Public hearing on financing for The Marie Selby Botanical Gardens project.

NOTICE OF PUBLIC HEARING
CITY OF GULF BREEZE, FLORIDA
For the purposes of Section 147(f) of the Internal Revenue Code of 1986, as amended (the
“Code”), notice is hereby given that the City of Gulf Breeze, Florida (the “City”) will hold a public
hearing at 9:00 a.m. on May 4, 2026, in the City Council Chambers located at 1070 Shoreline
Drive, Gulf Breeze, Florida, 32561. The purpose of the public hearing is to consider a plan of
finance for the purpose of, among other things, the issuance by the Capital Trust Authority (the
“Issuer”) of not exceeding $50,000,000 in aggregate principal amount of its Revenue Bonds (The
Marie Selby Botanical Gardens, Inc. Project), in one or more series of tax-exempt qualified 501(c)
(3) bonds or taxable bonds (the “Bonds”). The proceeds of the Bonds will be loaned to The Marie
Selby Botanical Gardens, Inc., a Florida not for profit corporation and an organization described
in Section 501(c)(3) of the Internal Revenue Code of 1986, as amended (the “Code”), and/or
one or more related and/or affiliated entities (collectively, the “Borrower”), for the purpose of
financing or refinancing, including through reimbursement, (i) the acquisition, design, construction,
installation, improvement and equipping of a hurricane-resilient conservatory complex consisting
of approximately seven greenhouses for a living collection of more than 20,000 plants (including
one of the world’s best scientifically documented collections of orchids and bromeliads); a learning
pavilion; and key landscape features — all expected to be powered by 100% renewable energy
for existing facilities collectively known as “The Marie Selby Botanical Gardens – Downtown
Sarasota Campus,” all of which facilities currently are or will be located on land comprised of
one 15-acre parcel that is utilized as a botanical garden with buildings and structures, such as
conservatories, museums and historical homes, located at 1534 Mound Street, Sarasota, Florida
34236 (collectively, the “Facilities”); (ii) the funding of a debt service reserve fund for the Bonds,
if deemed necessary or desirable; (iii) the funding of capitalized interest for the Bonds, if deemed
necessary or desirable; and (iv) the payment of certain costs of issuing the Bonds (collectively, the
“Project”).
The plan of finance contemplates that the Issuer will issue, in respect to such Project, not exceeding
$50,000,000 in aggregate principal amount of its Bonds, in one or more series of tax-exempt
qualified 501(c)(3) bonds or taxable bonds, and loan the proceeds of the Bonds to the Borrower to
provide funds for the Project. The Facilities will be owned by the Borrower, or an affiliate thereof or
another entity chosen by the Borrower.
The Bonds, when issued, will be special, limited obligations payable solely out of the revenues,
income and receipts pledged to the payment thereof and derived from financing agreements with
the Borrower, and none of the Issuer, the City, Sarasota County, Florida (the “County”), or the State
of Florida (the “State”) will be obligated to pay the principal of, premium, if any, or interest on the
Bonds except from the payments of the Borrower. The Bonds and the interest thereon shall never
(i) pledge the taxing power of the City, the County, the State or any other political subdivision,
public agency or municipality thereof within the meaning of any constitutional or statutory provision,
(ii) constitute the debt or indebtedness of the Issuer, the City, the County, the State or any other
political subdivision, public agency or municipality thereof within the meaning of any constitutional
or statutory prohibition, (iii) or pledge the full faith and credit of the Issuer, the City, the County, the
State or any political subdivision, public agency or municipality thereof. The Issuer has no taxing
power. Issuance of the Bonds is subject to several conditions including satisfactory documentation
and receipt of necessary approvals for the financing.
At the time and place fixed for said public hearing all who appear will be given an opportunity to
express their views for or against the proposal to approve the Bonds and the plan of finance. Prior
to said public hearing, written comments may be delivered to the City Manager of the City of Gulf
Breeze, Florida, at 1070 Shoreline Drive, Gulf Breeze, Florida, 32561. Subsequent to the public
hearing, the City Council of the City (the “Council”) will consider whether to approve the Bonds as
required by Section 147(f) of the Code.
Further information relating to this matter is available for inspection and copying during regular
business hours at the office of the City Manager at the above address.
Comments made at the hearing are for the consideration of the Council and the City, and will not
bind any legal action to be taken by the Council or the City in connection with its consideration and
approval of the issuance of the Bonds.
All persons are advised that, if they decide to appeal any decision made by the City with respect
to any matter considered at this meeting, they will need a record of the proceedings, and for such
purpose, they may need to ensure that a verbatim record of the proceedings is made, which record
includes the testimony and evidence upon which the appeal is to be based. All interested persons
are invited to present their comments at the time and place set forth above.
IN ACCORDANCE WITH THE AMERICANS WITH DISABILITIES ACT OF 1990, AS AMENDED,
ALL PERSONS WHO ARE DISABLED AND WHO NEED SPECIAL ACCOMMODATIONS TO
PARTICIPATE IN THIS PUBLIC HEARING BECAUSE OF THAT DISABILITY SHOULD CONTACT
THE TELEPHONE OPERATOR OF CITY HALL, 1070 SHORELINE DRIVE, GULF BREEZE, FLORIDA
32561, (850) 934-5115, AT LEAST 48 HOURS IN ADVANCE OF THE MEETING, EXCLUDING
SATURDAY AND SUNDAY.
Legal 46460 Gulf Breeze News 04-23-26