Recommendation Concerning Multi-family Housing Revenue Bonds for Affordable Housing Project - JoLinda Herring, Bryant Miller Olive P.A. and Patricia D. Lott, 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.

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”).  

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 (Taylor County) and in Escambia County.  Both the Taylor County Board and the Escambia Board have previously approved this project; most recently on May 1, 2017 and May 25, 2017, respectively.  Because the Bonds must be issued within one year of the date of approval, and because it is now anticipated that the Bonds will not close before the second week of May, 2018, the Borrower has requested renewals of these approvals following additional public hearings.

Accordingly, the Taylor Board conducted a new TEFRA hearing on April 2, 2018 and adopted a new resolution of approval, further endorsing the need for this Project in Taylor County.

An additional public hearing was held on March 27, 2018 by the Authority.  The results of the March 27, 2018 hearing have been provided to the Escambia 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 May 25, 2017.

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.

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.