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In order for The Palms at Vero Beach Limited Partnership to be able to issue Industrial Revenue <br /> Bonds, Indian River County must hold a TEFRA (Tax Equity Fiscal Responsibility Act) public <br /> hearing. We are requesting permission to hold a TEFRA hearing on Tuesday, December 12 , <br /> 2000 . <br /> Recommendation <br /> Staff recommends the Board of County Commissioners approve holding the TEFRA Public <br /> Hearing on Tuesday, December 12 , 2000 <br /> Vice Chairman Ginn reminded the Commissioners that in September the Board <br /> approved a bond allocation from the State to Escambia County for single family housing . <br /> She thought the County should remain in that position and asked Assistant Administrator <br /> Baird to provide the Commissioners with more detail . <br /> Assistant Administrator Baird recounted that the Board has already allocated the full <br /> amount of District 9B Escambia County Housing Finance Authority Single Family Revenue <br /> Bonds . Since then this request was received, as well as an additional request to issue more <br /> industrial revenue bonds . It appears that Escambia would be first in line in the allocations <br /> since they had the first hearing, but staff will forward all requests to the Board . He explained <br /> that the Escambia program is a mortgage program for single family homes . The matter <br /> before them today is for a 260 -unit multi- family development at 12`h Street and Indian River <br /> Boulevard . Their request is to try to leverage Florida Housing money with a local allocation . <br /> If Escambia were to take the entire allocation, there would be no funds remaining for this <br /> particular request . There is additional request is for 256 -units at Village Grove Apartments <br /> for affordable housing at 74`h Street and SR60 . He went on to explain that industrial revenue <br /> bonds can be used for two purposes : manufacturing (to create jobs ) and affordable housing <br /> financing . He added that it will be difficult to process the Village Grove application because <br /> of time constraints and explained that the cycle for new funds begins each January . <br /> November 21 , 2000 <br /> 13 <br /> BK 1 16 PG 17 i <br /> p <br />