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• <br />TO: Members of the Board of County Commissioners <br />DATE: October 20, 1999 <br />SUBJECT: PUBLIC NOTICE FOR TEFRA HEARING <br />(TAX EQUITY FISCAL RESPONSIBILITY ACT) <br />FINANCIAL RESPONSIBILITY FOR WALKER AVENUE CLUB, LTD. <br />FROM: Joseph A. Baird(- <br />OMB Director <br />Coronado Construction Corporation would like to issue "tax exempt" Industrial Revenue Bonds <br />to construct a 172 -unit affordable housing development called Walker Avenue Club. The cost of <br />the project is $9,100,000 consisting of $1,600,000 from the local Industrial Revenue Bond <br />Allocation and a $7,500,000 request from the Florida Housing Financing Corporation. Staff has <br />reviewed the Industrial Revenue Bond Application. <br />In order for Walker Avenue Club, Ltd. to be able to issue Industrial Revenue Bonds, Indian <br />River County must hold a TEFRA (Tax Equity Fiscal Responsibility Act) public hearing. The <br />Walker Avenue Club would lice to hold the TEFRA hearing on Tuesday, November 16, 1999. <br />Staff recommends that the Board of County Commissioners approve holding the TEFRA (Tax <br />Equity Fiscal Responsibility Act) Public Hearing on November 16, 1999. <br />ON MOTION by Commissioner Adams, <br />SECONDED by Commissioner Stanbridge, the <br />Board, by a 4-0 vote (Commissioner Grin absent) <br />unanimously approved holding the TEFRA (Tax <br />Equity Fiscal Responsibility Act) Public Hearing on <br />November 16, 1999, as recommended by staff. <br />OCTOBER 26, 1999 <br />-79- <br />BOOK <br />1 141 i PAGE <br />C] <br />