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RESOLUTION NO. 2020- 063
<br />A RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS
<br />OF INDIAN RIVER COUNTY, FLORIDA, APPROVING THE
<br />ISSUANCE BY THE ESCAMBIA COUNTY HOUSING FINANCE
<br />AUTHORITY OF ITS NOT TO EXCEED $15,000,000 MULTIFAMILY
<br />HOUSING REVENUE BONDS (ORANGE BLOSSOM
<br />APARTMENTS), SERIES [TO BE DETERMINED] FOR THE
<br />BENEFIT OF ORANGE BLOSSOM VILLAGE, LLLP, OR ITS
<br />AFFILIATE, TO PROVIDE FUNDS TO FINANCE OR REFINANCE
<br />A MULTIFAMILY RESIDENTIAL RENTAL PROJECT; AND
<br />PROVIDING AN EFFECTIVE DATE.
<br />WHEREAS, the Escambia County Housing Finance Authority (the "Authority") is a
<br />public body corporate and politic, duly organized and existing under the provisions of Chapter
<br />159, Part IV, Florida Statutes, as amended and supplemented, which has been granted by
<br />Resolution 2018-108 adopted by the Board of County Commissioners on November 6, 2018
<br />"area of operation" authority within Indian River County with respect to the financing of the
<br />Orange Blossom Village Apartments, a multifamily residential rental facility development (as
<br />hereinafter identified); and
<br />WHEREAS, Orange Blossom Village, LLLP, a Florida limited liability limited
<br />partnership, or one of its affiliates (the "Borrower"), has requested the Authority to issue its
<br />Multifamily Housing Revenue Bonds (Orange Blossom Village Apartments) (the "Bonds"), the
<br />proceeds of which would be used to (i) pay or reimburse the Borrower for the cost of acquiring,
<br />upgrading, reconditioning, rehabilitating, improving and beautification of an existing
<br />multifamily residential rental apartment project known as Orange Blossom Village Apartments
<br />(the "Orange Blossom Apartments Development"), which will consist of 80 residential units,
<br />at least 40% of such units are to be occupied by elderly persons of low and moderate income,
<br />whose income does not exceed 60% of the area median income, located at 3050, 3055, 3155,
<br />3250, 3250, 3255, 3300, 3301, 3310, 3311 and 3329 12th Court, Indian River County, Florida
<br />(the "Project Location"); (ii) fund a debt service reserve fund for the Bonds, if required; and
<br />(iii) pay a portion of the costs of issuance of the Bonds; and
<br />WHEREAS, the County Commission conducted a public hearing on August 18, 2020,
<br />notice of which hearing was published on August 9, 2020, in the Indian River Press Journal
<br />(a copy of which notice is attached hereto as Exhibit "A" and incorporated herein), for the
<br />purpose of considering the issuance of the Bonds by the Authority, in accordance with the
<br />requirements of Section 147(f) of the Internal Revenue Code of 1986, as amended (the
<br />"Code"). Said public hearing 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
<br />by the Board of County Commissioners of Indian River County, Florida (the "Board"), as the
<br />"applicable elected representative" under Section 147(f) after a public hearing following
<br />reasonable public notice,
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