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2014 VitAg Tax-exempt Bond Authorization Request

2014 VitAg Tax-exempt Bond Authorization Request. VitAg Biosolids-To-Fertilizer Plant – Zellwood, FL. A Sustainable Biosolids Process Manufacturing A High Nitrogen, Dry, Granular, Organically-enhanced Fertilizer Product. Effective biosolids solution Safe manufacturing process

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2014 VitAg Tax-exempt Bond Authorization Request

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  1. 2014 VitAg Tax-exempt Bond Authorization Request VitAg Biosolids-To-Fertilizer Plant – Zellwood, FL A Sustainable Biosolids Process Manufacturing A High Nitrogen, Dry, Granular, Organically-enhanced Fertilizer Product • Effective biosolids solution • Safe manufacturing process • Environmentally-friendly product • High-value slow-release fertilizer • Proven technology and experienced team • Green sustainable business

  2. VitAg Process – Safe – Green -- FL Class AA+ Product AM Process Overview MunicipalBiosolids • Process brings together two large volume industries • Safely processes biosolids, sulfuric acid and ammonia into fertilizer • Relatively low temperature and pressure • Sterilizes biosolids; breaks-down macromolecules • Standard materials & equipment widely used in fertilizer industry • Community friendly; 12 issued U.S. Patents

  3. The VitAg Zellwood Plant: A Safe Design – Popular Product -- Environmentally-Friendly Zellwood Property Plant Location CDM Smith 3-D VitAg Plant Modular Design VitAg Accomplished Project Milestones • Plant engineering design achieved 100% completion • EPC construction contract with CDM Smith Constructors Inc. • 62 acres (see above) under lease/purchase contract • All permits procured for construction including FL Domestic Wastewater Permit • 20-year biosolids feedstock agreement executed for 230 wet tons per day • 30% of production sales secured through off-take agreements • Strong project support from Orange County

  4. VitAg Plant Project Impacts

  5. VitAg Tax Exempt Bonds • Amount to be authorized = $65,000,000 • Increased from $55,000,000 • Rating = unrated with credit protection • OCIDA requirements: 25% equity, 1.25 DSCR • Actual: 33+% equity, average >2.5 times DSCR • Issuing authorities = OC Industrial Development Authority • OC Board of Commissioners • State of Florida • Lead Underwriter = Citigroup • Timing • Authorizations – May 2014 • Marketing/Pricing – June 2014 • Project closing - Late June 2014

  6. Requested Action Approval and execution of the TEFRA resolution entitled “Approving the issuance of Orange County Industrial Development Authority Industrial Development Revenue Bonds (VitAG Florida LLC Project), Series 2014, in an aggregate principal amount not to exceed $65,000,000. 5

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