Century Changes $265 Million Finance Agreement, Sells Surplus Vehicles

March 18, 2008

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The Town of Century voted to change financial terms on agreement with the City of Gulf Breeze, and the council sold four old town vehicles at their Monday night meeting.

On the recommendation of Town Attorney Matt Dannheisser, the council voted to make changes to its agreement with the City of Gulf Breeze and the Capital Trust Agency for bonds issued under the Atlantic Housing Foundation, Inc.

Century entered into the Capital Trust Agency with Gulf Breeze in 1999. It is an independent public body for the purpose of financing or otherwise accomplishing development programs.

The specific ordinance approved by Century Monday night involves “approving a plan of finance for the cost of financing or refinancing certain multi-family rental housing facilities; approving the issuance of not exceeding $225 million Capital Trust Agency housing revenue refunding bonds and $40 million housing revenue refunding bonds…for Atlantic Housing Foundation, Inc.”

Capital Trust Agency provides financing for Atlantic Housing Foundation in Southlake, Texas. Atlantic Housing’s mission is to “promote and preserve quality affordable housing opportunities and related services for low income and moderate income families,” according to the company.

Dannheisser, who is also listed as the Gulf Breeze city attorney, told the council that the new bonds would be backed by the federal Fannie Mae program. He said the previous financing was based upon the mortgage market, and loan rates had risen from 3.7 to about 7 percent with the current mortgage crisis. With the Fannie Mae backing, the new rate would fall to about 4 percent, he said, making the change “somewhat of a no-brainer”.

Mayor Freddie McCall said the town acts a “second signature” on docuements for the trust agency, and that the town had profited about $451 thousand since 2002 on the arrangement with Gulf Breeze and the Capital Trust Agency.

The council also opened bids on four old vehicles that were advertised for sale, netting the town $1,204.55 total. High bidders and vehicles were:

  • A 1989 Chevrolet sold to Melvin Lowery for $200. Next high bid was $156.50.
  • A 1991 Ford F150 sold to Neil Wigen for $176.50. Next high bid was $150.00.
  • A 1994 Ford F250 sold to Neil Wigen $477.55. Next high bid as $300.00.
  • A 1991 Ford Crown Victoria sold to Jason Stone for $350. Next high bid was $126.50.

Pictured above: Council President Anne Brooks opens bids on surplus vehicles at Monday night’s Town of Century Council meeting.

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