TO: Board of County Commissioners
THROUGH: John A. Titkanich, Jr., County Administrator
FROM: Jennifer W. Shuler, County Attorney
DATE: August 12, 2025
SUBJECT: Florida Development Finance Corporation Consent Resolution
for Brightline
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BACKGROUND
The Florida Development Finance Corporation (“FDFC”), created per Chapter 288, Part X, Florida Statutes issues bonds to finance and refinance projects for the benefit of Florida businesses to enhance the economic development of the State of Florida. On November 5, 2013, the FDFC and the Indian River County Board of County Commissioners (“Board”) entered into an Interlocal Agreement, which permits the FDFC to issue bonds to finance and refinance projects within Indian River County, subject to the Board’s reserved right to consent to each such project. Brightline Holdings LLC has requested the issuance of FDFC Revenue Bonds in the amount of up to $400,000,000 to finance or refinance improvements to its privately owned and operated intercity passenger rail system extending approximately 320 miles from Miami to Tampa ("Project"). According to a Brightline representative, the primary purpose of the bond money that will be spent in Indian River County will be for safety improvements at railing crossings. FDFC is seeking the consent of the Board for the issuance of bonds for this Project. Indian River County shall have no responsibility with respect to the repayment of the bonds and the bonds will not constitute an indebtedness or pledge of the general credit or taxing power of the County.
BUDGETARY IMPACT
There is no funding associated with this matter.
STAFF RECOMMENDATION
Recommended Action
The County Attorney's office recommends that the Board consider approval of the Florida Development Finance Corporation Consent Resolution for the Brightline Project.