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Century Approves $111 Million Financing For Airport Projects
October 5, 2010
The Town of Century voted Monday night to approve the issuance of over $100 million in revenue bonds for airport projects in Florida, Texas and Mississippi.
The approval was granted by Century and Gulf Breeze as members 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.
At their respective council meetings Monday night, Century and Gulf Breeze approved two finance ordinances. The first, for up to $35 million, refinances a prior project for Miami FX, LLC. The bond issue being refinanced at a fixed rate was originally loaned to Aero Miami FX, LLC and used to finance the cost of acquiring, constructing and equipping an air cargo warehouse and distribution facility located at the Miami International Airport.
The second bond issue approval was for up to $76 million to Million Air Interlink, Inc. of Texas. The funds will be used at the Tallahassee Regional Airport to construct a maintenance and repair facility to be subleased to Honda Jet Center; at the William P. Hobby International Airport in Houston for the upgrading, reconditioning, improving and beautification of existing facilities; and at the Gulfport-Biloxi International Airport for the improvement, remodeling and equipping of existing facilities.
The up to $111 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.
For serving as the second signature for CTA, Century is paid $350 per $1 million financed. The Town of Century will earn up to $38,850 for the two finance project approved Monday night. Both projects were passed by the council 3-1, with Councilman Henry Hawkins voting no and Councilwoman Sharon Scott absent.
Century and Gulf Breeze Attorney Matt 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.
Since the inception of the CTA partnership between Century and Gulf Breeze in 1999, Century has received nearly a half million dollars in fees from about 20 projects.
Comments
5 Responses to “Century Approves $111 Million Financing For Airport Projects”
not that it matters but I’m with Henry on this one, just sounds like misrepresentation to me
We are being used as a pawn. Century performs the EXACT same service as Gulf Breeze, so why does Century only make a few percent of what Gulf Breeze does? How many Century residents are employed by CTA, how many from Gulf Breeze? What are their salaries, bonuses, etc? Who does Mr Dannheisser represent, Century, or Gulf Breeze, or CTA, etc? He can ONLY pick ONE! There is something very wrong here in many areas.
Next to last paragraph:
Attorney 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.
Where do you get speculation from this? Do you expect the town to bury its head in the sand and do nothing at all? You can’t have it both ways…………..Either do something to better the community (including making money for improvements) – or sit and whine about how bad it is for everyone and never try to do anything about it.
A money hungry government.
Dabble in speculation and sooner or later Century is going to get burned when one of these up-start private industry projects goes sour and the company takes off the money.