Agenda 04/22-23/2008 Item #16F 3
Agenda Item No. 16F3
April 22, 2008
Page 1 of 3
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EXECUTIVE SUMMARY
Recommendation to approve an $11,000,000 prepayment on the Carihbean Gardens
Commercial Paper Loan Number A-32-2.
OBJECTIVE: To obtain approval for a prepayment on the Caribbean Gardens
Commercial Paper Loan .\'umber A-32-2 in the amount 01'$11,000,000.
CONSIDERATIONS: On January 24,2007, Agenda Item 10(H), the Collier County
Board of County Commissioners' approved a $7,000,000 prepayment on the Caribbean
Gardens Commercial Paper Loan Number A-32-2, While approving Agenda Item IO(H),
the Board requested that County and/or Clerk staff place debt prepayments on the Board
of County Commissioners' agenda. Contingent on Board approval, the prepayment
recommended in this executive summary is scheduled for April 23, 2008. Based on the
March, 2008 interest rate, monthly interest expenditures will be reduced approximately
$19,600 per month as a result of this prepayment. In addition, the prepayment
recommended in this executive summary will be the fifth prepayment made on this loan,
Exhibit 1 (attached) is the prepayment history on the Caribbean Gardens Commercial
Paper Loan Number A-32-2, including the proposed $11,000,000,
Additional prepayments on this commercial paper Joan will be brought to the Board for
approval as funds become avai lable,
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This prepayment executive summary and related activity has been coordinated between
the Clerk's Finance Department and County staff,
FISCAL IMPACT: The current principal reduction request is for $11,000,000 and
results in an interest reduction (savings) of approximately $19,600 per month, Funds arc
available and budgeted in Caribbean Garden Debt Service Fund 220,
GROWTH MANAGEMENT IMPACT: There IS no growth management impact
associated with this action.
RECOMMENDATION: That the Board of County Commissioners' approve a
prepayment on the Caribbean Gardens related debt, in the amount of $11 ,000,000.
Prepared by: John Y onkosky, Director
Office of Management and Budget
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Page I of 1
Agenda Item No. 16F3
April 22, 2008
Page 2 of 3
COLLIER COUNTY
BOARD OF COUNTY COMMISSIONERS
Item Number:
16F3
Item Summary:
Obtain approval for an $11,000,000 prepayment on the Caribbean Gardens Commercial
Paper Loan Number A-32-2,
4/22/200890000 AM
Meeting Date:
Approved By
John A. Yonkosky
Director of the Office of Management
Date
County Manager's Office
Office of Management & Budget
4/14/200812:30 PM
Approved By
Leo E. Ochs, Jr.
Deputy County Manager
Date
Board of County
Commissioners
County Manager's Office
4/14/2008 1: 58 PM
file://C:\AgendaTest\Export\1 05-Apri1%2022, %202008\16,%20CONSENT%20AGENDA \ I... 4/16/2008
Agenda Item No. 16F3
April 22, 2008
Page 3 of 3
Collier County, Florida
Caribbean Gardens Loan Prepayment History
As of April 22, 2008
Beginning loan balance
$
35,900,000.00
FY 2007 pavdowns
First prepayment
Second prepayment
Third prepayment
Fourth prepayment
(3,000,000,00)
(7,000,000,00)
(1,000,000,00)
(1,565,000,00)
Current loan balance, due 12/6/2011
23,335,000.00
Fifth prepayment proposed
(11,000,000,00)
Loan balance after fifth prepayment
$
12,335,000,00
CaribbeangardensEXHIBITl xis