HomeMy Public PortalAboutJupiter Inlet Colony
Renee Basel
From:Danny Brannon <DBrannon@BnGEngineers.com>
Sent:Thursday, April 14, 2011 4:41 PM
To:Susan Schoettle-Gumm
Cc:'mark raymond'; Skip Randolph (jrandolph@jones-foster.com); Joann Manganiello
(jicolony@bellsouth.net)
Subject:Jupiter Inlet Colony
Susan,
In reference to your question about Jupiter Inlet Colony, The Town Clerk collected all the required documents she needed
per the statutes for both the Assessment process, Validation, and the Bonding. She indicated she just followed the
statutes. She will be back next week after Tuesday if you want to talk to her. (Joan Manganiello 561-746-3787) She will
not be available until then.
Danny P. Brannon, P.E.
Brannon & Gillespie, LLC
12798 West Forest Hill Blvd, Ste 102
Wellington, FL 33414-4704
Phone: (561)795-0833 - Fax: (561) 795-5678
Website: www.BnGEngineers.com
From: Susan Schoettle-Gumm \[mailto:spgumm@mailmt.com\]
Sent: Thursday, April 14, 2011 1:49 PM
To: jrandolph@jones-foster.com
Cc: 'Danny Brannon'; 'Bill Thrasher'; 'mark raymond'
Subject: RE: gulfstream
Mr. Randolph - I would like to discuss some of the other issues that need to be considered related to Mr. Raymond's
concerns. I am currently drafting the ordinance that creates the assessment district and process for consideration and
adoption of the assessments. The ordinance is currently planned for 1st reading at the Special Meeting on April 28th. I
would appreciate it if we could discuss these issues later today or tomorrow, if possible, as I will be finalizing a draft
ordinance in the next few days for submittal to the Town on April 21st.
Feel free to give me a call at 941-377-4948 (office) or at 941-320-3054 (cell phone).
Thank you, Susan
Susan Schoettle-Gumm, PLLC
Phone 941-377-4948 Cell phone 941-320-3054 Fax 941-371-8317 E-mail spgumm@mailmt.com
This message, together with any attachments, is intended only for the addressee. It may contain information which is legally privileged, confidential and
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reliance on this communication is strictly prohibited. If you have received this e-mail in error, please notify the sender immediately by telephone (941-
377-4948) or by return e-mail and delete the message, along with any attachments.
From: mark raymond \[mailto:mark.raymond@mraymondlaw.com\]
Sent: Thursday, April 14, 2011 1:34 PM
To: jrandolph@jones-foster.com; spgumm@mailmt.com
Cc: 'Danny Brannon'; 'Bill Thrasher'
Subject: gulfstream
Skip: I just received a call from susan schoettle-gumm. She did not know
that I was being considered as bond counsel for gulfstream, but rather she
wanted to talk about jupiter inlet colony. However, our conversation turned
to gulfstream. I told her that I had asked to see the ordinance in advance
of the 4/18 meeting, and she explained to me that the ordinance was going to
create a dependent assessment district. I question whether this is the best
way for the town to proceed, and here is why.
Most lenders are going to want more than the assessment as security for the
debt. Lenders do not like special assessment debt because not only do they
have to analyze each property subject to the assessment, but also a default
in payment by one taxpayer causes a default on the debt. Typically, a
special assessment loan would have a backup covenant to budget and
appropriate (CBA) by the municipality. This places the collection risk on
the town rather than the bank, and the town would make up any deficiency in
the assessment from available non ad valorem revenues.
While I understand that the entire town will not be assessed, this does not
in itself mandate creation of a dependent district, as the town itself can
assess only the benefitted property. Using the town as the assessing entity
and borrower facilitates the back-up CBA.
The lending environment is very constrained right now. Jupiter Inlet Colony
only received one bid from the 12 banks solicited, Jupiter Island only
received two, and Hillsboro Beach only received one. So anything that can
improve the creditworthiness of the transaction is very important.
I realize that the town hasn't hired me, but this is a very important
consideration, and I think more thought needs to be put into the structure
before 4/18.
Mark E. Raymond
4360 Northlake Boulevard
Suite 204
Palm Beach Gardens, FL 33410
Tel: 561.775.8440
Fax: 561.775.8442
Cell: 561.758.0930
Home Tel: 561.625.1561
Email: mark.raymond@mraymondlaw.com
Alt. Email: mer101559@comcast.net
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