Summary of Specifications:
A. PURPOSE
The purpose of this Request for Proposal (RFP) is to identify the institution that can provide Okaloosa County, Florida (the “County”) with a Beach Restoration Revenue Note, Series 2012, “Non-Bank Qualified” loan, in the principal amount not exceeding $5,000,000 at the lowest overall borrowing cost, pursuant to certain conditions. The loan will be issued to finance the cost associated with the beach restoration project in the City of Destin (the Western Destin Beach Restoration Project).
The County shall accept and review proposals from qualified financing institutions for a “Non-Bank Qualified” (Tax-Exempt) Fixed Rate bank loan based upon the proposed financing structure below. The County will select the proposal that provides the lowest overall borrowing cost to the County and meets the financing requirements of the County. FirstSouthwest, Orlando, Florida, as the County’s Financial Advisor, will assist with reviewing a fixed rate bank loan with a financial institution.
B. OKALOOSA COUNTY
Okaloosa County was formed by an act of the Florida Legislature in 1915. The County is in the center of a 100 mile long strip of white sand bathing beaches in northwest Florida. The County seat is located in Crestview in the northern half of the County. The County is bordered on the west by Santa Rosa County, on the north by the State of Alabama, on the east by Walton County and on the south by the Gulf of Mexico. The County has a total land area of 1,936 square miles and approximately 44 miles of beaches facing directly on the Gulf of Mexico.
The entire central and southern portions of the County, with the exception of the coastal area, are given over to the massive Eglin Air Force Base installation. The population and commercial growth of the County is primarily in the coastal area along the Gulf of Mexico.
C. THE PROJECT The Western Destin Beach Restoration Project includes the placement of approximately 560,000 cubic yards of beach quality sand along two reaches of the Okaloosa County coastline immediately east of Destin’s East Pass. Reach 1 extends from the eastern jetty of East pass to approximately 700 feet east of FDEP Reference (R-) Monument R-20 for a total of approximately 0.8 miles and Reach 2 extends from approximately 500 feet east of R-23 to R-25.5 for a total of approximately 0.4 miles. The project design includes a 30-foot wide dune crest, 30-foot wide back berm and a variable width berm. The project is expected to cost approximately $8 million.
