Annual Reporting RequirementsRI FLORIDA DEVELOPMENT
FINANCE CORP.
CONNEC'IN6 FLORIDA PRO.]ECI S
March 30, 2025
Ms. Amy Patterson
County Manager
Collier County
3301Tamiami Trail East
Naples, FL 34112
Re The Florida Development Finance Corporation
Annual Reporting Requ irements
ln accordance with Section 288.9610, Florida Statutes, the undersigned, on behalf of the Florida
Development Finance Corporation, has enclosed the following information:
(1) Audit results conducted pursuant to Section 11.45, Florida Statutes;
(21 The assets, liabilities, lncome and operating expenses of the Corporation during
fiscal year ended June 30, 2025, including a description of all outstanding revenue bonds.
(3) An amended summary of the activities, operations and accomplishments of the
Florida Development Finance Corporation which were conducted during the Fiscal Year ended
June 30, 2025, including the number of businesses assisted by the Corporation; and
lf you have any questions or concerns about this information, please do not hesitate to contact
me.
Sincerely,
,A6arff{a-Zt
Robert Harvey, Esq
Executive Director
156 Tuskawilla Road I Suite 2340 | Winter Sprin8s, FL 32708
www.fdfcbonds.com
oFFlcE 4O7-7L2-6356 | FAX 407_369-4260
FLORIDA DEVELOPMENT
FINANCE CORPORATION
FINANCIAL STATEMENTS
As of and for the Year Ended June 30, 2025
And Reports of lndependent Auditor
C; cn"rryBekaert,,,
Your Gui.le Fot wad
FLORIDA DEVELOPTUIENT FINANCE CORPORATION
TABLE OF CONTENTS
REPORT OF INDEPENDENT AUDITOR
MANAGEMENT'S DISCUSSION AND ANALYSIS
BASIC FINANCIAL STATEMENTS
Statement of Net Position
Statement of Revenues, Expenses, and Changes in Net Position
Statement of Cash F|ows.............................
Notes to the Financial Statements...............
SUPPLEIIIIENTARY REPORT OF INDEPENDENT AUDITOR
Report of lndependent Auditor on lnternal Control over Financial Reporting and on
Compliance and Other Matters Based on an Audit of Financial Statements Performed in
Accordance with Government Auditing Standards...........
...1-2
...3-5
7
8
9
.10-15
...'t6-'17
3; cn"t.y.t_:Il:*-
Report of lndependent Auditor
To the Board of Directors
Florida Development Finance Corporation
Wnter Springs, Florida
Report on the Audit of the Financial Statements
Opinion
We have audited the accompanying financial statements ofthe Florida Development Finance Corporation ("FDFC")
as of and for the year ended June 30, 2025, and the related notes to the financia! stalements, which collectively
comprise FDFC's basic financial statements as listed in the table of contents.
ln our opinion, the financial statements referred to above presentfairly, in all material respects, the financial position
of FDFC as of June 30, 2025, and the changes in flnancial position and its cash flows for the year then ended in
accordance with accounting principles generally accepted in the United States of Amerjca.
Basis for Opinion
We conducted our audit in accordance with auditing standards generally accepted in the United States of America
and the standards applicable to financial audits contained in Government Auditing Standards, issued by the
Comptroller General of the United States. Our responsibililies under those standards are further descdbed in the
Auditot's Responsibililies for the Audit of the Financial Statements section of our report. We are required to be
independent of FDFC, and to meet our ethical responsibilities, in accordance with the relevant ethical requirements
relating lo ouraudit. We believe the audit evidence we have oblained is suffrcient and appropriatelo provide a basis
for our audit opinion.
Responsibilities of Management for the Financial Statements
lvlanagement is responsible for the preparation and fair presentation ofthese financial stalements in accordance with
accounting principles generally accepted in the United States of America and for the design, implementation, and
maintenance of internal control relevant to the preparation and fair presentation offinancial statements that are free
from material misstatement, whether due to fraud or error.
ln preparing the financial statements, management is required to evaluate whether there are conditions or events,
considered in the aggregate, that raise doubt about FDFC'S ability to @ntinue as a going concern for one year
beyond the financial statement date, including any cunently known information that may raise substantial doubt
shortly thereafter.
Auditor's Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the fnancial statements as a whole are free from
material misstatemenl, whether due to fraud or error, and to issue an auditor's report that includes our opinion
Reasonable assurance is a high level ofassurance but is not absolute assurance and, therefore, is not a guarantee
that an audit conducted in accordance with generally accepted auditing standards and Governmont Auditing
Standards will always detect a material misstatement when it exists. The risk of not detecting a material
misstatemenl resulting from fraud is higherthan for one resulting from error, as fraud may involve collusion, forgery,
intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material
if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a
reasonable user based on the financial statements.
cbh.com 1
ln performing an audit in accordance with generally accepted auditing standards and Govemment Auditing
Stardards, we:
Exercise professional judgment and maintain professional skepticism throughout the audit.
ldentify and assess the risks of malerial misstatement of the financial statements, whether due to fraud or
error, and design and perform audit procedures responsive to those risks. Such procedures include
examining, on a test basis, evidence regarding the amounts and disclosures in the flnancial statements.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of
FDFC's intemal control. Accordingly, no such opinion is expressed.
Evaluatethe appropriateness ofaccounting policies used and the reasonableness ofsignificant accounting
estimates made by management, as well as evaluate the overall presentation of the financial statements.
. Conclude whether, in ourjudgment, lhere are conditions or events, considered in the aggregate, that raise
substantial doubt about FDFC's ability to continue as a going @ncern for a reasonable period of time.
We are required to communicate with those charged with governance regarding, among other matters, the planned
scope and timing ofthe audit, signilicant audit findings, and certain internal control relaled matters that we identified
during the audit.
Required S upplementary I nform ation
Accounting principles generally accepted in the United States of America require that the management's discussion
and analysis be presented to supplement the basic financial statements. Such information is the responsibility of
management and, although not a part ofthe basic Iinancialstatements, is required by the GovernmentalAccounting
Standards Board, who considers it to be an essential part of llnancial reporting tor placing the basic flnancial
statements in an appropriate operational, economic, or historical context. We have applied certain limited
procedures to the required supplementary information in accordance with auditing standards generally accepted in
the United States of America, which mnsisted of inquiries of management about the methods of preparing the
information and comparing the information for consistency with management's responses to our inquiries, the basic
financial statemenls, and other knowledge we obtained during our audit ofthe basic financial statements. We do not
express an opinion or provide any assurance on lhe information because the limited procedures do not provide us
with sufficient evidence to express an opinion or provide any assurance.
