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 furnit...
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