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RESOLUTION 2025- 023 A RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA, APPROVING THE ISSUANCE BY THE HOUSING FINANCE AUTHORITY OF ST. LUCIE COUNTY, FLORIDA OF ITS NOT TO EXCEED $28,000,000 MULTIFAMILY HOUSING REVENUE BONDS (ORCHARD GROVE APARTMENTS), SERIES [TO BE DETERMINED] FOR THE BENEFIT OF VERO BEACH LEASED HOUSING ASSOCIATES IV, LLLP, OR ITS AFFILIATE, TO PROVIDE FUNDS TO FINANCE OR REFINANCE A MULTIFAMILY RESIDENTIAL RENTAL PROJECT; AND PROVIDING AN EFFECTIVE DATE. WHEREAS, the Housing Finance Authority of St. Lucie County, Florida (the "Authority") is a public body corporate and politic, duly organized and existing under the provisions of Chapter 159, Part IV, Florida Statutes, as amended and supplemented, which has been granted by Resolution 2025-018 adopted by the Board of County Commissioners on May 6, 2025 "area of operation" authority within Indian River County with respect to the financing of the Orchard Grove Apartments, a multifamily residential rental facility development (as hereinafter identified); and WHEREAS, Vero Beach Leased Housing Associates IV, LLLP, a Florida limited liability limited partnership, or one of its affiliates (the `Borrower"), has requested the Authority to issue its Multifamily Housing Revenue Bonds (Orchard Grove Apartments) (the "Bonds"), the proceeds of which would be used to (i) pay or reimburse the Borrower for the cost of acquiring, upgrading, reconditioning, rehabilitating, improving and beautification of an existing multifamily residential rental apartment project known as Orchard Grove Apartments (the "Orchard Grove Apartments Development"), which will consist of 234 residential units, at least 40% of such units are to be occupied by persons of low and moderate income, whose income does not exceed 60% of the area median income, located at 1810 Woodland Circle, Vero Beach, Florida (the "Project Location");