Other Reporting Required by Government Auditing Standards
ln accordance with Government Auditing Standards, we have also issued our report dated March 5, 2026 on our
consideration of FDFC'S internal control over financial reporting and on our tesls of its compliance with certain
provisions of laws, regulations, contracts, and grant agreements and other matters. The purpose of that report is
solely to describe the scope ofour tesling of inlernal control over financial reporting and compliance and the results
of that testing, and nol to provide an opinion on the effectiveness of FDFC's intemal control over financial reporting
or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing
Standards in considering FDFC's internal control over financial reporting and compliance.
8../zr,,rf /--/.?
Orlando, Fbrira
March 5, 2026
2
%-
MANAGEMENT'S DISCUSSION AND ANALYSIS
FLORIDA DEVELOPMENT FINANCE CORPORATION
MANAGEMENT'S DISCUSSION AND ANALYSIS
JUNE 30,2025
This discussion and analysis of Florida Development Finance Corporation's CFDFC) tlnancial performance
provides an overview of its financial activities for the fiscal year ended June 30, 2025. Please read it in conjunction
with the report of independent auditor and the basic financial statements.
Financial Highlights
FDFC facilitated the authorization and issuance of $2,640,646,826 in 13 new money bonds for the fiscal
year ending June 30, 2025. The types of borrowers served by the FDFC bond process were 3 transportation
facilities,4 private schools, 3 charter schools, 1 not-for-profit, t heath care, and 1 solid waste bonds. ln all,
FDFC received conduit debt application and issuance fees totaling $1 ,630,917.
ln addition, FDFC's Commercial Property Assessed Clean Energy ("C-PACE') Program facilitated the issuance
of $292,435,233 in '10 taxable C-PACE bonds during the flscal year ending June 30, 2025. ln all, FDFC received
issuance fees totaling $791 ,004 for the C-PACE Program. The Residential Property Assessed Clean Energy
('R-PACE') program was terminaled by FDFC on June 1,2020. However, FDFC continues to service the
program in conjunction with County Tax Collectors throughout the state.
Overview of the Financial Statements
This discussion and analysis is intended to serve as an introduclion to FDFC'S basic financial slatements. The
basic financial statements also include notes that explain in more detail some of the information in the fnancial
statements.
Required Basic Financial Statements
FDFC utilizes an enterprise fund for flnancial reporting purposes. This fund includes all activities of FDFC
The financial statements of FDFC report information about FDFC using accounting methods similar to those
used by private sector companies. These statements offer short-term and long-term financial information about
its activities. The statement of net position includes all of FDFC'S assets and liabilities and provides information
about the nature and amounts of investments in resources (assets) and the obligations to FDFC'S creditors
(liabilities). The statement of net position also provides the basis for mmputing rate of retum, evaluating the
capital structure of FDFC, and assessing liquidity and financial flexibility of FDFC.
All of the cunent yea/s revenues and expenses are accounted for in the statement of revenues, expenses, and
changes in net position. This statement measures the success of FDFC'S operations over the past year and
can be used to determine \,vhether FDFC has successfully recovered all of its costs through its services
provided, as well as its profitability and credit worthiness.
The final required financial statement is the statement of cash flows. The primary purpose ofthis statement is to
provide information about FDFC'S cash receipts and payments during the reporting period. The statement
reports cash receipts, cash payments, and net changes in cash resulting from operating, investing, non-capital
financing and financing activities, and provides answers to such questions as where did cash come from, what
was cash used for, and what was the change in the cash balance during the reporling period.
3
FLORIDA DEVELOPMENT FINANCE CORPORATION
MANAGEMENT'S DISCUSSION AND ANALYSIS
JUNE 30, 2025
Financial Analysis Net Position
Net position may serve over time as a useful indicator of FDFC'S financial position. FOFC'S assets exceeded
liabilities by $13,875,564, representing an increase in net position for the year of $1,777,532. The largest portion
of FDFC's net position reflects cash received from conduit debt application and issuance fees.
Table A-1:
Statements of Net Position (ln thousands of dollars)
Fiscal Year
2025
Fiscal Year
2024
Dollar
Change
Assets
Cash and cash equivalents
Accounts receivable
Prepaid expenses
Capital assets, net
Total Assets 14 cot 12,338
30
1,541
86
(3)
599
$ 12,09s $
2 223
14
431
445
204 36 16813,672 12,062 1 ,610
_9___1_9,8?9_ _$____EEq_ _9_],?7!_
Liabilities
Accounts payable
Accrued expenses
Lease liability
Total Liabilities
Net Position
lnvestment in capital assets
Unrestricted
Total Net Position
28
177
4
$ 13,636
85
27
812
28
49
608
685 240
Total cash and cash equivalents increased largely due to operating results leading to a significant increase in net
position. Accounts receivable increased due to one receivable for reimbursement of amounls paid to the Executive
Director that was split between FOFC and the Florida Opportunity Fund. Capital assets and the lease liability
increased due to the extension ofthe office lease. Capital assets also increased due to the leasehold improvements
that were completed during the year.
FLORIDA DEVELOPMENT FINANCE CORPORATION
MANAGEMENT'S DISCUSSION AND ANALYSIS
JUNE 30, 2025
Changes in Net Position
The changes in net position displayed below shows FDFC'S aciivities during the past two fiscal years. The
increase in net position for each year represents the extent to which revenues exceeded expenses during the
year.
Table A-2:
Statements of Revenues, Expenses, and Changes in Net Position (ln thousands of dollars)
Fiscal Year Fiscal Year
2025 2024
Dollar
Change
$$2,758
555
5,474
266
(2,7',t6\
289
960
165
295
1 ,018
286
336
(2,427)
(s8)
(121)
(43)
87
'18
(1)
11
3,3'1 3
86
29
5,740
747 (212)
1,778
12,098
3,993 (2.215)
8 105
I 13,876 $ 12,098 $ 1,778
3
The decrease in revenue is primarily due to lower dollar values for the traditional bond issuances than in prior
year. The increase in other revenue is primarily due the a full year ofthe sweep account and the increased interest
rate that it provides. The decrease in salaries and wages was a result of a separation payment in 2024 that did
not reoccur in 2025. Professional fees decreased due to a reduction in legal expenses compared to the prior year.
Other expenses decreased due to a reduction in bank fees and rent expense compared to the prior year.
