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RESOLUTION 2025- 018 <br />A RESOLUTION OF THE BOARD OF COUNTY <br />COMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA, <br />APPROVING INDIAN RIVER COUNTY AS AN AREA OF <br />OPERATION FOR THE ST LUCIE COUNTY HOUSING <br />FINANCE AUTHORITY WITH RESPECT TO THE FINANCING <br />OR REFINANCING BY THE AUTHORITY OF THE <br />ACQUISITION, UPGRADING, RECONDITIONING, <br />REHABILITATING, IMPROVING AND BEAUTIFYING OF A <br />MULTI -FAMILY HOUSING FACILITY LOCATED IN INDIAN <br />RIVER COUNTY; PROVIDING FOR REPEAL OF <br />CONFLICTING PROVISIONS; AND PROVIDING AN <br />EFFECTIVE DATE. <br />WHEREAS, Part IV of Chapter 159, Florida Statutes authorizes the creation of housing <br />finance authorities within the State of Florida with the authority to issue revenue bonds to assist in <br />relieving the shortage of housing available at prices or rentals which many persons and families <br />can afford; and <br />WHEREAS, Indian River County has been approached by a low-income housing provider <br />desiring to upgrade, rehabilitate, and otherwise improve a local apartment complex, known as <br />Orchard Grove Apartments; and <br />WHEREAS, The Housing Finance Authority of St. Lucie County, Florida (the "Authority") <br />has previously issued certain project specific bonds; and <br />WHEREAS, pursuant to the authority of Section 159.603, Florida Statutes and in order to <br />increase operational efficiencies, provide for a wider allocation of fixed expenses, and gain <br />economies of scale in order to decrease the cost of borrowing, the Authority has from time to time <br />been granted area of operation authority pursuant to official action of the governing bodies of the <br />participating counties to fund the refurbishment of low income housing located within such <br />participating counties, and <br />WHEREAS, Indian River County wishes to secure the benefits of the Authority's programs <br />to benefit the citizens and residents of Indian River County by authorizing this grant of area of <br />operation authority to the Authority for this specific project. <br />NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY <br />COMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA: <br />Section 1. The Authority is hereby granted area of operation authority, pursuant to Section <br />159.603, Florida Statutes, to operate within Indian River County for the purpose of financing or <br />refinancing the costs of acquiring, upgrading, reconditioning, rehabilitating, improving and <br />beautification by Vero Beach Leased Housing Associates IV, LLLP, a Minnesota limited liability <br />limited partnership, or its affiliate or subordinate corporation (as applicable, the "Company"), or a <br />limited liability company of which the Company is the managing member or a limited partnership <br />