Finance
Lines of Credit
Revolving bank credit that bridges construction, land, and due-diligence costs ahead of a bond — reimbursed at bond closing. Draws that lose their project strand here until the land is sold or the project revives.
How the bridge works
The line bridges capital projects and land → before a bond is sold, then a revenue-bond issue → reimburses the draw from its project fund at closing.
$5,750,000
outstanding — queued for the next issue · Debt service →
$3,550,000
stranded — until a project revives or land sells · Construction →
$6,200,000
reimbursed to date from 2 bond issues · Debt service →
Revolving Line of Credit
First Harbor Bank — Revolving Line of Credit
First Harbor Bank, N.A. · SOFR + 2.00% (7.35%) · matures Jun 30, 2028
Available to draw
$15,700,000
of $25M limit
37% drawn · $9,300,000 outstanding balance~$683,550/yr carry @ 7.35%
Credit limit
$25M
$15,700,000 available
| Draw | Purpose & site | Amount | Reimbursement | Status | |
|---|---|---|---|---|---|
Jun 20, 2026 Construction bridge | Interim construction funding pending next bond draw LRA Kestrel Park — New K-5 Campus · Capital projects → | $1,800,000 | Awaiting 2027 Revenue Bond (planned) | Outstanding | |
Jun 1, 2026 Land acquisition | Land purchase for a planned new campus site Port St. Lucie — future campus · Capital projects → | $3,500,000 | Awaiting 2027 Revenue Bond (planned) | Outstanding | |
May 5, 2026 Due diligence | Survey, environmental (Phase I) & geotech for site evaluation Lakeland — candidate site · Capital projects → | $450,000 | Awaiting 2027 Revenue Bond (planned) | Outstanding | |
Nov 5, 2025 Due diligence | Predevelopment & DD for an expansion placed on hold Naples — expansion (ON HOLD) · Capital projects → | $650,000 | No reimbursement source — held until land sold / project revives | Stranded | |
Aug 15, 2024 Land acquisition | Site acquired for a project since shelved Fort Myers — site (SHELVED) · Capital projects → | $2,900,000 | No reimbursement source — held until land sold / project revives | Stranded |