5
Revenue
Fees
Other revenue
Total Revenue
Expensos
General and Administrative:
Salaries and wages
Professional fees
Other
Program:
PACE
FRED
Total Expenses
Change in net position
Net position, beginning of year
Net position, end of year
$
FLORIDA DEVELOPMENT FINANCE CORPORATION
MANAGEMENT'S DISCUSSION AND ANALYSIS
JUNE 30, 2025
Economic Factors
FDFC'S primary business is the issuance of tax exempt and taxable revenue bonds, which are permissible
under the U.S. lnternal Revenue Service's private aciivity regulations and Chapter 288, Part X, Florida
Statutes. Those regulations, subjec;t to a number of limitations and restrictions, allo / certain borrower and project
types, such as small manufadurers and non-profit corporatjons, to finance capital assets with tax exempt bond
proceeds.
FDFC provides access to the C-PACE program through a combination of Revenue Notes and Finance
Agreements collected with a Non-Ad Valorem assessment on the property's tax bill. An innovative linancing
structure that makes it possible for owners of commercial, industrial, multifamily, and nonprofit properties to obtain
low-cost, long-term financing for energy efrlciency, renewable energy and wind hardening projects. Capital
Providers can provide upfront financing to commercial property owners for qualifying improvement projecls, and
to collec{ the repayment through annual assessments on the property's tax bill.
FDFC'S revenues are exclusivety generated by fees charged for issuance of bonds, and the volume of bond
issuance can be directly impacled by general economic conditions and perception of policies for conduit issuance
by potential bonowers and their finance team.
Requests for lnformation
This financial report is designed to provide a general overview of FDFC'S finances for all those with an interest
in FDFC'S finances. Questions con@rning any of the information provided in this report or requests for
additional information should be addressed to:
Robert Harvey, Esq.
Executive Direclor
156 Tuskawilla Road, Suite 2340
Wnter Springs, Florida 32708
6
BASIC FTNANCIAL STATEMENTS
FLORIDA DEVELOPMENT FINANCE CORPORATION
STATEMENT OF NET POSITION
JUNE 30, 2025
ASSETS
Cunent Assets:
Cash and cash equivalenls
Accounts receivable
Prepaid expenses
Noncurrent Assets:
Capital assets, net
Total Assets
LIABILITIES
Cunent Liabilities:
Accounts payable
Accrued expenses
Lease liability
Noncunent Liabilities
Lease liability
Total Liabilities
NET POSITION
Net investment in capital assets
Unrestricted
Total Net Position
$'13,635,664
85,910
27.439
811.583
14,560,596
28,305
48,763
30,787
577 ,177
685,032
203,619
13,671 ,945
_9____1rZ$91_
The accompanying notes to the financiar statements are an integrar part of rhese statements.
7
FLORIDA DEVELOPMENT FINANCE CORPORATION
STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN NET POSITION
YEAR ENDED JUNE 30, 2025
Revenues:
Conduit debt application and issuance fees
PACE program fees
lnterest and other
Total Revenues
lncrease in net position
Net position, beginning of year
Net position, end ofyear
$ 1,630,9'17
1 ,127 ,5475 ,501
3,312,965
959,661
115,272
't65,486
295,014
1,535,433
1,777 ,532
12,098,O32
$ 13,875,564
The accompanying notes to the financial statements are an integral part of these statements.
8
Expenses:
Salaries and wages
PACE program direct expenses
Professional fees
Other
Total Expenses
FLORIDA DEVELOPMENT FINANCE CORPORATION
STATEMENT OF CASH FLOWS
YEAR ENDED JUNE 30, 2025
cash flows from capital and related financing activitios:
Purchase of equipment
Net cash flows from c€pital and related financing activities
Net change in cash and cash equivalents
Cash and cash equivalents, beginning of year
Cash and cash equivalenls, end of year
Reconciliation of increase in not position to net cash flows from operating activities:
Provided by operating activities:
lncrease in net posilion
Adjustments to reconcile increase in net position
to net cash fiows from operating activities:
Oepreciation and amortization
Changes in:
Accounts receivable
Lease liability
Prepaid expenses
Accounts payable
A@rued expenses
Net cash llows from operating ac;tivities
Noncash capital and financing activities:
Acquisition of capital asset through lease
$2,672,554
(568,328)
(946,3s9)
554,501
1 ,712,368
('t71 ,679)
(171 .6791
1,540,689
12,094,975
$ 13,635,664
$ 'l ,777 ,532
7 0,761
(65,910)
(66,891)
2,857
717
13,302
$ I ,712,368
$ 497,738
The accompanying notes to the financial statements are an integral part of these statements
9
Cash fows from operating activities:
Receipts fiom fees and expense reimbursements
Payments to service providers
Payments to employees
lnterest received
Net cash flovvs from operating aclivilies
FLORIDA DEVELOPMENT FINANCE CORPORATION
NOTES TO THE FINANCIAL STATEMENTS
JUNE 30, 2025
Note 1-Summary of significant accounting policies
Repofting Entiu - Florida Development Finance Corporation ("FDFC") is an independent entity constituted as a
public instrumentality of local government, created to facilitate economic development in Florida by working in
partnership with the Florida financial services industry and local development organizations to create access to
competitive sources of finance for creditworthy borrowers and other firms contributing to job creation and the
economic base of Florida. FDFC'S bond programs provide access to capital for project development through tax
exempt and taxable financing. This includes financing to stimulate and assist in the expansion ofall kinds offor-profit
and nolfor-profrt business activity, a portion of which consists of residential and commercial bonds through the
Property Assessed Clean Energy ("PACE') Program. The Residential Property Assessed CIean Energy ('R-PACE")
program ended June 1,2020, issuing the final R-PACE bonds effeclive January 14,2021.
FDFC was formed pursuant to Florida Statutes, Chapter 288, Part X and all acts supplemental thereto and
amendatory thereof. FDFC is governed by a seven member Board of Directors, five of which are appointed by the
Govemor, subject to confirmation of the Senate, one representative from the Florida Department of Economic
Opportunity, now known as the Florida Department of Commerce, and one representative from the Florida Division
of Bond Finance. Each board member appointed by the Governor serves a term of four years. The current statutory
provisions reflect a related party relationship with the state of Florida, whereas the state of Florida does not impose
its will on FDFC. Accordingly, FDFC does not meet the criteria provided by the GovernmentalAccounting Standards
Board ("GASB') for being a component unit of the state of Florida.
