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County Administrator's Report 12. 28.
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| BCC Regular Meeting |
Budget & Finance Consent |
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| RECOMMENDATION: |
Recommendation Concerning Multi-family Housing Revenue Bonds for Affordable Housing Project - Patricia D. Lott, Executive Director, Escambia County Housing Finance Authority
That the Board adopt the Resolution approving the plan of finance therein described and the issuance and sale of not exceeding $6,600,000 multi-family housing revenue bonds (the “Bonds”) by the Escambia County Housing Finance Authority (the “Authority”) to be used to finance or refinance the Affordable Housing Project located in Taylor County, Florida (as described in the Background). |
| BACKGROUND: |
| Perrytown Apartments, LLC, a Florida limited liability company or its affiliate (the ”Borrower”), has requested that the Authority issue the above-referenced Bonds to finance or refinance the acquisition, upgrading, reconditioning, rehabilitation, improving and beautification by the Borrower of an existing multi-family rental housing facility (and associated capital expenditures) (the “Affordable Housing Project”) within the territorial limits of Taylor County, Florida, and to pay certain costs of issuance in connection therewith. A minimum of $35,000 per unit will be expended for rehabilitation of the complex as detailed in the required Project Capital Needs Assessment (“the “PCNA”). The Authority adopted an inducement resolution with respect to the Affordable Housing Project on June 9, 2015.
Because the proposed financing will involve tax-exempt bonds, Federal law requires that public hearings be held in both the county where the facility is located and in Escambia County. At the request of the Borrower and the Authority, the Taylor County Board of County Commissioners (the “Taylor County Board”) held a public hearing and approved the issuance of tax-exempt bonds by the Authority on November 16, 2015. Due to timing associated with the bond financing and TEFRA process, the Taylor County Board conducted a new TEFRA hearing on May 1, 2017 and adopted a new resolution of approval, further endorsing the need for this Project in Taylor County.
The Escambia County public hearing originally was conducted on November 24, 2015 by the Authority on behalf of the Escambia County Board of County Commissioners (the “Escambia County Board”). The results of the November 24, 2015 hearing were provided to the Escambia County Board, and the Escambia County Board originally approved the financing on December 10, 2015. An additional public hearing was held on May 3, 2017 by the Authority. The results of the May 3, 2017 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. The new Resolution is in substantially the same form as the resolution adopted by the Escambia County Board on December 10, 2015, except that the not-to-exceed amount was increased to provide for the possibility of price increases and financing contingencies.
Under the terms of standard financing documents, the Borrower is responsible for use and operation of the Affordable Housing Project, 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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| BUDGETARY IMPACT: |
| The Authority does not receive funds from the County, and no funds of the County are expended in connection with the Affordable Housing Project or the Bonds. |
| LEGAL CONSIDERATIONS/SIGN-OFF: |
| The County’s Bond Counsel, Bryant Miller Olive, P.A., will review the documents on behalf of the County to ensure that the County has no liability or obligation under the Bonds, and, to the extent required, the County’s Disclosure Counsel, Nabors, Giblin & Nickerson, P.A., will review the documents on behalf of the County to insure federal and state law disclosure requirements are satisfied to assure the County’s interests are protected. |
| PERSONNEL: |
| None. |
| POLICY/REQUIREMENT FOR BOARD ACTION: |
| The Bonds will comply with the Board's requirements for the issuance of conduit bonds, as established in the Conduit Bonds Ordinance.
The Affordable Housing Project will improve the prosperity and welfare of the State of Florida and its inhabitants by encouraging the development and preservation of affordable, decent, safe, and sanitary housing.
Approval of the Affordable Housing Project will allow the Authority to comply with its statutory mission to assist persons in obtaining safe and adequate housing.
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| IMPLEMENTATION/COORDINATION: |
| None. |
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