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Lowndes Advises Mineral Development Holdings, LLC on $90-million Municipal Bond Financing for Secondary Phosphate Tailings Recovery Project

November 03, 2020

Lowndes represented Mineral Development Holdings, LLC with the issuance by the Polk County Industrial Development Authority of $90 million in Industrial Development Revenue Bonds (Mineral Development, LLC Secondary Phosphate Tailings Recovery Project), Series 2020, for the construction and equipping of a 35,000-square-foot facility in Bartow, Fla., that will recover and process phosphate tailings into marketable phosphates.

Groundbreaking for the project will be held in late 2020, with construction expected to be completed by the end of 2022. The project will include recovery operations on approximately 4,400 acres located adjacent to the facility.

The Lowndes team representing Mineral Development Holdings, LLC was led Banking & Finance Co-Chair Mark Heimendinger. He was assisted by Jason Rimes (corporate), Hallie Fisher (real estate), and Michael Gibbons (construction). The team will continue to assist with development and construction of the project.


Mark

Getting the deal done requires flexibility, creativity, and efficiency. Clients and colleagues alike turn to Mark Heimendinger for his years of debt and equity finance experience, particularly in the commercial real estate and other asset-based arenas.


A seasoned pro who has seen the risks and iterations associated with both sides of a deal and all aspects of the capital stack, Mark understands that many contentious legal issues often mask a business concern – one that he likely has faced before. Even with the most complex and challenging negotiations, he is pragmatic, and focused on the client’s commercial goals.

Mark’s clients include issuers, borrowers, lenders, and underwriters. He has negotiated and executed a variety of transaction structures, including term and revolving credit facilities, public bond financings, public and private securitization transactions (including CMBS), mezzanine financing, equipment financing, 144A and Reg. D offerings, repo agreements, syndications, currency and interest rate cap and swap transactions, underwriting agreements, intercreditor agreements, joint ventures, and jurisdiction-specific non-recourse structures. Within the real estate space, Mark has covered multiple asset classes, including hotels and leisure facilities, office towers, senior living facilities, and multi-family residential buildings.

In addition to his Florida practice, Mark has years of both domestic and overseas “AmLaw 100” experience and has completed numerous cross-border transactions, mostly in the Asia Pacific region and in Europe.
Jason

Co-chair of the firm’s Mergers & Acquisitions Practice Group, Jason Rimes has a broad transactional legal practice that touches on a variety of industries, including real estate, higher education, aviation, sports and healthcare. He counsels clients on mergers and acquisitions, dispositions, joint ventures, finance and other corporate and transactional matters. Jason represents educational institutions, sports teams, real estate developers and investors, aircraft owners and operators and other business entities, regularly assisting clients with the drafting and negotiation of organizational and venture documents and operational agreements. He has a particular expertise in the area of real estate joint ventures, working with real estate developers and investors to finance their projects.

In the community, Jason serves as Chairman of the Board of the Healthcare Center for the Homeless, an organization that provides medical, dental and mental health services to those who otherwise could not otherwise afford them. To support his work in the aviation industry, where he assists clients with buying and selling aircraft, leasing hangars and structuring ownership and use agreements, he was a founder and continues to serve on the board of the Central Florida Business Aviation Association.

A 6th generation Floridian, Jason enjoys surfing, fishing and scuba diving. He is also devoted to his family and can often be found coaching his children’s youth sports teams and passing along his love of the ocean.

Michael

A LEED-certified attorney, Michael Gibbons represents owners, developers, contractors, design professionals and subcontractors asserting a variety of construction claims (and defenses to such claims), including actions for breach of contract, delay, latent defects, water intrusion and mold, differing site conditions, extra work, indemnity and warranty.


Michael also counsels clients on issues related to construction claims of lien and surety bond claims and regularly represents clients in litigation and arbitration over construction claims of lien and payment and performance bond claims. 

Formerly an Assistant State Attorney, Michael tried over 65 cases through verdict ranging from battery and DUI to Armed Robbery and Felony Murder. He has tried a variety of civil cases as well, and has substantial experience litigating ADA (Americans with Disabilities Act) cases in Federal Court under Title III of the ADA where accessibility to public accommodations is at issue.

In addition to litigating design and construction related claims, Michael often represents owners, developers, design professionals, general contractors, and sub-contractors in the preparation and negotiation of design and construction contracts. His experience litigating construction claims helps Michael identify problematic and unfavorable contract language. Conversely, his experience drafting and negotiating complex construction contracts makes Michael a more informed and knowledgeable litigator when a client needs a forceful advocate on a construction contract issue. A reasonable and clearly expressed allocation of commercial risks, rights and liabilities is essential to a good design or construction contract and critical for reducing the risk of later claims.

Accredited by the Green Building Certification Institute as a LEED (Leadership in Energy and Environmental Design) Green Associate, Michael is a frequent speaker and author on the subject of managing risks in sustainable design and construction contracts. He has significant experience drafting and negotiating design and construction contracts incorporating sustainability principles including LEED standards.

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