The accompanying basic financial statements comply with the provisions of GASB Statement No. '14, as amended,
The Financial Repofting Entity,inlhallhe llnancial statements include all organizations, activities, and functions that
comprise FDFC. Component units are Iegally separate entities for which FDFC (the primary entity) has financial
accountability. Financial accountability is defined as the ability ofthe primary entity to appoint a voting majority ofan
organization's governing body and either: (l ) impose its will over the organization or (2) there is a potential that the
organization will provide a specific tlnancial benefit to or impose a specific financial burden on the primary entity.
Financial accountability may also arise if an organization is fiscally dependent on and has a fiscal benefit or burden
relationship with the primary govemment. Using these criteria, FDFC has no component units.
Measurement Focus and Basis of Accounting - FDFC is accounted for as an enterprise fund. The basic fnancial
statements are reported using the economic resources measurement focus and the accrual basis of accounting.
Revenues are recorded when earned and expenses are reported when the liability is incurred, regardless of the
timing of the related cash flows.
FDFC's financial statements have been prepared in accordance with accounting principles generally accepted in the
United States of America ('U.S. GAAP"), including application of all relevant GASB pronouncements.
Deposits and lnvestments - FDFC places its cash on deposit with flnancial institutions in the United States. The
Federal Deposit lnsurance Corporation covers 9250,000 for substantially all deposit accounts. At June 30, 2025,
FDFC had approximately $13,256,386 in excess ofthe insured amounts. Management believes the associated risk
is minimized by placing such assets in quality financial institutions that are designated as qualified public
depositories.
FDFC's cash and cash equivalents are considered to be cash on hand, demand deposits, and short-term, highly
liquid investments with original maturities of three months or less. lnvestments classiUed as cash equivalents include
amount placed with the state of Florida Special Purpose lnvestment Account ('SPlA").
10
FLORIDA DEVELOPMENT FINANCE CORPORATION
NOTES TO THE FINANCIAL STATEMENTS
JUNE 30, 2025
Note 1-Summary of significant accounting policies (continued)
Deposits and lnvestments (continued) - FDFC's investment in the SPIA is a qualirying localgovemment investment
pool and was assigned a rating of "AA-f by the Standard & Poo/s Rating Service. As ofJune 30, 2025, FDFC had a
balance of 9'129,278 in the SPIA. FDFC's position in the pool is valued on a dollar basis to determine the fair value
faclor of FDFC's pool balance and is treated as a cash equivalent in financial statement presentatjon. The SPIA has
no limitations or restrictions on withdrawals.
FDFC follows the investment policy of Florida Statute Seciion 218.415, which states units of local govemment
elecling not to adopt a written investment policy may invest or reinvest any surplus public funds in their control or
possession in: (1) the Local Government Surplus Funds Trust Fund, or any intergovemmental investment pool
authorized pursuant to the Florida lnterlocal Cooperation Act of 1969; (2) Securities and Exchange Commission
registered money market funds with the highest credit quality rating from a nationally recognized rating agency;
(3) interest bearing time deposits orsavings accounts in qualified public depositories: and (4) direcl obligations of the
U.S. Treasury.
Cap,fal Assefs - Capital assets consist of computers and equipment, furniture and fixtures, and leasehold
improvements, stated at cost when purchased or construcled. The threshold for capitalization of assets is $1 ,000.
Expenses for maintenance and repairs are charged to operations. Provisions for depreciation are made using the
straight-line method, ranging from 3 to 12 years or the term of the associated lease.
FOFC has received a right-to-use asset for a building that is initially measured al an amount equal to the initial
measurement ofthe related lease liability plus any lease payments made priorto the lease term, lease incentives,
and ancillary charges necessary to place the lease into service. The right-to-use asset is amortized on a straight-line
basis over the life of the related lease.
Coduit Debt lssuance Fees - lssuance fees paid by borrowers forconduit debt obligations are generally recognized
as revenue in the period the bonds are issued; however, application fees are not refundable and are recognized
when received.
Reimbursement Revenues - Revenues recognized as reimbursement for conduit debt projects and the PACE
program are remrded in the same period as relaled expenses are incurred.
Use of Estlmates - The preparation of basic financial statemenls in mnformity with U.S. GAAP requires
management to make estimates and assumptions that affeci the amounts of assets and liabilities and disclosure of
contingent assets and liabilities at the date ofthe basic financial statements and the reported amounts of revenues
and expenses during the reporting period. Actual results could differ from those estimates.
lncome Taxes -FOFC is a not-for-profit corporation and has been determined by the lnternal Revenue Service to be
a 501(c)(4) organization exempt from taxes under Sec{ion 501 (a) of the lntemal Revenue Code. Accordingly, no
provision has been made for income taxes.
FDFC PACE Program Agreement with FRED- During fiscal2o'17, FDFC entered into an agreementwith the Ftorida
Resiliency and Energy District ("FREO'), a separate legal entjty authorized to facilitate the levy and collection of
specia! assessments as the repayment mechanism of PACE finances pursuant to Section 163.01(14), Florida
Statutes. Under the agreement, FDFC serves as FRED's agent for purposes ofexecuting financing agreements with
property owners on behalf of FRED pursuant to Section 163.08(6), Florida Statutes, for purposes of administering
the FDFC PACE Program within the boundaries of FRED, and for ensuring compliance with the Florida PACE Act.
11
FLORIDA DEVELOPMENT FINANCE CORPORATION
NOTES TO THE FINANCIAL STATEMENTS
JUNE 30, 2025
Note 2-Capital assets
The following is a summary of changes in capital assets during the year ended June 30, 2025:
Balance at
July 1,
2024 Additions Deletions
Balance at
June 30,
2025
Capital assets:
Leasehold improvements
Computers and equipment
Furniture and fxtures
Right-to-use asset - building
Totalcapital assets
139,328 $
50,968
7,500
275,363
16,360
497.738
294,647
38,521
23,860
773,101
s 155,319 $S
12,447
473,159 669,417 '12,447 1,130,129
Less accumulated depreciation/amortjzation fori
Leasehold improvements
Computers and equipment
Fumituae and fxtures
Right{o-use asset - building
Total accurhulated depreciation/amortization
Capital assets, net
80,450
48,313
2,728
128,741
19,940
2.840
2,412
45,569
12,447
100,390
38,706
5,140
174,310
260 232 70,761 12.441 318 546
$ 212,927 $ 598,656 $$ 811,583
FDFC's total depreciation and amortization expense was $70,761 for the year ended June 30, 2025
Note 3-Related party transactions
FDFC enters into bond fnancing transactions on behalfof bonowers with various financial institutions and investors
whereby bond documents have been approved by FOFC'S Board of Directors. Certain board members may be
affiliated with financial institutions, which issue term sheets to purchase the bonds. ln such cases, these board
members would recuse themselves from voting on items with such affiliation. lt is management's opinion that these
transac{ions have been conducled at arm's length.
