Subject:
Title
Approval for the Florida Local Government Finance Commission to Issue Private Activity Bonds for East Coast Zoological Society of Florida, Inc.
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Fiscal Impact:
There is no obligation or liability to the County for the requested action.
Dept/Office:
County Manager/Central Services
Requested Action:
Recommendation
It is requested that the Board of County Commissioners adopt a Resolution evidencing the County's written approval to issue conduit revenue bonds issued by the Florida Local Government Finance Commission on behalf of the East Coast Zoological Society of Florida, Inc. for the financing the East Coast Zoological Society Aquarium also known as the Bowen Aquarium.
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Summary Explanation and Background:
The Board of County Commissioners (the Board) approved the First Amendment to the Interlocal Agreement with the Florida Local Government Finance Commission, dated June 1, 2023. Section 5.03 of this Interlocal Agreement requires the Board to provide written approval for the Florida Local Government Finance Commission (FLGFC) to issue bonds for projects within Brevard County.
The highly anticipated Bowen Aquarium is set to become the second campus of the East Coast Zoological Foundation, joining Brevard Zoo as a transformative force in environmental stewardship for Central Florida. Situated on 14 acres of shoreline at Port Canaveral along the Banana River, this facility is dedicated to protecting the Indian River Lagoon (IRL) and the surrounding ecosystems through sustained funding, education, and research. By committing a percentage of every paid admission to IRL conservation, the aquarium is projected to contribute approximately $500,000 annually toward restoration efforts, positioning it among the largest supporters of the Indian River Lagoon National Estuary Program (IRLNEP). Building upon the foundation's legacy, established in 1986 when community volunteers constructed Brevard Zoo, the aquarium will feature state-of-the-art rehabil...
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