Subject:
Title
Appointment of Members to Brevard County Educational Facilities Authority Board
End
Fiscal Impact:
None.
Dept/Office:
County Attorney's Office
Requested Action:
Recommendation
It is requested that the Board of County Commissioners approve the appointment of five members to the Brevard County Educational Facilities Authority governing body for the following terms:
Mr. Dale Dettmer, Esq. for one year to expire on October 22, 2025.
Mr. Bill Potter, Esq. for two years to expire on October 22, 2026.
Ms. Kirsten Dreggors for three years to expire on October 22, 2027.
Mr. Travis Proctor for four years to expire on October 22, 2028.
Dr. John Nicklow for five years to expire on October 22, 2029.
End
Summary Explanation and Background:
The Brevard County Educational Facilities Authority ("BCEFA") is a dependent special district established by Brevard County in 1969 pursuant to Chapter 243, Part 1, Florida Statutes (the "Higher Educational Facilities Authorities Law"), to assist institutions of higher education in the construction, financing and refinancing of educational facilities projects. Pursuant to the Higher Educational Facilities Authorities Law, BCEFA has the power to construct, reconstruct, maintain, repair, and lease any construction project for the benefit of an institution of higher education and to issue revenue bonds and make loans to any participating institution. In addition, BCEFA has the power to mortgage any project, and acquire real property.
In 1969 and 1970, as part of two agreements with Florida Institute of Technology, Inc. ("FIT"), BCEFA agreed to issue revenue bonds to finance construction projects for FIT on the leased premises. The agreements indicated that FIT was to convey the real property where the construction was to occur to BCEFA, and BCEFA was in turn to lease the same real property back to FIT. FIT's lease payments would service the bond debt. The agreements contemplated that once the bonds issued by BCEFA we...
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