12
FLORIDA DEVELOPMENT FINANCE CORPORATION
NOTES TO THE FINANCIAL STATEMENTS
JUNE 30, 2025
Note 4-Leases
FDFC entered inlo a lease through November 2027 as lessee for the use of an office building. An extension
agreement was entered into on January 1, 2025, extending the lease through November 2032 with an option for an
additional five year extension through November 2037 which FDFC plans on exercising. The lease has an interest
rate of 4%. A lease liability was recorded as of July 1 , 2021 in the amount of $300,896, with a remaining balance of
$153,950 at December 31 , 2024. The extension agreement went into effeci on January '1 , 2025 resulting in a
remeasurement ofthe lease that increased the lease liability by $468,953 to $620,433, with a remaining balance of
$607,964 at June 30, 2025. The value ofthe right-to-use asset as of June 30, 2025 was $773,101 with accumulated
amortization of 91 74,310.
Lease liability aciivity during the fiscal year ending June 30, 2025 was as follows:
Amount Due
Beginning Ending Within
Balance Additions Oeletions Balance One Year
$177,117 $468,953 $38,106 $607,964 $30,787
Below is a schedule of lease payment activity for future years:
Total Principal Total lnterest Total Payments
2026
2027
2028
2029
2030
2031-2035
2036-2037
$30,787
33,708
37,470
40,187
43,039
263,061
159,712
54,364
56,011
58,338
59,503
60,692
322,090
167 ,326
$$
607,964 $170,360 $778,324
Note s-Conduit debt
ln accordance with its mission and Chapter 288, Part X, Florida Statutes, FDFC has facilitated the issuance of debt
obligations whereby FDFC is merely a conduit issuer of bonds issued on behalf of borrowers. These bonds do not
mnstitute a general debt, liability, or obligation of FDFC, the state of Florida, or any local government.
Additionally, FDFC has assigned allrights to receive payments ftom the borowers tothe bond purchaser in allbond
financing transaclions. Assigned payments are not included in the accompanying basic financial statements.
Changes in PACE residential and commercial bonds conduit debt outstanding for the year ended June 30, 2025 areas follows:
$
2010 PACE R.ll(hnUc 6.nd.
2020 PACE R.rid.ntrt Eondr
2020PACE Co mdiadd3
2021 PACE R.rLhtl ao,n!
m2r PACE C6hm.dd Bond!
2022 PACE C.mmrcl.l Bond.
,23 PACE Co mrcldadldt
202a PrcE Commd.l aod.
:to25 PACE Com.r.l.t gond!
0,613.501
232.35,zJ3
ons in principar resurt from annuar speciar assessment colections and fuI or partiar prepaymentsNote: Reducti
23,577
22,303
20,868
19,316
17,653
59,029
7,614
1,139,05e
FLORIDA DEVELOPMENT FINANCE CORPORATION
NOTES TO THE FINANCIAL STATEMENTS
JUNE 30, 2025
Note Honduit debt (continued)
Changes in other bonds conduit debt outstanding for the year ended June 30, 2025 are as follows:
it09 s.rt ! c.ni.r cqn Por.nl.3. hc
2ooe s.rL3 Atpon Prcp.nj6 P.nn*, ftc
2013 S.rL. A UFH. nJ*k&nvrL
2O1a S.,b3 AAB MLd Ans. hc
itr a s.iB AaB R.n.BsE cn n rs*ho.B, krc
2014 s.ri* Ala ownrdn Dd.r ch.n.r sch6r, rm
2014 Scrt . A ,rtudq. Publb M.dL Goup
2015 $l,.3 A Ohrr S.vtor Lu|n.ni A...r.ny
2015 S3d.. Aaa R.n.A*n6 Ch.n r S.t ors,l.c.
2415 &tu! AAB UF H.rllh- J.d.oiMlL
2O1a s.rb. Ala Th. P.9i. Ac.adi6 |tu.
m16 S.rL.AIA Fnitnn Aod.trry
,o16 ssrL. Aaa FEId. Ch.n.r Eduetlo.rl Found.llon
2O17 S.liB Aaa Cbsb.l PE!.rnory, rnc
201? $i1.! AaB P.kI Ary Aod.oy, lic.
2n17 S.d.3 CID P.h A.y Aqd.flr, lnc.
2Ol , S.llrr Eef P.h A.! A6&nl, hc
2Or ? s.ft! aB solnrDdr ci.nd Found.ti6, ri..
201 7 Scd.t AeA Oorniom Do..r Ch.n . Scnet rrc
2s1 7 Scnd C3O D*niM Dmr ch.n Scnd hc
2O1r S.rr.t AeB Cl.$a.r Pr.p.dory, lnc.
2011S.rbt A&B !..mlm G.l. Comunhy Sdool, Lc.
2ol I s.rbr A cdrnl fi.r*r. trr.. hc
2019 S.''.i AAB hroh. School &Md
2Ot o S.arti AaB Ah.nl.n Ac.d.my
2oll S..i,. l Vrljn i.h. USI
2fi e S.d.t A&B UF J.dsvllh PhFi..l.B, lnc.
2019 sc.i6 w.sro Pro USA. lm
20re s.rr.t ala cb$E rPEp.r.r6y rnc
2020 S.d,tt AeB C.m.6tono CLst3l Add.my
:O2O S6,i6 ArE R.n.beE Ch
2020s..bs Aea Tn P.dn A.rd.ma6
,t20 s.,i.3 AEB now sourh..n h u.tv 6ry
2020 s.rr6 ArB T.mc. Lrr. Pr.i \nr.o.. rrc
2020 &rr.. CAD Ra.Esoe Cifis SclEol lne G01O R.D
2020 ScdG AeA Unit.d c.Eb..l P.rsy ol colr.l Fban., lnc.
2020 S./rr A Fou.d.rbn A.!drn, ol Whl.r Grd6. 1...
2020 s.rr.. al8 Drtawd Hian s.rror, hc
2020 Scrh3 A&E4C ArctlBEd..n Aed6fiy, lnc.
2O2O S.rits A thi.. Aad.nry Ftun Ldoi
2Q0 5.,L. A Mrynmr F.n D.l Cdi.r, rnc.
