Florida Commission to Sell $35.9 Million of Revenue Bond Anticipation Notes
By Chris Wack
The Florida Local Government Finance Commission plans to sell $35.9 million of revenue bond anticipation notes for land and retirement facilities in Sarasota County.
Proceeds from the Series 2025 A securities are expected to be loaned to The Sanctuary at Village on the Isle LLC, a Florida limited liability company, according to a document posted Friday on MuniOS.
The borrower will use the funds to finance and refinance the purchase of 50 acres of land and certain costs related to the purchase, constructing and equipping of continuing care retirement facilities. The project will include 130 independent living apartments and 50 independent cottages in its first phase, along with common areas, and parking and ancillary facilities.
Money from the sale will also be used to pay for some preconstruction development costs.
The borrower hopes to open a marketing and information center in June 2026, and begin presales. The company said it would like to achieve presales of 70% by November 2027, and begin construction in December 2027.
The commission is a legal and administrative entity that finances or refinances any capital project in Florida, and can authorize, issue and sell bonds to do so.
The Sanctuary at Village on the Isle is the sole member of the Southwest Florida Retirement Center, also known as the Village on the Isle, a Florida not-for-profit corporation exempt from federal income taxation.
The bonds are unrated, and Ziegler is the lead underwriter.
Write to Chris Wack at chris.wack@wsj.com
(END) Dow Jones Newswires
November 24, 2025 14:13 ET (19:13 GMT)
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