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Century Signs Off On $130 Million Bond Issue; Town Could Earn $47K
December 10, 2014
The Town of Century has approved four separate financing proposals totaling $130 million dollars, potentially earning about $47,230 for the town as a member of a partnership with Gulf Breeze.
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.
To date — if latest round of bonds are issued at full amount — Century will have earned over $688,000 since the inception of CTA.
Approvals were granted for financing for four low income or senor living facilities, including up to $30 million for the Cypress Point Senior Living Facility, up to $25 million for the Glorieta Senior Facilities in the Miami-Dade area, up to $25 million for the Tuscan Garden Senior Living Facility in Venus, FL, and up to $50 million for Banyanwood Senior Living in Jacksonville.
CTA attorney Michael Stebbins 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. None of the bond funds actually originate from the coffers of Century or Gulf Breeze; all funding is from CTA.
For serving as the second signature for CTA, Century is paid $350 per $1 million financed with a$2,500 minimum fee.
Pictured: CTA attorney Michael Stebbins (white shirt) addresses the Century Town Council as Matt Dannheisser (far right), former CTA attorney, listens. Dannheisser has stepped down to avoid a conflict of interest after being elected as the new mayor of Gulf Breeze. NorthEscambia.com photo, click to enlarge.
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