2020 s.fi! AaBlc B.y aBr ch.nr Foundirron, tlc
2021 S.lhr Allac N.d.s CLskrl Aorr.,n,
2O2r S€dR AaB Ria CIy S.i.@ A€dd,
2021 s.rr.. Ata o.k cE.k char.r s.n@l oi Boni. sp.ltoi
202! s..i'. AeE RoMI US LLC
2O2l S.ri6 ,t Or6n re. on P.rEr R.mh
2021 Salh! A W.sL Po USA
202r s.ll6 Aaa Gbh.r orrc.dr clri.r acd.ny
2O2l S.nd A llrc tiotsh!, tLC
2021 s.,l.t atErlc R.n.!sno ch.tl{ 2013 r.tund/n4
2021 S.rt t ArA M.ylb*. R.lr.mt C@mnlt
2021 S.ir. A Lrt.Lnd R€glon.l H.dn syn€6
2021 S.d.r A&B Crc.llv. lN0t iloi Jom.y Scnool
26,005,000
175,000
265,004
14
t
FLORIDA DEVELOPMENT FINANCE CORPORATION
NOTES TO THE FINANCIAL STATEMENTS
JUNE 30, 2025
Note S_Conduit debt (continued)
2@1 Sdl€ AatC N.vtd.. L..r.r, ot t abr.llt, Ofi^M
2@1 5.n . A LCl, ll (Lrk rd.'r C.nta - Sdltt H..rh)
2@1 S.rls laB I)r_ rc.a e Pr.tl tud (Pra ch&.i
2@1 S.ir.. ,r.A h.!4. S.rDor n B.a..n
2@1 S.d..
^!A!C&O
S.r Ja. SdBL
2@ S.rlt ATn C.b&r..t J.n4 !tt5,tu24
2@ Sads laB oG@r Aod.,Iy
2@ S.rht A She6 J*t&nva H.rld Ccit . (tF lL.lh)
2@2 S.rLr TL l'h. sd@l
2022 S.dG AaE Ri6CltSd.n Aodmy
2@ S.rL! g lh. c.D.r ll xns Ord
2022 S.rlG A FL h. d. t'rttrmn & M.rrlkr colr$ih
2022 S..1€ LBlC Rmd!..E Ch.n S.lDlt
2@ sair.. A M.5 r.ad-ry
422 6.n.. A - 6@d'rri |.du.r.,.. M.r&r., l.c
2022 S.rLt AaB Lerdo. n6i...n, !E.
2(?2 S.ih. la8tc cdlritlJ J.*i6r T[6
2@ S.n.. AlB Hdto Grwrh Fnd
2@Sih. DS rbiL LlC lOE Fld*r.,lE J..ts*L lvPDler
2022 S.rl.. A&A Edr..ta S.lE l olJ..k 6vL. lm.
2@ s.ns ra8 c-r.l chsr.r S.n d Prllet
i,@ s.rh. w.r. fto ttsA |rc. (R.firytllR lb. 2ola
2@ Sad- Al8 Cmr.tf. Ch.n.r A..rrhy
2@ &.tir. cdrn nych{, s.rBr E@l
2022 S.d.. Fr..i t ,nlll PEFd
1@ S..l.r AIB T.rF l|. Fl.n V[h., lE
2022 S.itGr DeE RdL.rE Cndi S.rro.L
2022 S.d.r A R&i Clt Sd.d A..d.iy
2@ S.rL. Gbnd out!.crr Chr,i.. Add.ny
2022 S.rh. L.drnt oteb
2@3 S.r5 A Bnd$.r Tnh! Fbild. LLC (01d. Moh Tr.l USA Fk id. llc)
2023 Srt lr8 Pm.n Chlnd^..d.n,
2023 S.n.. A ltb.L h! USA lE.
2019 Sdrdr A2 Brldrlfl R. t.ttrc
2@ S.n . rE,n Co.I Fod 6rl
2@3 S.n r C adoum Florld. Pa.dre. R.il
2@ S.ncr AaB R5L6 Ch.l. S.i..&
i&3 s.d.. G6frl ln6rdd.. Mm$l.
2@ Sdl€ ConvlvLl J.on r'. Te
2Gt Sad.. rdltr!.d-n A.d.rrry
2024 s.,1.. ,.lE T.iI9. G.*.1
202,1s.rls &h tl. Fbrld.lkEE LLC
2@rsdBa,b h.A F opinlon. Holdhg [C
2021S.rh3 SFP T.rp.I Th. rt yPFi.d
2@l s.ds aB cgEtacr. ct ..iotaaddry,IE.
2@l s.t . alr st. Ardr.*r s.n6l .t Et a R.i6
2@4 S.no GFL E vhnmrfillm.
2@a sal.. ArE EE{.lc.l clrt l].n s.hoot P.qd
20ar S.rL. 8.fi.t , at 9rtcy Sdrd
2@a 6.1L. Lrr.. SrVq lllh.m cheh &d A..d.fry
202r S.rL. A &hrakF Fkxld. P.a..rir Fd Proi..t
2@5 S.rh. A BndniE Flotd. F.!$rtor Rj 6o.n im
2@5 S..hr Ftortd. Ct d Eastond F@ddoi, tc
2@5 3.L. A B.iia H-ln Cs, tE
2@5 S.n .Tmd. B.0l ElotBa Rndr
202a s.,r.. cmrLdoi &.ld. Lrd.ltt cnftt s.r@t
2@5 S.rb. ir96 a..Ej Aa.hly fu..t
22,305,0@
20,375,040
2a,897,72
55,375,@
50,575 oOO
45,125,040
23,625,ffi
120,000,m
2,&,@1
231,245,04O
e25,@,@
22,t65,@0
312,t()5,000
5,025,000
12,762,61X)
50.575,000
600,000
2a1A2A
1.500,000
rI0,000,000
243,265,0@
221o,2AO,mO
925,000,000
435,0a0,000
2a2,056
233,!3!
