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RESOLUTION 2018- 083
<br />A RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS OF
<br />INDIAN RIVER COUNTY, FLORIDA, APPROVING THE ISSUANCE BY
<br />THE ESCAMBIA COUNTY HOUSING FINANCE AUTHORITY OF ITS
<br />NOT TO EXCEED $16,000,000 MULTIFAMILY HOUSING REVENUE
<br />BONDS (TAYLOR POINTE APARTMENTS), SERIES [TO BE
<br />DETERMINED] FOR THE BENEFIT OF VERO BEACH LEASED
<br />HOUSING ASSOCIATES III, LLLP, OR ITS AFFILIATE, TO PROVIDE
<br />FUNDS TO FINANCE OR REFINANCE A MULTIFAMILY RESIDENTIAL
<br />RENTAL PROJECT; AND PROVIDING AN EFFECTIVE DATE.
<br />WHEREAS, the Escambia County Housing Finance Authority (the "Authority") is a public
<br />body corporate and politic, duly organized and existing under the provisions of Chapter 159, Part
<br />IV, Florida Statutes, as amended and supplemented; and
<br />WHEREAS, the Authority, per Resolution 2018-058, adopted by the Indian River County
<br />Board of County Commissioners on June 19, 2018 has been granted "area of operation" authority
<br />within Indian River County with respect to the financing of Taylor Pointe Apartments (also known
<br />as the Lindsey Gardens Apartments/Phases I & II), a multifamily residential rental facility
<br />development (as hereinafter identified); and
<br />WHEREAS, Vero Beach Leased Housing Associates III, LLLP, a Minnesota limited
<br />liability limited partnership qualified to conduct business in the State of Florida, or one of its
<br />affiliates (the "Borrower"), has requested the Authority to issue its not to exceed $16,000,000
<br />Multifamily Housing Revenue Bonds (Taylor Pointe Apartments) (the "Bonds"), the proceeds of
<br />which would be used to (i) pay or reimburse the Borrower for the cost of acquiring, upgrading,
<br />reconditioning, rehabilitating, improving and beautification of an existing multifamily residential
<br />rental apartment project known as Taylor Pointe Apartments (also known as the Lindsey Gardens
<br />Apartments/Phases I & II) (the "Taylor Pointe Apartments Development"), which will consist of
<br />168 residential units, at least 40% of such units are to be occupied by persons of low and moderate
<br />income, whose income does not exceed 60% of the area median income, located at 4885 38`h Circle,
<br />Vero Beach, Florida, in the City of Vero Beach, Indian River County, Florida (the "Project
<br />Location"); (ii) fund a debt service reserve fund for the Bonds; and (iii) pay a portion of the costs of
<br />issuance of the Bonds; and
<br />WHEREAS, the County Commission conducted a public hearing on September 11, 2018,
<br />notice of which hearing was published on August 25, 2018, in the Indian River Press Journal (a
<br />copy of which notice is attached hereto as Exhibit "A" and incorporated herein), for the purpose of
<br />considering the issuance of the Bonds by the Authority, in accordance with the requirements of
<br />Section 147(f) of the Internal Revenue Code of 1986, as amended (the "Code"). Said public hearing
<br />disclosed no reason why the Bonds should not be issued; and
<br />WHEREAS, Section 147(f) of the Code requires approval of the issuance of the Bonds by
<br />the Board of County Commissioners of Indian River County, Florida (the "Board"), as the
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