Title:
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Recognize the Seminole County Industrial Development Authority’s approval of a resolution reissuing revenue bonds for The Masters Academy of Central Florida. (Guilherme Cunha, Director, Economic Development & Tourism)
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Office of Economic Development and Tourism - Economic Development
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Authorized By:
Guilherme Cunha, Director, Economic Development & Tourism
Contact/Phone Number:
Gui Cunha/407-665-2901
Background:
The Master's Academy of Central Florida, Inc. (the "Company") is a Florida nonprofit corporation, incorporated on April 10, 1986. It has been determined by the Internal Revenue Service to be an organization described in Section 501(c)(3) of the Internal Revenue Code of 1986. The Company operates The Master's Academy, a nondenominational, K2-12 community Christian school located in Oviedo, Florida (the "School"). The School, with a current enrollment of 1,170 students, is divided into a "Lower School" for grades K-5 and an "Upper School" for grades 6-12. The Association of Christian Schools International and Cognia accredits the School. The Master's Academy is seeking a reissuance of its 2015 Industrial Development Revenue Notes through the execution of a First Amended and Restated Financing Agreement, in connection with the tender and reoffering of the Series 2015A and 2015B bonds, to refinance prior educational facility improvements and establish updated terms with United Community Bank.
Requested Action:
On behalf of the Authority, staff requests the Board recognize the Seminole County Industrial Development Authority’s Resolution approving, for the limited purposes of Section 147(f) of the Internal Revenue Code, the reissuance of its Industrial Development Revenue Notes (The Master’s Academy of Central Florida, Inc.), Series 2015A and Series 2015B, in connection with the execution of a First Amended and Restated Financing Agreement, to refinance the costs of acquiring, constructing, and equipping certain educational facilities, paying related issuance expenses, and establishing updated terms for the reoffering of the Notes to United Community Bank.