FINANCIAL_SERVICESAPPROVED

City of Lake Awards $5,500,000 Financial Services Contract to State of Florida Department of Commerce (May 2026)

The City of Lake City is authorized under Resolution 2026-057 to execute loan documents with the State of Florida Department of Commerce for a $5,500,000 Rural Community Development Revolving Loan Fund facility to finance acquisition of the North Florida Mega Industrial Park Wastewater Treatment Plant. The loan, assumed from Columbia County under Loan Agreement No. S0244, will be repaid from pledged net utilities revenues and matures July 18, 2032.

Status
APPROVED
Document date
May 26, 2026
Contract type
FINANCIAL_SERVICES
Vendor
State of Florida Department of Commerce
Agency
City of Lake · FL

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Motive logo
Veritone logo
TerraCycle logo
Cyvl logo
WithersRavenel logo
Derivita logo
Comcate logo
SafeTouch logo
IANS Research logo
Motive logo
Veritone logo
TerraCycle logo
Cyvl logo
WithersRavenel logo
Derivita logo
Comcate logo
SafeTouch logo
IANS Research logo
Motive logo
Veritone logo
TerraCycle logo
Cyvl logo
WithersRavenel logo
Derivita logo
Comcate logo
SafeTouch logo
IANS Research logo

Scope & details

The full contract record, as filed.

Contract amount
$5,500,000.00
Contract type
FINANCIAL_SERVICES
Contract term
Effective date of Novation through July 18, 2032 (maturity date of substitute promissory note)
Renewal date
2032-07-18
Renewal
Promissory note bears simple interest at 2.5% per annum, increasing to 3.5% if the Florida Treasury Investment Pool Special Purpose Investment Account rate exceeds it by more than 1%; all outstanding principal and interest are due at maturity on July 18, 2032, with prepayment allowed at any time without penalty. No automatic renewal is provided; issuance of additional parity debt is subject to the City’s Master Utility System Bond Resolution tests.
Document type
AgendaPacket
Source document
City of Lake City AgendaPacket Special Called Council Meeting 2026-05-26

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Frequently asked questions

Common questions about this contract, answered from the record.

Who was awarded the financial services contract by City of Lake?

State of Florida Department of Commerce was awarded this financial services contract by City of Lake, as recorded on May 26, 2026. The contract value is $5,500,000.00.

How much is the State of Florida Department of Commerce contract with City of Lake worth?

The State of Florida Department of Commerce contract with City of Lake is valued at $5,500,000.00, covering financial services work.

What type of contract is this?

This is a Financial Services contract, documented as a agendapacket record.

Where was this contract approved?

This contract appears in City of Lake City AgendaPacket Special Called Council Meeting 2026-05-26 (AgendaPacket), dated May 26, 2026 from City of Lake. Civic IQ extracts contract records directly from agency meeting documents and solicitations.

What other contracts does State of Florida Department of Commerce hold?

State of Florida Department of Commerce may hold additional government contracts. View their full contract history, the agencies they serve, and total tracked spend on their Civic IQ vendor profile.

View State of Florida Department of Commerce's profile

What is City of Lake currently buying?

Explore City of Lake's vendors, signed contracts, and active RFPs on their Civic IQ agency profile.

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