Subject:
Title
Board finding of public purpose; Board and District approval of a loan from the County's Property and Casualty Insurance Program Reserves to the Mosquito Control District for $1,000,000
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Fiscal Impact:
The fiscal impact of this request will enable the Mosquito Control Department to construct a replacement aircraft hangar/biology lab. The Property and Casualty Insurance Program will receive interest based on the County's Consolidated Investment Earnings Rate.
Dept/Office:
Mosquito Control
Requested Action:
Recommendation
It is requested that the Board of County Commissioners find that this loan is for a public purpose and approve a loan from the County's Property and Casualty Insurance Program to the Mosquito Control District for $1,000,000, authorize the County Manager to execute any necessary documentation for the loan, and authorize the County Manager to approve all necessary budget change requests to implement this request. The Brevard Mosquito Control District must authorize the District to receive a $1,000,000 loan from the County as well. The Chair will execute the interlocal agreement.
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Summary Explanation and Background:
In the Fiscal Year 2020-2021 budget, the District requested and the Board approved the construction of an approximately 15,000 square foot stand-alone aircraft hangar/biology lab to be located at Mosquito Control's Titusville complex. Mosquito Control and County Facilities staff are currently working with an architectural/engineering firm on the design phase of the building. In order to begin construction of the $3,613,000 replacement aircraft hangar/biology lab in FY 2021-2022, the District is requesting a $1,000,000 loan from the County's Property and Casualty Insurance Program. The District will repay the principal and interest over a two-year period from ad valorem tax revenue. Mosquito Control has applied for a $1,000,000 grant from the Rebuild Florida General Infrastructure Program to help fund the proj...
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