15
s s
I 3 537703 359 ! A65€ 729 3a7
SUPPLEMENTARY REPORT OF
INDEPENDENT AUDITOR
Report of lndependent Auditor on lnternal Control over Financial
Reporting and on Compliance and Other Matters Based on an
Audit of Financial Statements Performed in Accordance
with Govern ment Auditing Standards
To the Board of Directors
Florida Development Finance Corporalion
Wnter Springs, Florida
We have audited, in accordance with the auditing standards generally accepted in the United States of America and
the standards applicable to financial audits contained in Government Auditing Slandards issued by the Comptroller
General ot the United States, the flnancial statements ofthe Florida Oevelopment Finance Corporation ('FDFC") as
of and for the year ended June 30, 2025 and the related notes to the fnancial statements, which collectively
comprise FDFC's basic financial statements, and have issued our report thereon dated March 5, 2026.
Report on lnternal Control over Financial Reporting
ln planning and performing our audit of the financial statements, we considered FDFC'S internal control over
financial reporling ('internal control") as a basis for designing audit procedures that are appropriate in the
circumstances for the purpose of expressing our opinion on the financial statements, but not for the purpose of
expressing an opinion on the etfectiveness of FDFC's internal control. Accordingly, we do not express an opinion on
the effectiveness of FDFC's internal control.
A deficiency in intemal control exists when the design or operation of a control does not allow management or
employees, in the normal course of performing their assigned functions, to prevent, or detect and correcl
misstatements on a limely basis. A matenal weakness is a deficiency, or a combination of deficiencies, in intemal
control such that there is a reasonable possibility that a material misstatement ofthe entity's financial statements will
not be prevented or detected and conected on a timely basis. A slgarcant deficiency is a deficiency, or a
combination of deflciencies, in internal control that is less severe than a material weakness, yet important enough to
merit attention by lhose charged with governance.
Our consideration of internal control was for the limited purpose described in the Urst paragraph of this section and
was not designed to identify all deficiencies in internal control that might be material weaknesses or significant
deficiencies. Given these limitations, during our audit we did not identify any deflciencies in internal control lhat we
considerto be materialweaknesses. However, materialweaknesses orsignificant deficiencies may existthatwere
not identilled.
C; cn"t.y,::i:::::
Report on Gompliance and Other Matters
As part of obtaining reasonable assurance about whether FDFC'S financial statements are free from material
misstatement, we performed tests of its compliance with certain provisions of laws, regulations, contracts and granl
agreements, noncompliance with which could have a direct and materialeffect on the fi;ancialstatements. However,providing an opinion on compliance wilh those provisions was not an objective of our audit and, accordingly, we donot express such an opinion. The results ofour tests disclosed no instarrces of noncompliance or other mitiers thatare required to be reported under Goyernment Auditing Standards.
tbcbh.com
Purpose of this Report
The purpose ofthis report is solely to describe the scope ofour testing of internal control and compliance and the
results of that testing, and not to provide an opinion on the effectiveness ofentity's intemal conlrol or on compliance.
This report is an integral part of an audit performed in accordance wilh Government Auditing Standards in
considering the entity's intemal mntrol and compliance. Accordingly, this communication is not suitable for any other
purpose.
Ur"* e./z4rf/.-/-P
onanof rurua
March 5, 2026
17
FLORIDA DEVELOPMENT FINANCE CORP.
ANNUAL
REPORT
2025
FOR FISCAL YEAR 2024.2025, PREVIOUSLY SUBMITTED ON 9/30/25
(AMENDED TO REFLECT FY24-25 AUDITED FINANCIAL STATEMENTS)
I
N
^d.-
I
FLORIDA DEVELOPMENT
FINANCE CORP.
t
I
H
L
7
+
t
A LETTER FROM OUR
EXECUTIVE DIRECTOR
Florida oevelopment Finance Corporation, (FDFC) plays a crucial role in
promoting Florida's economic development by providing vital assistance to
new and existing businesses and organizations, ensuring their access to
capital to drive business activity, foster job creation, and enhance the
overall quality of life for citizens throughout the state. FDFC accomplishes
this by facilitating access to capital for project flnancing through the
issuance of taxable and tax-exempt bonds, supporting both for-profit and
not-for-profit entities. As a self-sustaining entity, FDFC actively promotes
economic development in Florida without relying on state financial
support.
One key aspect of FDFC's operations is its authorization to issue industrial
revenue bonds in all of Florida's 67 counties through interlocal agreements.
Working in collaboration with the financial services industry and local
development organizations, FDFC provides cost-effective financing options
tailored to the needs of creditworthy small manufacturers and other firms
critical to Florida's economic base. By doing so, FDFC contributes to the
growth and stability of these vital sectors.
ln FY 2024-2025, FDFC successfully facilitated the authorization and
issuance of over 52.6 billion of tax-exempt, taxable, and private activity
bonds across thirteen projects. These projects encompassed a n,ide range
of sectors, including healthcare, solid rvaste, not-for-profits, transportation,
charter schools, and private schools. Furthermore, FoFC issued a record
5292 million in Commercial Property Assessed Clean Energy (C-PACE)
financing, representing a significant increase from the previous year- This
C-PACE financing supported ten projects, including hotels, self-storage,
multi-family housing, mixed-use, senior housing, a data center and medical
facilities, advancing the pursuit of Florida's economic development
objectives.
ROBERT H EY
EXECUTIVE DIRECTOR
sKtLtsIi REsP(}ltstBttrIY
ry TEAMwoRt{
lfl[tn$m
c0l,rPEIEr{ct
SUPPt)RT
COMMUIIICAII()N
1l(
TABLE OF
CONTENTS
Company Overview
Private Activity Bonds
Commercial PACE
Project Highlights
'11 Accomplishments
o4
06
08
10
FLORIDA DEVELOPMENT FINANCE CORP.YEAR 2025
,,,!
-)f
E
7r
7
Y 7 \s
\s
The Florida Development Finance
Corpor.tion ("FDFC") is a special development
finance authority created by Section 288.9602,
Florida Statutes, to promote the advancement
of businesses and economic development in
the State of Florida. We provide cost-etfective
financing to support for-profit and not-for-
prolit business activity by collaborating with
Florida's financial services industry and local
development organizations. The primary
mechanism for accessing capital markets is
t6x-exempt and taxable bonds.
The second is Commercial Property
Assessed Clean Energy 'C-PACE"
financing, which makes it possible for
owners of commercial, industrial,
multifamily, and nonprofit properties to
obtain low-cost, long-term financing for
energy efficiency, renewable energy and
wind hardening projects. These financing
mechanisms facilitate access to
competitive sources of capital, increase
business activity and job creation, critical
to the economic base of Florida.
FLORIDA DEVELOPMENT FINANCE CORP.
