people we have in government.
Is anyone tired of this crap, yet?
Who will the apartment complex house? How long before it is run down and considered unlivable and condemned?
Who thinks of this stuff?
Ridiculous. I would expect nothing less from the “government”.
What???
Town of Century, $44M, Miami apartments?
Someone draw me a picture.
so the government has set up a tax and loan structure which makes it worth people’s while to borrow under the umbrella of towns.
I imagine the legislation was written with some other purpose in mind and people figured out how to bypass either a regulation or an expense through creative accounting.
I noticed Congress gave tax credits to business using renewal energy sources with the intent to help folks in Alaska who burned fish oil as a power source and then the paper industry realized they had been doing it for decades using black liquor from the lignin cooked out of wood in the paper making process.
Then Congress tried to undo that loop-hole (which was only supposed to benefit the fishing industry) by an amendment to the health care bill.
It takes special people to function in Congress.
These are Section 8 based projects…..limited income with unlimited expenses. Did anyone Google the name T M Alexander or Capital Trust? I did.
Miami has lots of South American investors with lots of money…why come to the Panhandle? If Century needs to spend our money, I could use a little!
Smells kinda fishy.
I think century should worry about fixing up century prior to spend, working, whatever you call it on another community. sure schools and appartments are great, if they are in century! And they will benifit the people of century. I would agree someone in the process is making big money on this because it sure is not the town of century.
That seem to very little return on that amount of financing…I am sure somebody is making a lot more than the Town of Century on these deals…
If there is no risk, then why does Century need to underwrite these projects? It would appear if these projects go under like in any other situation where one co-signs a loan, Century will be left holding a bag full of rose fertilizer with no way to make good on the 44 million.