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 “Non-Bank Qualified” loan in the principal amount not exceeding $3,600,000 at the lowest overall borrowing cost, pursuant to certain conditions.
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/arranging a fixed rate bank loan with a financial institution.
B. THE PROJECT
The proceeds of the loan will be used to fund a portion of the cost associated with the acquisition and renovation of approximately 28,800 sq. feet of office space located at 302 North Wilson Street, Crestview, Florida 32536 on approximately .964 acres. The building consist of a two (2) story section built as a bank building in 1967 with 8,999 sq. ft. and a three (3) story section built as an addition in 1982 with 19,600 sq. ft. The County currently occupies the 3 story section with the offices for the County’s Clerk of Court, the Supervisor of Elections and the Board of County Commissioners. With the acquisition of the building and renovation of the two story section the County will also house the offices of the Tax Collector along with providing additional storage space for the County.
