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County Administrator's Report 11. 12.
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| BCC Regular Meeting |
Technical/Public Service Consent |
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| RECOMMENDATION: |
Recommendation Concerning the Scheduling of a TEFRA Hearing for the Not Exceeding $9,000,000 Florida Development Finance Corporation Multifamily Housing Revenue Bonds (Peachtree Commons Apartments Project) - JoLinda Herring, Shareholder, Bryant Miller Olive P.A.
That the Board authorize the scheduling and advertising of a Tax Equity and Fiscal Responsibility Act (TEFRA) Public Hearing for 5:36 p.m., on October 20, 2016, for consideration of authorizing the issuance by the Florida Development Finance Corporation (the “Issuer”) of not exceeding $9,000,000 in Multifamily Housing Revenue Bonds (the “Bonds”) on behalf JPC Charities, and/or one or more related and/or affiliated entities (collectively, the “Borrower”). The Bonds will not be issued by the County nor obligate the credit of the County or pose any obligation or liability for the County. |
| BACKGROUND: |
| The proposed Bonds are to be issued by the Issuer for the purpose of (A) financing, refinancing or reimbursing the Borrower for the cost of certain capital improvements for or to the 218-unit residential rental housing facility known as Peachtree Commons Apartments, located at 4600 Twin Oaks Drive, Pensacola, Florida 32506 (the “Project”); (B) funding any necessary reserve; (C) funding capitalized interest on the Bonds; and (D) paying the costs associated with the issuance of the Bonds. The Bonds do not constitute the debt or indebtedness of the County within the meaning of any provision or limitation of the statutes or Constitution of the State of Florida, and shall not constitute or give rise to a pecuniary liability of the County, or a charge against its general credit or taxing powers.
The Project is being acquired by the Borrower from 4600 Twin Oaks Drive, LLC, for $7,300,000 and consists of nine (9) two-story walk up buildings containing 218 units, comprised of 142 one-bedroom units and 76 two-bedroom units. The Project was originally constructed in 1976 and was renovated in 2013.
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| BUDGETARY IMPACT: |
| The County will not be required to make any payments or incur any costs for the Bonds. The County shall be also be reimbursed by the Borrower for out of pocket expenses as outlined in Chapter 46, Article VII, of the County’s Code of Ordinances (the “Conduit Bonds Ordinance”). |
| LEGAL CONSIDERATIONS/SIGN-OFF: |
| JoLinda Herring, Bryant Miller Olive P.A., the County’s Bond Counsel, will review the documents on behalf of the County to insure that the County has no liability or obligation under the Bonds. |
| 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. |
| IMPLEMENTATION/COORDINATION: |
| None. |
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