Agenda

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Public Hearings 14.

BCC Regular Meeting

Meeting Date:	10/20/2016
Issue: Not exceeding $9,000,000 Florida Development Finance Corporation Multifamily Housing Revenue Bonds (Peachtree Commons Apartments Project)
From:	JoLinda Herring
Department:	Bryant Miller Olive P.A.
CAO Approval:

RECOMMENDATION:

5:36 p.m. TEFRA Public Hearing for consideration of authorizing the issuance by the Florida Development Finance Corporation of not-to-exceed $9,000,000 in Multifamily Housing Revenue Bonds, on behalf of JPC Charities and/or one or more related and/or affiliated entities - JoLinda Herring, Shareholder, Bryant Miller Olive P.A.

Recommendation: That the Board take the following action concerning the issuance by the Florida Development Finance Corporation (the “Issuer”) of not-to-exceed $9,000,000 in Multifamily Housing Revenue Bonds (the “Bonds”), on behalf of JPC Charities and/or one or more related and/or affiliated entities (collectively, the “Borrower”), for the purpose of (A) financing, refinancing, or reimbursing the Borrower for the cost of certain capital improvements for 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:

A. Conduct the Tax Equity and Fiscal Responsibility Act (TEFRA) Public Hearing; and

B. Following the TEFRA Public Hearing, adopt, and authorize the Chairman to execute, the Resolution granting “area of operation” authority within the County to the Issuer and approving the issuance of the Bonds upon the terms established therein. 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 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. 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.

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 requirements of the Conduit Bonds Ordinance.

IMPLEMENTATION/COORDINATION:

None.

Attachments
TEFRA Bond Resolution