GOMPANY
OVERVIEW
YEAR 2025
7
-//
(
I7
\
\
\.,,l-/-/
Iv \t/at
l tr Etrl
l[--i L.--7
l.
I
i.. -/
*-
(
)
,L /\l.L,7r-
(r/
.7'r-)
\Frls t
r \\
&
a7
I
D
Ds2.6 s2e2M
Total Debt lssued
Private Activity Bonds
Total Debt lssued
Commercial PACE Program
I
/
\
b---
FLORIDA
DEVELOPMENT
FINANCE CORP.
PRIVATE ACTIVITY
BONDS PROGRAM
The Florida Development Flnance
Corporatlon [FDFCI provides access to
Private Actiyity Bonds (PAB). Private
Activity Bonds are obligations that beneflt
nongovernmental persons, such as private
businesses, charitable organizations or
individuals. lf the bonds meet specific
criteria, the interest earned may be tax-
exempt.
Tax-exempt bonds are issued and sold by a
governmental entity, the "issuer" (such as
the FDFC). The bonds are purchased by a
bank or investor(s). The proceeds from the
sale of the bonds are then loaned to the
entity, which uses the borrowed funds to
finance certain capital projects. The interest
on the bonds received by the investor is
exempt from federal income tax. Tax-
Exempt Bond Financing refers to the interest
that investors receive on the bonds.
E
-
rL
. Manufacturing and Processing Facilities
. Section 50'|(c)(3) Non-Profit
Organizations
. "Exempt" Facilities per IRS Code Sec.l42
o Assisted Living Facilities
. Solid Waste DisPosal Facilities
o Qualified Residential Rental
. RedevelopmentProjects
. Equipment and Buildings
a
t 7
q ll
-
Z.
I
\
\
s
ft
FLORIDA DEVELOPM ENT FINANCE CORP.
Fiscal Year 2024-2025
Sotid Waste
Transportation
Private School
Charter SchooI
Heatthcare
Not-for-Profit
t,c I 4,
/
,
YEAR 2025
t
PRIVATE ACTIVTY BONDS PROGRAM
F
o 1 2 4
FT
$25O,0OO,OO0
$2OO,000,o0o
$1sq0oo,ooo
$100,0o0,0oo
$50,000,ooo
$o
$2.268
-r.c,
.-^",
q,o-
"."t" -""t"
*td ^d-1+- o.*.1"-
.""" ."..""
Amount by industry, excluding transportation
-
Transportation
J
l
tl
1:
[:
tt.
FiI
E
I
a
13
TotaI
Projects
$2.68
Totat Debt
lssued
YEAR 2025
COMMERCIAL PACE
PROGRAM
IC-PACEI
FLORIDA RESILIENCY AND ENERGY DISTRICT
FDFC partnered with the Florida Resiliency and Energy District IFREDj, a Chapter 163.01, Independent
special District entity, created by Interlocal Agreements to levy and collect the voluntary, Non-Ad
valorem special assessment through the localTax Collector's office.
. Over 8 years of being an established, reliable turn-key PACE District
. Adopted by 34 Counties and 237 Municipalities in Florida
. Greater funding opportunities with more than 20 approved C-PACE Capital Providers
34
Counties
237
Municipatities
+20
Years
+8 Approved
Capitat Providers
FLORIDA DEVELOPMENT FINANCE CORP.
FDFC is able to provide access to the
Commercial PACE "Property Assessed
Clean Energy" (C-PACE) program which is
an innovative financing structure that
makes it possible for owners ol commercial,
industrial, multifamily, and nonprofit
properties to obtain low-cost, long-term
financing for energy etficiency, renewable
energy and wind hardening projects.
Through a public-private partnership, FDFC
is able to provide owners the ability to
connect with approved Capital Providers
who can provide upfront financing for
qualifying improvement projects and collect
the repayment through an annual Non- Ad
Valorem assessment on the property's tax
biil.
$2OqOOO,OOO
$zgz[,1 $100,ooo,ooo
$sqooo,0oo
$o I--
Senior Housing
Self-Storage
1
"r."'t."..'t"
.n*/ .'C "'.J
.""- a".t
$S*' aio*
10
Hospitatity
Medicat Facitity
2
Mixed Use
1
Mutti-Family
1
FLORIDA DEVELOPMENT FINANCE CORP.
COMMERCIAL PACE IC-PACEI PROG
Fiscal Year 2024-2025
YEAR 2025
RAM
$150,OOO,000
TotatDebt
lssued
TotaI
Projects
Data Center
1
1 3
qt I
YW :,
ROJECT HIGHLIGHTS
I
i
----
!J&l
I
m
r
t
re-
TYME CANCER RESEARCH INST.
,l $36.8M
T HEALTHCARE
.X.
I
I
,
I
t ',iarF
BRIGHTLINE RAIL WESTIN COCOA BEACH
$rszN,t
HOSPITALITY
x.n
7
n
7
GFL ENVIROMENTAL IMDC Miami Data Center
$zrou
SOLID WASTE
$sz.st\I
DATA CENTER
I
$z.zst\I
HEALTHCARE
BAPTIST HEALTH CARE
FLORIDA DEVELOPMENT FINANCE CORP,YEAR 2025
I Accomptishment
*
it
-\,
PROJECTS
PARTNERSHIPS
FDFC deepened collaboration with local
governments across Florida, helping municipalities
access innovative financing tools that reduce
borrowing costs and accelerate community
development projects. These partnerships
supported vital initiatives such as infrastructure
improvements, affordable housing, and public
facilities, ensuring communities have the resources
they need to grow and thrive
I
I
BRIGHTLINE
FINANCING HONORED
WITH NATIONAL
RECOGNITION
ln 2024, FDFC's role as conduit issuer for
Brightline's 52.26 Oillion bond financing earned
national recognition from The Bond Buyer. The
transaction was awarded "Deal of the Year" as
well as top honors in the "lnnovative Financing"
category. This landmark financing marked the
largest private-activity bond issuance for U.S.
transportation and represented a historic step
forward in advancing high-speed rail. Under the
leadership of Executive Director Robert J.
Harvey, FDFC's involvement highlighted its
continued commitment to enabling
transformative infrastructure projects across
Florida
Over the past year, FDFC facilitated tax-exempt
financing for nonprofits, educational institutions,
healthcare providers, and affordable housing
projects across Florida. These efforts expanded
critical services, supported community
development, and advanced FDFC's mission to drive
sustainable growth statewide
FLORIDA
DEVELOPMENT
FINANCE CORP.