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2000-241
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2000-241
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Last modified
7/12/2024 12:18:14 PM
Creation date
7/12/2024 12:18:09 PM
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Official Documents
Official Document Type
Interlocal Agreement
Approved Date
08/08/2000
Control Number
2000-241
Agenda Item Number
7.H.
Entity Name
Florida Housing Finance Corporation
IRC Walker Avenue Club, Inc.
Subject
Interlocal Agreement for Multi-Family Revenue Bond
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a► <br />J <br />WHEREAS, the acquisition, construction and equipping of such qualified residential rental <br />project in cooperation with the County complies with and will further the purposes for which FHFC <br />was created; and <br />WHEREAS, FHFC has determined to allocate certain of the private activity bond limitation <br />available to it to the particular qualified residential rental project known as the Walker Avenue Club <br />Apartments, which amount is not sufficient to fully finance the acquisition, construction and equipping <br />of such project, and <br />WHEREAS, the County has likewise determined to assist in the financing of such project, so <br />1 long as the financing of the full project is undertaken; and <br />WHEREAS, the County and FHFC have ascertained that the most efficient and cost <br />effective method for providing for the allocation of the respective amounts of private activity bond <br />limit and for issuing the bonds allocable thereto is for FHFC to issue its bonds utilizing the private <br />activity bond limit contributed by it and the private activity bond limit contributed by the County for <br />and on behalf of the County; and <br />WHEREAS, the County and FHFC wish by this Agreement to provide for the issuance by <br />FHFC of its obligations by and on behalf of the County in the manner provided herein in order to <br />further the purposes stated herein; <br />NOW, THEREFORE, in consideration of the mutual covenants of this Agreement, the <br />County and FHFC agree as follows: <br />r <br />SECTION 1. County Private Activity Allocation. The parties hereby agree that the qualified <br />private activity bonds related to the private activity bond limit contributed by the County shall be <br />issued by FHFC in the same manner as are the FHFC private activity bonds for such project. The <br />provisions of all such bonds relating to payment, security, refinancing and all other customary financial <br />terms shall be the same without regard to the source of the private activity bond limit. <br />SECTION 2. All Necessary Action. The parties hereto agree that they will, individually or <br />jointly, take all action within their respective powers, necessary, desirable or required by the Division <br />in order to preserve the private activity bond limit for use in financing the project and to assure the <br />exemption of interest on the bonds from Federal income taxation. <br />SECTION 3. Reversion of Private Activity Bond Limit. In the event that the financing of the <br />project does not proceed for reasons that are beyond the control of the County and the developer of <br />the project, Walker Avenue Club, Ltd. (the "Developer), then 1:1IFCagrees that this Agreement will <br />terminate on the day which is no more than 85 days atter the County receives a confirmation from the <br />Division of Bond Finance for the allocation as contemplated herein and the private activity bond limit <br />shall, without any further action on the part of the County or the Developer, revert to the control and <br />use of the County. FHFC agrees to take all action necessary or desirable in giving effect to this <br />provision so as to preserve the private activity bond limit previously allocated to the County for the <br />use and benefit of the citizens of the State of Florida and, particularly, Indian River County. <br />
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