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County Administrator's Report 16. 29.
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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 (Perrytown Apartments) - Karyn Norton, Executive Director, Escambia County Housing Finance Authority
That the Board adopt the Resolution approving a Plan of Finance therein described and the issuance and sale of not exceeding $6,000,000 Multi-family Housing Revenue Bonds (the “Bonds”) by the Escambia County Housing Finance Authority (the “Authority”) to be used to finance or refinance the Perrytown Apartments Affordable Housing Project. |
| 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 low-income multi-family rental housing facility (and associated capital expenditures) (the “Affordable Housing Project”) within the territorial limits of Taylor County, Florida, and pay certain costs of issuance in connection therewith.
The Authority adopted an inducement resolution with respect to the Affordable Housing Project on June 9, 2015. The Authority obtained approval by Taylor County, Florida on November 16, 2015.
A public hearing is required by federal law and said public hearing was conducted by the Authority, on behalf of the Board, on November 24, 2015. The results of that hearing have been provided to the 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 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. 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.
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| LEGAL CONSIDERATIONS/SIGN-OFF: |
| The County’s Bond Counsel, Richard I. Lott and JoLinda Herring with Bryant Miller Olive, P.A., will review the documents on behalf of the County to insure that the County has no liability or obligation under the Bonds, and 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 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. |
| IMPLEMENTATION/COORDINATION: |
| None needed. |
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