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Pier Park Community Development District Enters Into an Amended Public Improvement Partnership Agreement and Issues Capital Improvement Revenue Refunding Bonds

Posted Monday, July 7th, 2014

Hopping Green & Sams attorneys Brian Crumbaker  and Sarah Sandy  recently served as issuer and disclosure counsel to the Pier Park Community Development District in support of its issuance of $16,220,000 Pier Park Community Development District (City of Panama City Beach, Florida) Capital Improvement Revenue Refunding Bonds, Series 2014.  The refunding bonds were privately placed with a regional banking and financial services institution in May 2014.

The District was created in 2002 for the purpose of providing an alternate means of planning, designing, constructing, and maintaining various public improvements supporting the development of Aaron Bessant Park, the Pier Park mixed-use development, and a portion of Russell-Fields Pier in Panama City Beach, Florida (the City).  Recognizing the benefit such improvements have on the City and Bay County at large, the District, the City, and the Panama City Beach Community Redevelopment Agency (the CRA) negotiated and entered into an Amended and Restated Public Improvement Partnership Agreement which, among other things, provides for a pledge of tax increment revenue of the CRA and occupational license tax revenue of the City to fund a significant portion of debt service on the refunding bonds.

For additional information, please contact Brian Crumbaker  or visit our Community Development District & Special District  and Public Finance  pages.

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