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$DDK; 99 F.1DE 934 <br />William R Hough & Company, underwriter, has approached Indian River County to see if they are <br />interested in participating in the Escambia Single Family Housing Program for low to moderate <br />income single family housing. This program involves utilization of Industrial Revenue Bonds. <br />Industrial Revenue bond allocations are released by districts each year beginning in January on a first <br />come first serve basis. Indian River County is in district 9B with St. Lucie, Martin and Okeechobee <br />Counties and the allocation should be over $9.5 million. <br />St. Lucie County has already committed to the Escambia Family Housing Program. Indian River <br />County would be sharing the allocation with St. Lucie County, which we have done in the past. With <br />St. Lucie County and Indian River County participating in the same program, local participating <br />lenders can move the money between counties after the first 120 days of the program. William R. <br />Hough and Company is requesting we waive the $1,000 administrative fee plus the .5% of the face <br />value of the bonds (.5% up to a maximum of $10,000) because this will be passed on to the lending <br />institutions and then eventually to the person attempting to obtain the loan. <br />Indian River County must hold a TEFRA (Tax Equity Fiscal Responsibility Act) public hearing and <br />pass a resolution. Escambia Housing would like,to hold the TEFRA hearing on Tuesday, December <br />17, 1996. <br />RECOMMENDATION <br />Staff recommends the Board of County Commissioners waive only the .5% per bond fee and approve <br />the Inducement Resolution and Inter -local agreement with Escambia Housing. <br />ON MOTION by Commissioner Eggert, SECONDED by <br />Commissioner Ginn, the Board unanimously approved <br />the recommendation.* <br />CLERK'S NOTE: *A corrective memorandum can be found <br />in the minutes of the meeting of December 10, 1996 <br />(7.N). The recommendation should have read: "Staff <br />recommends the B.C.C. waives only the .5% bond fee <br />and approve holding the TEFRA public hearing on <br />Tuesday, December 17, 1996." <br />L. XL Vision Industrial Revenue Bond TEFRA Hearing Scheduled for <br />December 17 <br />The Board reviewed a Memorandum of November 25, 1996: <br />TO: Members of the Board <br />of County Commissioners <br />DATE: November 25, 1996 <br />SUBJECT: X L VISION INDUSTRIAL REVENUE BOND TEFRA <br />HEARING FOR DECEMBER 17,1996 - CONSENT AGENDA <br />FROM: JosephA. Baird <br />OMB Director <br />14 <br />November 26, 1996 <br />