Winter Park to hold special meeting on Friday regarding Sitzmark parking garage
December 15, 2016
The town of Winter Park will have a special meeting at 8 a.m. on Friday, Dec. 16.
According to Winter Park Town Manager Drew Nelson, the purpose of the meeting is to close on a $4.5M Certificate of Participation (COP) to pay for the parking structure at the Sitzmark South development. The reason for needing a special meeting is that the Town is trying to close on the COP by the end of the year in order to receive a bank-qualified interest rate. Under federal law, municipal borrowers are eligible for bank-qualified rates as long as their loan proceeds do not exceed $10M in a calendar year. When looking at the COPs that Winter Park will try to close on in 2017 (parking structure and Sitzmark apartments), they would exceed the $10M mark and be subject to a higher interest rate than if they close on the parking garage COP before the end of 2016. According to Nelson, the Town estimates that having bank-qualified interest rates for both the parking structure in 2016 and the Sitzmark apartments in 2017 will save approximately $380,000 over the course of the term of both COPs.
Sitzmark South will contain a 19,000 square foot grocery store, 38 attainable housing units, and the town-owned parking garage. Winter Park anticipates the units will be ready for rental in September of 2017.