NOTICE OF INTENT TO AWARD
City of Key Colony Beach, Florida
600 W. Ocean Drive
P.O. Box 510141
Key Colony Beach, FL 33051-0141
Tel: 305-289-1212 ext. 2
RFP No.: 2026-01
Project Title: Tax Exempt Loan Financing
Date Posted: March 20, 2026
TO:
First Horizon Bank
330 Whitehead Street
Key West, Florida 33040
The City of Key Colony Beach, Florida has reviewed the bids submitted in response to RFP 2026-01. After evaluating the bids, the City intends to award the contract to the above-named bidder.
Bidder Awarded: First Horizon
Loan Terms: 10-Year Option: Tax-Exempt Rate: (79% X 10-Year Treasury) + 1.15% (the fully indexed rate as of 03/27/26 is 4.67%). 15-Year Option: Tax-Exempt Rate: (79% X 10-Year Treasury) + 1.50% (the fully indexed rate as of 03/27/26 is 4.92%). 20-Year Option: Tax-Exempt Rate: (79% X 10-Year Treasury) + 1.65% (the fully indexed rate as of 03/27/26 is 5.17%).
The interest rate is to be set seven (7) days before closing at the then comparable US Treasury Rate plus the applicable margin as set forth above.
Prepayable without penalty at any time providing all outstanding principal and accrued interest is paid in full
Scope of Work: Provide City with a tax exempt, bank qualified fixed rate loan at the lowest overall borrowing cost and terms most favorable to the City in a principal amount of not to exceed $3,000,000.
Bid Opening Date / Time: April 9, 2026 at 2:00 P.M.
Bid Tabulation: The bid tabulation is available for review at Marble Hall, 600 W Ocean Drive, Key Colony Beach, FL 33051 or on the City’s website.
Bid Tabulations: Click here.
This Notice of Intent to Award is subject to the successful negotiation and execution of a formal contract, and submission of required performance bond, payment bond (if applicable), insurance certificates, and any other contract requirements set forth in the RFP and the resulting contract documents.
Bid Protest Rights:
Any person who is adversely affected by this Notice of Intent to Award may file a notice of protest in writing within ten (10) days after the posting of this Notice. Failure to timely file a notice of protest, or to comply with bonding and other statutory requirements, constitutes a waiver of rights under Chapter 120, Florida Statutes.
Posting Location & Time:
This Notice of Intent to Award, along with the bid tabulation, will be posted on the City of Key Colony Beach website.
If you have any questions regarding this notice or the award process, please contact the City of Key Colony Beach, Florida.
Thank you for your bid and your interest in public contracting with the City of Key Colony Beach.