Vero Beach Leased Housing Associates III, LLLP, a Minnesota limited liability limited partnership, or its affiliate (the ”Borrower”), has requested that the Authority issue the Bonds to finance or refinance the acquisition, upgrading, reconditioning, rehabilitation, improving and beautification by the Borrower of an existing 168-unit multi-family rental housing facility (and associated capital expenditures) (the “Taylor Pointe Apartments”) within the territorial limits of Indian River County, Florida, and to pay certain costs of issuance in connection therewith. A minimum of $25,000 per unit will be expended for rehabilitation of the complex. After an extensive review of the bond application filed by the Borrower, on June 25, 2018 the Authority formally approved Bond Inducement Resolution 2018-02 providing for the issuance of not to exceed $16,000,000 in multifamily housing bonds in support of Taylor Pointe Apartments.
Because the proposed financing will involve tax-exempt bonds, Federal law requires that public hearings be approved by elected officials following public hearings in both the county where the facility is located (Indian River County) and in Escambia County. The Indian River county public hearing was noticed in the Indian River Press Journal on August 25, 2018 and was subsequently held by the Indian River County Board of County Commissioners (the “Indian River Board”) on September 11, 2018. After concluding the public hearing, the Indian River Board adopted a resolution evidencing its support for the issuance of the Authority’s bonds to assist Taylor Pointe Apartments.
Concurrent with the Indian River Board approval process, a local public hearing, noticed in the Pensacola News Journal on August 19, 2018, was conducted by the Authority, on behalf of the Escambia County Board of County Commissioners on September 5, 2018 at 3:00 pm. The results of the September 5, 2018 hearing have been provided to the Escambia County Board in the form of the Report of Hearing Officer attached to the Resolution as Exhibit A.
Under the terms of standard financing documents, the Borrower is responsible for use and operation of the facilities to be financed, and the Bonds will not obligate the credit of the Authority or the County or pose any obligation or liability for the County. Bryant Miller Olive, P.A., the County’s Bond Counsel, will serve as Bond Counsel and Disclosure Counsel for the issue.
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