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County Administrator's Report 8. 6.
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| BCC Regular Meeting |
Technical/Public Service Consent |
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| RECOMMENDATION: |
Recommendation Concerning Multi-family Housing Revenue Bonds for Affordable Housing Project (Orange Blossom Village Apartments Located in Indian River County, Florida) - JoLinda Herring, Bryant Miller Olive P.A. and 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 $15,000,000 multi-family housing revenue bonds (the “Bonds”) by the Escambia County Housing Finance Authority (the “Authority”), to be used to finance or refinance the Orange Blossom Village Apartments, an affordable housing project located in Indian River County, Florida. |
| BACKGROUND: |
Orange Blossom Village, LLLP, a Florida limited liability limited partnership, 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 80-unit senior rental housing facility (and associated capital expenditures) (the “Orange Blossom Village Apartments”) within the territorial limits of Indian River County, Florida, and to pay certain costs of issuance in connection therewith. The Borrower will expend in excess of $60,000 per unit for rehabilitation of the complex. After an extensive review of the bond application filed by the Borrower on April 14, 2020, the Authority formally approved Bond Inducement Resolution 2020-02 providing for the issuance of not to exceed $10,000,000 in multi-family housing bonds in support of Orange Blossom Village Apartments, which is being increased to a maximum of $15,000,000 through the ongoing TEFRA process.
Because the proposed financing involves 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 9, 2020, and was subsequently held by the Indian River County Board of County Commissioners (the “Indian River Board”) on August 18, 2020. 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 Orange Blossom Village Apartments.
Concurrent with the Indian River Board approval process, a local public hearing, noticed in the Pensacola News Journal on August 2, 2020, was conducted by the Authority, on behalf of the Escambia County Board of County Commissioners (the "Escambia County Board")on August 12, 2020, at 1:30 pm. The results of the August 12, 2020, 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, to the extent required, Disclosure Counsel for the issue. |
| BUDGETARY IMPACT: |
| The Authority does not receive funds from the County, and no funds of the County are expended in connection with the Orange Blossom Village Apartments 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.
Orange Blossom Village Apartments 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 Resolution regarding Orange Blossom Village Apartments will allow the Authority to comply with its statutory mission to assist persons in obtaining safe and adequate housing. |
| IMPLEMENTATION/COORDINATION: |
| None. |
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