TO: Indian River County Board of County Commissioners
THROUGH: John A. Titkanich, Jr., County Administrator
FROM: Jennifer W. Shuler, County Attorney
DATE: October 7, 2025
SUBJECT: Resolution Authorizing Capital Improvement Revenue Bonds for the Sandridge Golf Club New Clubhouse
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BACKGROUND
On March 27, 2025, the Board of County Commissioners awarded a bid for construction of the Sandridge Golf Club new clubhouse. In addition, the Board directed staff to secure sufficient construction bond financing to complete the project. On June 17, 2025, the Board approved Resolution 2025-025 declaring its intent to issue tax-exempt debt to reimburse the County the costs and expenditures coming from the Golf Course Fund for the new clubhouse construction.
This Resolution authorizes the issuance of the County’s Capital Improvement Revenue Bonds, Series 2025, in an amount not to exceed $13,000,000, the proceeds of which are to be used to construct the Sandridge Golf Club new clubhouse and any related golf course improvements ("Project"). The bonds are expected to be sold via a competitive sale, and as such the Resolution approves the form of an Official Notice of Sale, Preliminary Official Statement, and Continuing Disclosure Certificate necessary to complete such sale, as well as authorizing the Chair and Clerk to execute such other documents necessary for closing. The Resolution also provides the contractual framework of the County’s obligation to repay the bondholders, which is secured by a covenant to budget and appropriate legally available non-ad valorem County revenues. A budget for the Project is attached.
BUDGETARY IMPACT
On March 27, 2025, the Board of County Commissioners awarded a bid for construction of the Sandridge Golf Club New Clubhouse in the amount of $12,321,082.40. In addition, architect and permit fees totaled $1,101,331.95 while furniture, fixture and equipment (FFE) expenses are expected to cost approximately $1,463,000 bringing the total clubhouse cost to $14,885,414.35. Staff is proposing to issue $12,000,000 in bonds and cover the remaining $2,885,414.35 in cash, of which $1,768,462.24 has already been paid out.
According to the County’s Fund Balance Policy, 30% of the fund’s expenses are to be held in reserves for unassigned fund balance, budget stabilization, and emergency and disaster related purposes. This reserve requirement totals $1,282,073, leaving $2,752,435 in unrestricted net position based on the most recent 9/30/2024 financial statements. The most recent August 2025 monthly report for the Golf Course reports year-to-date net income as $1,846,600 which is a 12.2% increase over last fiscal year. Given the strong financial performance of the Golf Course, Staff is confident the current rate of net income is sufficient to cover the remaining cash expenditures totaling $1,116,952.11 as well as the debt service payment going forward.
STRATEGIC PLAN ALIGNMENT
Quality of Life
STAFF RECOMMENDATION
Recommended Action
The County Attorney’s Office recommends that the Board approve the attached Resolution.